The Montgomery advertiser., 1904-02-11
WALL STREET. REVIEW
RECOVERY or TUESDAY LOST
 YESTERDAY.
At the Close the Level of Prices Was About That of Monday Even- ing-withdrawal of Money
 For Panama.

NEW YORK, Feb. Io.-The average level of prices In the. stock market got back to about whero it was Monday evening. That Is to say, tho recovery of yesterday was lost. There werc no new developments to account for the reaction, but there was some recurrence force to the considerations which weakened the mar ketto ton Monday. The principal factor in check ing tho advance was the distrust felt to tho character of the operations which carried price1 upward yesterday. This was empha- sized by the very patent profit taking in United States Steel preferred the part of a prominent trader and the very obvious manipu- lative tactics by which 1t was sought to off, set this by bidding up a few specialties here and there. There was a suspicious feeling also that the marking up of prices yesterday had been more or less artificial and designed to afford basis for some of the selling. which, 1t Is believed. will be necessary to cover losses in Baltimore. although 1t Is possible that 1t may be. deferred The action of yesterdays market gave rise to surprise among the speculative element that the markets might be expected to sympathize with Japanese successes in the course of the war, but the days developments failed to carry out this surmise even on ad- ditional news of Russian losses. The pres ence in the city of the Secretary of the Treas ury, to discuss, the method of effecting the Panama Canal payment directed attention anew to that subject. although the Secretary's opinion was quoted that the operation could be concluded without disturbance to the money market and even with tho actual addition to resources of such portion of the canal pay ment ia withdrawn directly from the sub treasury. It is expected also that tho obliga- tions of foreign insurance companies on ac- count of the Baltimore fire losses may facli- tato the completion of tho Panama payments without disturbing tho exchange market. The real oppressive influence seems to be the fear of excessive corporation borrowings and the extra requirements involved in the Baltimore fire losses. tho consequences of necessary ex- tension of credits and the Panama Canal pay- ment Rumors of 6 sale of New York Gen. tral notes to meet improvement expenses illus trated in that stock the sensitiveness of the market to the effect of borrowings A rumor of coming issue of St. Paul stock which was officially disclamed. was a factor in the weakness of that stock. The heavy offerings Of Pennsylvania on the slight early advances created bad impression. Weakness gained on the whole market and the closing was at nearly the lowest. An important banking fall ura Tn Bremen was a contributing factor to the weakness and rumors were circulated sey- eral times during the day of the death of Senator Hanna. Tho statement of exports of domestic products for January fell so far short of the recent level of increase of preyi- ous years as to cause some disappointment
 Bonds wero easy. Total sales (par value). S3.5oo. GOO. United States bonds unchanged on call.
 NEW YORK. Feb. Io.-The New York Stock Exchange will not close Saturday Feb I3 the day of Lincolns birthday, which Is a legal holiday. This decision was announced today by the governors of the Stock Exchange to whom the petition for the double holiday had been presented.
 New York Stock Ijat