Los Angeles herald., 1905-01-25
BY Associated Press.


NEW YORK, Jan. 24.-The most
notable fact about trading in stocks
today was the decided subsistence of
activity Even with yesterdays ex-
citement, the total dealings for that
day fell below last weeks average
- which was above a million shares, and
today that average would have been
fully cut in half but for the spasm of
liquidation at 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 upward briskly
from the outset. This was due in
large part to the less alarming view
taken of the course of events in Rus
STA. The idea that an immediate over
throw of the existing government was
threatened was pretty definitely dis
missed. There was some disposition
to argue that Russia's internal trou-
bles might have the effect of hasten
ing the conclusion of peace with
Japan and the cutting off of the enor-
nous expense of the war, with the
possibility of a positive benefit re-
sulting to the finances of the empire.
But the foreign situation had little
effect here, except in a negative way,
when there was a cessation of the
foreign pressure to liquidate American
securities against threatene losses in
other directions. From this influence
there was a normal tendency toward
recovery.
In few individual stocks there was
q resumption of attempts to lift prices
But the motives of the buying in these
cases were rather vague and not dis
closed to the general public. Their
sympathetic effect on the general list
was also very moderate.
The renewed rise in Northern Sc
curities on the curb revived all the
long standing rumors pointing to the
widespread results to be expected
from the settlement growing out of
the Northern Securities case.
The supposed mminence of the an
nouncement of the Southern Pacific
refunding plan was contributory
cause to the firmness of the Hartman
stocks. There was disposition to
attribute the movement in Erie, which
was quite conspicuous, to a supposed
connection with the wide-reaching
settlement of the Northern Securities
case, which is a potent mystery for
stimulating all sorts of movements in
the market.
But the firmness of the coalers had
a more substantial explanation in the
statement of net earnings for Decem-
Der of the Central Railroad of New
Jersey, disclosing favorable conditions
not only in the high level of gross
earnings, but in cutting down of
operating expenses.
Reports of heavy orders by railroads
forS bridge material We're a help to
United States Steel preferred. The
initiation of dividends on Hides and
Leather preferred was a favorable
influence on the industrial list gener-
ally. A sharp rise in the international
mercantile marine stocks on the curb
was also an influence in the industrial
list.
But the demand for stocks easily
ran out all the higher levels in the
= cases of all the days advances and
Z there was sprinkling of declines
which kept the tone irregular for most
of the day.
Commission house business was on a
small scale and there was a clearly
discernable disposition amongst oper-
ators outside of limited professional
circles to maintain a waiting attitude
in the speculation for the present.
The unsatisfactory response of the
market to the advance in prices caused
sumicient disappointment to induce the
active selling of the last half hour. |
winch more than wiped out the labori- |
Gus four and one-half hours and closed |
the market weak at net losses.
The bond market was irregular. |
Total sales, par value, $5,565, 900.
United States bonds were all nm
changed on call.