Show FAIR VOLUME ME OF BUSINESS BUS USI j Also Small Additional Advances fn tn Prices s se e S MARKETS MAR tS C E RF l OF OPERATIONS OP OF THE BE EASE 4 WEEK 4 f t Nw York Jan S Prices wad small amU am additional advances In stock market on a fair volume of Damage to the th private wire service J and aDd Interruption of or the outside quota quotation lion tion service cervice by the tickers had little effect on the volume of business bU tOMS done in I stocks indicating the largely ely pro professional lonal character of the trading trad and aDd of business or originating the large proportion on oft the floor of the 15 e change Itself The main Influence loA t tt C the advance in prices was the H mo cheerful tone tObe of foreign fott markets market a al ala O Oa a feeling of restrained l OVi o oa OVia a possibly peaceful outcome to the fAT W eastern estern negotiations The bank state statement f ment mont also alO met expectations in esh tern Item te which showed an Increase of over The continued conti expansion n of 01 1 the tile loan loaa item to 10 the th extent nt o of 41 was not with a aS n muCk satis stIS satisfaction faction and induced some Orne conjecture as to the Ute source of or the borrowing g It II wa was suggested ted by b some backing au an authorities a that the low rate to which interest in New York has hu declined has induced some reduction of trust e ia pany and out our of town banking loans loan which had to be taken up ip by the clear clearing clearIng ing log house banks nn London discounts continue to advance but the weekly statement of the imperial bank of Ger Germany Germany many ninny made nade a strong showing bOwing and an ster lIter sterling ling exchange at that tbt center advanced S Amalgamated Copper continued HUn acUTE and strong today and the Pacifies d grangers trunk lines and the th p prominent Industrials made m de quite uni uniform uniform p form advances The hie closing clo ing was wan steady i but slightly below the beat Review of the Week W k The opening nr week ek of ol the new year in Ii inthe the stock stack market has proved somewhat I to those tho e who WOO bought stocks in the last weeks weeD of December in the hope pe of an awakened demand for foi securities with the Ute turn of the year and an the resultant easing sing of the money mone market Attempts Attel to take profits prots by h these Uiese previous prel buyers have bave proved a as overweight on the market and aud some soia so sharp declines have resulted The lat latter latter ter tee portion of the week we k has seen en some som diminution ih ceilIng e pressure press re and an sluggish recoveries The acute stage L reached In the far tar eastern war wr situa eltus situation att tion thou lid had the passing ing of ot the tI United States St tes Steel dividend on the common stock and poor showing ot of earnings nUg made ma e by the corporation for the De December Decem 1 cember cem quarter qu hare AVe been important contributory causes cau es to 10 the light de demand demand mand Inand for stocks and to the disposition of speculators long IOn on oa stocks to lesser lessen their thew holdings The action of the Unite Unit United United ed e States Steel directors in discontinuing di w utI the dividend on Oft the common stock stoc tea n nr a ro Mn uee maUve circle cIrcIe but hut the tM great gNat decrease in net earnings for the tJ e quarter proved a trying tring thing for tor stockholders veri veil verifying as it did bout about bout the worst wont Inti Intimations Intimations circulated by the bears beans before the publication Current trade trad 5 were erf not calculated to remove entirely the feeling f of discouragement dl over Ute the situation onas as they pointed to a contin tied d waiting attitude on the part of or and a confidence e that they U the Y would be Me We to nil fill their 9 they ped on satisfactory terms Itte Itis bettered belIeved that railroads are ari still dissatisfied dIs tl with the price of or steel and nid a report reports were current that thai concessions were being made from the thi official om I schedule of prices The pre pee preferred f stock of the how llO ser fer er made some ome resistance to pressure on buying attributed to supporting or orders ders by the th banking hanking interests B associated with the corporation Speculators gave ve some attention to the argument a ment that tUt the depression dep in the price of the th stock Mock was sufficient to discount d ot the un unfavorable favorable conditions in tn the Ute trade and that tbt better bette results were to b from economics by wage reductions Some Discontent L Reports of discontent on the part olL of ol L some erne of ot the employee and threats of ol strikes Ikes against reduced wages wage partly oI et this argument There were signE J m also aso o that the teals fear of the effect e t of hos hoa hostilities hoat dUties t iU s between tween Japan and ant nd Russia had reached hed a climax The influence of oftie 0 tie tee e fears was as conspicuous hi ta all the tive markets marketa during the week both h herE r and abroad and the Ule NeT Ner Ne NeY Y stock market had to absorb large offerings of American securities for for foreign t f eign ei account The o ir es made te clear at l that war w 18 e t W benefit the tile market for our food wheat rising ing r sharply on all war warnee while e ran oft off o as oaie e belief that tt war in the far tar affect the te Chinese demand for On iV 5 From the financial s adI nt t there is 18 4 apprehension h oT If any reet e upon our markets Holdings Ho of Rus Rue Russian Alan sian securities in m this Ib oot are lim limited in amount it Is about at Xa principally by some me of the thO ranee e companies co pa i for the Ute purpose of ing with Russian Iwa IA for finc doing business in that country ch c hold Jd holding lap lags of Russian g and Ind in industrial int t d securities however hoever are ale te known It to b b very ry large Lalle There Therewa was the probability t ability of ti f the entry upon a war wil by b Rus au Russia sia would develop money requirements m hi in Paris A tg Trench French capital is very heavily committed to the London finan financial cial rial i paper pa r market markt large withdrawals of f capital from Lo might be bP apprehended which would ouM tl um C abl ably abb spread to other money moM markets Sterling exchange in New Xe ork has haft in fact advanced a sharply after some seffie en engagements fl em of geld in London for im import import port earl early parly in the week But sterling has also ripen in Pins Paris in spite of or a 11 decline ine in th stock Mock of gold goW in the Bank of 01 France Fran e for the eA Money Noney 2 arket Easier Ign money markets have grown t Sier er with nith the turn of the year ear ar and te usual large repayments of loans loana have ve been made Our ur own mcney mar martet mart tet t bar haF relaxed to a condition of ery very its pronounced ease without l in inthe the Investment demand for securities Which was hoped for Corporation borrowings of the th banks are absorbing part of the th available supply of credits and alsi here there t is some fear fea r that these bor hoe borrowings will vill ill be ly tended extended Of Acial gdal intimations intimation have been given en that the New York does not nt n t intend 41 a y immediate financing tu to t provide for fortt its Iu tt terminal impi o but a RoMe Rock Island refunding iesu ut is I officially in intimated Intimated for an ai early date tl The success fiel f l sub subscription for 1000 of or bonds ioni Of ell i on ont t f the P subsidiary eb 4 companies one field of if diver situ fr r r capital seeking tant S ft It is i b i that this and othe new n W te k teji ji ss are arc a attracting Cap Capital ap ital ought n Us Ua into issues ues la currently traded in and list listed liste ed e on o the stock exchange the demand for Cor which has bas failed to abow W the stirn stimulation stimulation usual at the period pe of at annual dividend and interest t disbursements The movement oX iZ bond prices have 1 I been sluggish and irregular ir i U S s ra have havEl h N declined per cent on call can during the e week w k I |