The Montgomery advertiser., 1905-01-14
WALL STREET REVIEW
FEEBLE OSCILLATION THIS TIME
 TAKES UPWARD COURSE.
Best Explanation Offered Is That Ten- dency Was Downward Day Be-
 fOre-Most of Dealings in First and Last Hour.

New York Jan. 13.-The feeble osci-
 latioh to which the price movement in
 the stock market has now fallen was in an upward direction today. There
 were various nominal explanations for the new direction of the movement, but there was warrant for the belief
 that the real reason was the simple one that prices had moved downward yesterday. In the present torpid state of the public interest in the market. the professional traders whose opera tions make up the dealings have no taste for following prices far in either direction. Hence the shortneSS Of the vibrations. The opening transactions | showed more animation and vigor than for several days past, but most of the days total dealings were included in the first and last hour of the trading.
 A number of favorite stocks out side market main tained their recent predominant interest today and their movements were the determining in- fluence upon those a number of stocks
 on the, stock exchange itself. Northern securities and interborough rapid tran sit both shot up violently to new high records with corresponding effect on their allied stocks on the stock ex- change. In the volume of their CO., palizatfon and in their representative character, these stocks, of course, rank with the important market leaders on | the stock exchange itself, although | they have never been listed for deal ings on the exchange. With the re-
 
 | ct, and with the necessary laxity of the | regulations and conditions governing | the trading there, the prices made on purchases and sales of stocks in that market can scarcely be said to have | the authority which attaches to busi- ness conducted under the strict regu- 1ationS existing on the stock exchange. But the response in the local fractions
 and in the trans continental group to- day was sufficient evidence that the dealings in the curb market were an Influence upon those stocks. Pub | lished reports of a plan to combine all | the local traction companies was re- sponsible for the movement in inter
 borough, with the bouyant rise in Northern securities, occasioned estl- mate of the relative increase value re- sultingl for the stocks of its constituent companies and of the enhancement in value of Union Pacific holdings or Northern securities. The movement in the rest of the market seemed to De a largo extent sympathetic. There was an advance in the price or reflned sugar and 1t was rumored that the Reading net earnings for December would make d very strong showing Sterling exchange was slightly easier
 but rallied before the close. and Lon don's discounts were marked up trac- | tion promising no relaxation III the TOT eign demand for gold. The foreign trade sta ,emau: for December ShnWcd a decline in Vllue of domestic exports l of upwards of $33,000,OOO, thus help- ing IO eApldln the SCdhty SuPpiy VI | foreign exchange The decrease in
 value of cotton compared with the pro- ceeding December was $23.59S,265. but the comparison is with the record monthly exports of cotton. There has
 been a drop, however, of nearly Sll.,, | 00O, 900 in the cotton exports compared
 with November showing the erect or the decline in the price of that com
 modity. The value of bread stutts while $6.641. .S60 less than in the pre- | ceeding December, has risen to the lar gest total since March, undoubtedly on account of an expansion in the outward movement of corn. The promise Of an expansion of upwards of $1O.000.0 900 in the cash holdings of the bank accounts
 for the increased strength of the mar ket in the late dealings. The strength continued to center largely in Union Pa cific but it's buoyant upshoot made the closing firm throughout and at about
 the best level of the day: Bonds were firm. Total sales par value $5,635. .O0O United States new As coupon advanced SIS per cent on the last call.