The Montgomery advertiser., 1905-01-13
WALL STREET REVIEW
SELLING PREDOMINATES OVER BUY
 ING IN THE MARKET.
Transactions. However, No Less Strictly Professional Than They Have Been Since the New Year-Little Evi-
 dence of Liuuidation.

New York, Jan. 12.-selIing predominated over buying in today's stock operations, but the transactions were less strictly pro-
 ,essional than they have beeH ever since New fear's. The traders seemed prompted to sell mainly by their disappointment of the futilfty of Previous attempts to get prices higher. Some of the days development of- fered a nominal cause for the depression, but there was little evidence of real liqui- dation, the traders simply endeavoring to anticipate what the action would be of real holders of the stocks There is undoubtedly considerable unsettlement of mind amongst speculators over the varying and contradIc- tory reports from Washington regarding the Legislative pogram. The weight of opinion today was definitely on the side of an az | gressive insistence by the President upon
 measures to regulate railroad freight rates and corporation affairs with the question of tariff revision relegated to the background The financial district showed It's usual sen. sitiveness to the agitation of these subjects
 The action taken by the Pennsylvania direo.
 tors towards a $50. .ooo, ,o0o bond issue had an adverse effect on bulish sentiment, al- though some such action has been pretty
 clearly expected. The announcement, how ever. seems to serve as reminder .of the large volume of probable capital issues by the railroad companies which are to be
 faced in the not distant future. It has been urged oy the advocates of active specula- ton that the great interests which have these new Issues in view would be anxious to foster an active stock market to assist in floating them. But that did not prevent Characteristic reversal of the point of view
 Ing today's trading to the apprehension that. the prospect of new offerings would stagnate the demand for securities already in the market. Some of the stocks whic, have had the benefit recently of rumors of increased dividends were notable sufferers In todays reaction. Baltimore and Ohio was the conspicuous example and was the leader of the decline Illinois Central was similarly affected. The movement of these stocks had large sympathetic effect on the whole list. A rather more active in- quiry was reported for time loans for the longer periods and the further advance in
 foreign exchange offered no prospect of any
 cessation of the outward movement of gold, although discounts in London were appre- ciably easier. London was a seller in this
 market, however. on balance as was Paris
 in the London market in spite of the re-
 ported success of the Russian loan in Der
 lin Incidents in the banking world such as
 police court proceedings in Buffalo in con
 nectfon with bank failure and the cause
 less run on an institution with many GUS
 toners among aliens in the east side sec
 tion fin this city were factors of some dis
 couragement to the speculative temper The
 late resumption of Manhattan's explained
 advance checked the decline, but the clos
 ing was heavy.
 Bonds were irregular. Total sales (par value), A,6l5,000. United States Govern
 ment bonds were all unchanged on call.