The Montgomery advertiser., 1905-01-11
WALL STREET REVIEW
NEGLECT MORE PRONOUNCED IN UN-
 IMPORTANT MARKET.
Demonstrated Clearly That Q Momentary Advance in Prices Has No Power to Attract Attention of
 |. the Public.

New York, Jan. 1O.-Todays unimportant stock market was very similar to that or yesterday except that today the neglect was even more pronounced, the early rise less vigorous and the following reaction not so sharp As trial of speculative sentiment on the part of the professional element 1t followed yesterdays lines almost exactly and demonstrated clearly that a momentary advance in prices has not power yet to apprehension indeed that the advance in prices was made to afford a basis for seli'ns the character of the market did not offer much intrinsic probability for this view Dealings were much larger on the advance than on the decline. That is to say in tn, :, phrase of the board room. the market pulled hard. but there was notable pressure to sell and such as there was was not pushed at the lower level of prices. Such a condi- tion serves to dissuade the bears from mak- ing short sales in the market. The trading is so narrow and of so highly professional character as to lend itself to descrip- tion only in technical terms. The appear ance of a published interview by an active speculative leader protesting extremely hopeful views of higher prices aroused but little interest on account of some of the market precedents as to foreign responses to similar outgivings. The news given to the active discussion in the political world of the prospects for tariff revision and the probable period for the undertaking and the activity of the discussion modified to some extent the feeling caused by yesterdays conviction that action would be taken at the present session of Congress. reduc-
 
 marked the cessation of the drawing of gold to that center, was obviously designed to prepare the money market for the placing of the Russian loan and the reports re- ceived later in the day of the prospective success of that loan relieved some appre- hension of a shock to the financial world due to earlier reports that the issue would prove unsuccessful. Meantime. a strong at- traction for gold at Paris continued as did the preparations for further large ship ments from New York. The off :ial state ment of the production of gold at the Rand for December giving the output as 362,- 264 ounces, attracted attention on account ofs the uninterrupted expansion shown in the monthly rate of output from that center. The maximum monthly production of gold in the Transvaal 459 709 ounces, which was in August 1899. The present rate of increase. which has gone on steadily since promises to bring the supply from that field up to the maximum within the next year. The importance of this large source of re plenishment for the worlds stock of gold must be taken in account in the considera- tion of money and financial prospects. UT special movements in today's market, that in Louisville and Nashville was plainly due to the increase in the dividend of it's sub sidiary stock, Nashville, Chattanooga and St. Louis. Professional attention centered preferred dividend rate by United States Cast Iron Pipe was the ground for the activ- ity with profit taking Sn that stock ana probably influenced some of the trading in Union Traction stocks reflected the financial adjustment of the street railroad companies Not much of the early advances was left at the closing, which was heavy
 There much variety Tn the pond market. but prices moved irregularly. To. tai sales (par value), s3.735. .0o0 United States bonds were all unchanged on the last call