The Montgomery advertiser., 1905-01-25
r ALL STREET REVIEW
A DECIDED sUBslDENcE OF ACTIVITY
 Is NUaED.
Spasm of Liquidation at the Close Prevents Markeu Failing off in tae Num- Der of siis. es Changing
 AanslA.

New York. Jan. 24.-The most notable fact about trading in stocks today was the de- cided subsistence Of activity. Even with yesterdays extreme. the total deannss for that day feIi belcw last weeK average. which was above million shares and aoday that average would have been iuny cut in half but for the spasm Of hquiaation al the close
 The market became almost Idle at times and the movement of prices was intensely sluggish until near the close. The tone, however, showed evident improvement over that of yesterday and prices started upwards
 brtskly from the outset. This was que in large part to the less alarming view taken of events in Russia. The idea that an im- mediate oyertui ning of the existing govern ment was threatened pretty definitely dismissed. There was some disposition to ar que that RuSstas internal troubles might
 have the effect of hastening the conolusion of peace with Japan ard the cutting off of
 the enormous expense of the war with the possibility of positive benefit resulting to
 the finances of the empire. But the fort ign situation had little ef- feet here except in a negative way when sure to hquidate American securities against threatened losses in other directions
 Free from this influence there was a nor
 nal tendency towards recovery In few tndiv idual stocks there was a resumption of attempts to lift prices. But the motive of the buying in these cases were rather vague
 and not disclosed to the general public. Their sympathetic effect on the general list
 was also very moderate
 Tho renewed rise in Northern Securities on the curb revived all the long standing ru- , mors pointing to the widespread results to be expected growing out of the Northern Securities cases. The supposed imminenca of the announcement of the Southern Pa ciflc refunding plan was a contributory caus" to the firmness of the Hartman stocks There was disposition to attribute the
 movement in Erie which quite con spfcuouS to a supposed connection with the
 wide reaching of the settlement of the Nor thern Securities case. which is a potent
 mystery for stimulating all sorts of move
 ments in the market
 But the firmn0ss of the coalers had . most substantial explanation in the state- ment of net earnings for December in the Central Railroad of New, Jersey disclosing favorable conditions not only in a high level in the gross earnings, but in the cutting down of operating expenses
 Reports of heavy orders by railroads for
 bridge material were help to United States Steel preferred. The iutimation of dividends on Hide and Leather preferred
 was favorable influence on the industrial
 list generally. sharp rise in the Inter- natloral Mercantile Marine stocks on the
 curb was also an influence on the industrial
 list. But the demand for stocks easily ran out at the higher levels in the case of all
 the days advances and there was a sprink- ling of declines which kept the tone irregu- lar for most of the day. Commission house business was on small scale and there was a clearly discernabie disposition amongst , operators outside of limited professional circles to maintain a waiting attitude in the speculation dor the present. The market closed weak at net losses.
 The bond market was irregular. Total
 sales par value, S5.565, 900, United States bonds were all unchanged on call. NEW YORK STOCK LIST.