The Birmingham age-herald., 1905-01-12
STOCK MARKET HAD NJ DEFINITE TREND Condition of Lethargy Existed
 All Day UNDERTONE IS STILL FIRM Rush of peposItors at Local Savings Banks This Week Has Been Un-
 precedented-TotaI
 Sales Small.

New York, January 11.-Such market as there was for stocks today was restricted to operations by professionals in att tempts to discover the trend of the mar ket. The attempts were unsuccessful for the simple reason that the market had no trend. Operations by the room traders on one side early in the day were closed up afterwards by corresponding opera lions on the other side.
 The result of these conditions was condition of iethargy, with prices very near to last nights level. As a matter of fact comparison of current prices with those ruling at the closing before New Years day, reveals the fact that very few of the thirty or forty most ac- tive stocks in the list are as much as a point away from that level in either di- rection The undertone is undeniably firm and such testing operations as the pro- 1essional operators venture upon are in- dieative of spirit of hopefulness for higher prices. Thus for several days past the early transactions have been light, buying orders following recessions when the disappointing fact is developed that traders are long in the market.
 This stagnant condition of speculation Is surprise to those who looked for active dealings with the January conges- tion of money supply, and the effort to find explanation for 1t points to va rious surmises The natural accumula- tion of money in New York Is modified to some extent by the outgo of gold. and next weeks requirement of $10,000,- 900 for the return of government deposits, Is subject to reconsideration.
 But the almost plethoric condition of the money market, and the low interest rates prevailing, make this an improb- able explanation for the neglected specu- 1ation.
 The unprecedented rush of depositors a the local savings banks this week, Is offered as part explanation of the di- version of invecsment funds, the attrac- tion being the advance in the interest rate to depositors offered by many of the banks. Then there Is some distrust O. the level to which prices had been pushed in anticipation of the January movement, and skepticism as to the trend of speculative attempts to lift the price level higher There have been div idend assumptions and increases which gave color to rumors of similar action fin other cases. But, on the other hand, some of these rumors have proved i'll founded notably by the maintenance of the regular dividend rates by the Cen tral railroad of New Jersey and the Union Pacific. There is a very free discussion of the alleged practice of over-certifica- ton of character for stock operation and manipulation, and this discussion Is kept stimulated by legal proceedings. This has bad effect on stock market sentiment.
 The legislative proposals at Washing ton and poor reports from the winter wheat crop, are continuing influence for conservatism. There is ( desire to know accurately the contents of the forthcom- Ing statement of earnings for the final quarter of last year, and of the United States Steel corporation before venturing largely upon new commitments In stocks. rodays movements call for slight special mention. Southern Pacific was affected oy expectation of the announcement of ts refunding plan. ThN local fractions