The Montgomery advertiser., 1905-01-28
WALL STREET REVIEW
IN MORNING UPWARD COURSE OF
 PRICES IS CONTINUED.
Towards Close of Session, the Force of Demand Seemed spent and there Follows a Falling or
 of Prices.

New York. Jan. 27.-The upward course of prices in the stock market, which set in yesterday. was continued quite briskly this morning and the market for time showed strength and breadth. Considerable buying for Lon don account helped to this end. But the force of the demand seemed to be spent towards the latter part of the ofr in the volume of the dealings and some reactions in prices. The demand hesttated at about the recovered level. The feature of the latter part of the day was the large number of industri- als of all classes which were pushed upwards successlvely. The minor iron and steel stocks and those of trades al- lied with the metal industries were es- Peciaily conspicuous in the movement. Equally conspicuous was the fact that the premier In industrials, the United tates Steel stocks and Amalgamated Copper, were heavy and laggards in the electrics ana smelting. This led to the inference that profits were being sought on the recent advance in these major fndustrials under cover of the movement in the minor industrials. The. ultimate yielding of Amalgamated to the realizing pressure sharpened this suspicion. The advance of Northern Securities on the curb to a new high Aarriman stocks and Erie kept up It's accompanying movement as for some time past; Readings strong statement of December net earnings was a help full factor for the coalers. Railroad earnings reports otherwise were help full to stocks. The entering upon the stage of rate cutting of the dispute over export grain traffic for the At lantic and Gulf ports was regarded with dissatisfaction. The settlement of the interborough rapid transit labor ques- tion helped the local fractions. The standard Rope and Twine sse5onr company iay was s so entirely ignored as to arouse curi- ous comparisons with the market of feet of episodes in the career of prede- cessQrs of that corporation. Uncer- tainty over tomrrow's bank statement added to the hesitation of the late mar ket. Some slight gain is expected in the cash item. but the loan item Is again mistery. It is considered probable that last weeks record expan- sion may have counterpart in this weeks statement. The compilation of the reports of conditions of the city trust companies on December 31 seems to throw light on the movement of bank loans Compared with June 30 preced- Ing the trust companies have Increased their deposits over $125.O00.000,. while the cash to their account in banks had been reduced $53,674.404. The trust company loans for the same period were increased $2S1. 1.476,762.
 With the profitable money rate for last week of the year, 1t Is clear that the trust companies were lending out their own deposits instead of leaving them in the banks. With the decline in money rates since the first of the year. it Is equally clear that the trust companies have made enormous de- deposits in the banks which have had the responsibility of finding use for these funds upon which they must pay the trust companies 2 per cent The conditions of the weeks money market makes probable further enormous talk ing over of loans D ybanks firm the trust companies. The late break in sympathy with Amalgamated Copper was partly retrieved Erie leading the rally as in the previous upward ten dency. The closing was firm. Bonds were firm; total sales. par value $h,s 425 900. United States 3s declined S-S per cent on call.