The Montgomery advertiser., 1905-01-04
WALL STREET REVIEW
TWO NEWS ITEMS or UNUSUAL IN-
 TEREST ANNOUNCED.
Fall of Port Arthur and Announcement of the Decision in the Northern Se- cuFities Injunction Case
 Had Been Long
 Awaited.

New York, Jan. a.--peveiopments of un- expected importance confronted tho stock ing of the new years business this morning. The fall of Port Arthur and the decision in the Northern Securities Injunction suit
 importance by those operating in stocks. The moderate effect today is easily explain able from the very fact that these events
 ",r.r we're long , snoips.sa Thsss Wss @ rn ing. but the moderate proportions of the dealings warned those sharing in them that they were not in large company. and the market settled down the latter part of the day to a rather dull tone and with the ad- vances indifferently held.
 There was some disposition to credit this effect to . third widely heraided event,
 namely. the resumption of the campaign by published advertisement against the prices of stocks The conjecture of events shown
 ments and that tue market did come to something like halt constitutes the force of this argument. Therel was not, in fact.
 any very paipabie evidence of the dire eff
 fe.ts threatened for the market by thls
 mornings proclamation. But 1t Ia not iui- probable that there was some dread of the occurrence of such events which had it's part
 in deterring operations from active deal.
 ings. The action of Berlin market this
 morning had given some inclination as was to be expected Of the fall of Port Arthur.
 The action of Russian securities gave no
 occasion for unsettlement of financial senti-
 ment and the London market showed somc positive encouragement which was due tn an assumption that the reduction of the fortress would tend to hasten tho end of the war. Thus assured of immunity from harrassment on this account, prices here | started upward.
 Active realizing met the advance and had | about wiped out the gains when the Nortn-
 ern Securities decision was announced. The ! speculative public has been educated to . |, belief that larger projects had been formed | which were only waiting for this decision In order to take effect and practically change the map of the country by new cofnbina- tiona and absorptiona destined to effect the purposes of the Northern Securities merger I in other ways. It was promptly learned to- day that the delay in delivering the man.
 date Of the court and the stay on the ap- peal which was determined upon would prolong the litigation indefinitely. All the | stocks related iB Q way to the litigation | stocks shot up on the announcement, St. | Paul touching 175%, Union Pacific tfe% q
 and Southern Pacific eeh. They fell back
 final dealings that they were marked ur again to about the best.
 The sudden rise in Amaigamated Copper | to above 7f with evidence Of some eonfu- sion among the shorts in the stock was tho motive of the rally which made the closing strong. Routine news of the day was ell favorable to values. The pressure of rail- l road traffic was reported to be in excess of capacity. Cau money worked up easier dur. | ing the day and supplies were abundant. There was a broad market for bonds af | higher prices. Total sales. par value. ss.- | o20.000. United States 2s registered de | clined < per cent. and the 2s coupon aa-
 vanced per cent on call.