Los Angeles herald., 1905-01-31
BY Associated Press.

by AssOclateu greAS
NEW YORK, Jan. 3O.-There was
great variety in today's stock market,
with large dealings and wide. constant
fluctuations, but the net changes do
not in any degree correspond with the
wide movements of the day.
The handspring of the speculation
was the action of the supreme court
In the Northern Securities case. Last
weeks buoyant rise in the stocks
which have responded to the various
developments in the Northern Securi-
ties case was associated with a gener-
al conviction in Wall street that the
COURT had reached the determination
to refuse the petition of the Hartman
party for a.@writ of certioTari to review
the decision against them in the lower
courts. BY permitting the immediate
distribution of Northern Securities as
sets, such action by the court. it was
felt would practically determine the
contest. The anomaly of strength
shown by the stocks of both sides to
the contest on account of a decision
which would be a defeat for one side
apparently escaped notice.
The movement of the stocks today
seemed to demonstrate by their final
action that their advance has not been
Influenced, by consideration of a de-
eision, in the Northern Securities case.
But 1t was shown also that there had
been a large speculative feeling in this
stock which supposed that this was the
influence that moved them Thus there
was again heavy unloading when it
became known that the action of the
supreme court would have the effect
of continuing the Injunction under
which the Northern Securities COM
pahy is tied up. That stock itself fell
back nearly points on the curb and
Union Pacific, Southern Pacific and st.
Paul were acutely affected on the eX
change.
The determined accumulation of I'm
ion Pacific at the lower levels and its
vigorous movement upward again
pointed to other causes for the advance
and the mysterious power of the rail-
road "deal'7 again asserted itself on the
speculation temper. Union Pacific, st.
Paul. Southern Pacific, Chicago and
Northwestern and allied stocks. Erie.
New York Central, the Vanderbilts and
Kansas City Southern were all in1u-
enoed Immediately by the supposition
of the deal. Disclaimer of the deaf
stories, said to be with official sanction
but anonymously reported, had no ef-
feet on that speculative excitement.
Outside of this influence there We're
no clearly defined factors in the mar
ket.
There was some disposition TO at
tribute the strong recovery to the re-
treat of the bear interest, which has
made demonstrations against the mar
ket for some time past The special
strength of rAmalgamated Copper was
attributed to this cause.
Interviews with railroad traffic Off
cials pointed to slight interruption of
the freight movement by last weeks
storm obstruction and the merchan-
disc movement was said to be we'll
maintained. Foreign factors fell into
the background.
Money was again very easy and the
prospects of large additional exports
of gold caused no disturbance. Except
for the Harrimans and Vanderbilts
there were not many stocks that re-
covered above Saturday The closing
was steady and not very far from the
average of Saturdays level
Bonds continued to be well absorbed
both on the stock exchange and over
the counter, but depression of some of
the speculative issues made the move
ment irregular. Total sales, STATS, 900.
Government bonds were all un-
changed on call.