The Birmingham age-herald., 1905-01-13
SELLING IF STOCKS W. 5 PREDOMINANT Transactions are aoWever Still
 Professional KEEP EYE ON WASHINGTON speeulators Are Wondering What Will Be the Outcome of the LeesIa-
 tive Programme on Cor
 porate Affairs.
KEEP EYE ON WASHINGTON

New York, January 12.-Selling pre- dominated over buying in today's stock operations, but the transactions were no Jess strictly professional than they have been ever since New Years. The trad PTS seemed prompted to sell mainly by their disappointment over the futility of previous attempts to get prices higher.
 Some of the days developments offered R nominal cause for the depression but There was little evidence of realization, the traders simply endeavoring to antic- tpate what the action would be of real holders of the stocks There is undoubt- edly considerable unsettlement of mind amongst spectators over the varying and contradictory reports from Wash mgton regarding the legislative pro- gramme. Opinion today was definitely on the side of an aggressive insistance by the President upon measures 10 regulate freight rates and corporation affairs with the question of tariff revision relegated to the background. The financial district Showed its usual sensitiveness to the ag- 1tation of these subjects. The action taken py the Pennsylvania directors towards a B5O,O0O,O0O bond issue, had an ad--erse ef- Feet on bullish sentiment, although some such action has been pretty clearly ex- pected The announcement, however seems to serve as a reminder of the large volume of probable capital issues py the railroad companies, which are to be faced in the not distant future. It mas been urged by the advocates of &C., five speculation 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 characteris- tic reversal of the roint of viewing to- days trading to the apprehension that tic prospect of new offerings would stagnate the demand fnr securities already ia ffe market. Sorie of the stocks which have had the benefit recently of rumors of increased dividends were notable suf- terers In today's reaction. Baltimore and ohio was the conspicuous example and was the leader of the decline. Illinois Central was similarly affected. The move- ment of these stocks had a large sympa- thetic effect on the whole list A rather more active inquiry 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 appreciably easier. London was a seller in this mar ket however, on balance, as was Paris In the London market, in spite of the reported success of the Russian loan in Berlin. Incidents in the banking world such as police court proceedings in Buff falo In connection with bank failure and the ceasees run an ins<~tution with. many customers amongst aliens in east side sections of this city, were fac tors of some Encouragement to the spec ulative temper. The late resumption of Manhattans unexplained advance check ed the decline, but the closing was heavy
 Bonds were irregular. Total sales, par value $4,615,O00.
 United States government bonds were all unchanged on call.