The Montgomery advertiser., 1905-01-21
WALL STREET REVIEW CONSTRAINT MANIFESTED UPON MAR KETeS SPECULATIVE SPIRIT. Tone Heavy and Dull During the Greater Part of the Time, though Early
 Positive Weakness Soon
 Ks Disslpated.

New York, Jan. 20.-Constraint was mani fested on the speculative spirit of the stock market today and the tone was heavy and uoRtive weaknessg however of the opening deSltngs which tSame over from the pre- kceaapg day vas soon dissi H pated; pate .., gamated Copper owing to disappointment over the dividend declaration. The amount
 of the distribution was largely expected but disappointment was felt that the style of pths dividend was not made regular one per cent quarterly instead of one-half per cent regular and one-half per cent extra which
 was felt to imply a question to the main tenance of the rate The stock was forced
 down an extreme 1 % and without making a
 recovery was effectively supported to above Brooklyn Rapid Transit reflected a re- visAd view; of the recommendations yester-
 day to the State Railroad Commission for the improvement of the system and it's de-
 cline was arrested While the market was
 saved from the systematic influence of con- | tinued weakness In the stocks there seemed
 continued weight on 1t and the notable ad- vances in special was not effective in reviving the strength and activity.
 More effect than usual was produced by the disquiet of foreign securities markets on | account of. the disturbances in Russia. There was considerable selling of stocks here for foreign account. but the sentimental effect on the situation of even more influ- ence. Great interest was shown in the news of the conferences between Pennsylvania
 Railway officials and employees in the effort | to adjust the labor dispute. and the uncer- | tainty as to the result had its effect on repressing activity in stocks
 Reports Uf gross earnings in railroads for 1 the second week in January showed con siderable falling off in the recently prevail | ing level of earnings with the mixture of
 losses compared with last year, bringing the | average for IT railroads reporting to an l actual decrease of over per cent from last years level. But the movement of special
 railroads was clearly based on the hope of ! increased returns from dividends. This was
 notably the case with the Chicago & North western stocks for which encouragement | is given by the recent advance in the divi- l dend rat on Chicago, St. Paul, Minneapolis and Omaha, which is a subsidiary stock. An l inference seemed to be drawn of hope for | more liberal dividend allowance among the Vanderbilt properties generally. New York Central itself notably strong and there was response also in Canada Southern l Cleveland Cincinnati, Chicago St. Louis
 both common and preferred, Peoria and Eastern and Lake Erie & Western. The violent rise in Chicago Terminal stocks was
 understood to be related to q pending plan for reorganization. but no news was forth coming on that subject.
 The sluggishness of the general list was
 modified by the forecasts of the weeks cur
 rency movement, indicating another gain in | cash of upwards of $6.000. 900. The closing was irregular and active.
 Bonds were firm. Total sales, par value | $7,650.000. United States new As declined | t per cent call
 NEW YORK STOCK LIST.