The Birmingham age-herald., 1905-01-11
UNIMPORTANT DAY
 IN STOCK MARKET Neglect Was Very Pronounced
 All Through Day RISES WERE NOTED EARLY Some Apprehension Was Felt That the the Advance In Prices Was Made
 By Speculative Holders to
 Afford Basis for Selling.
RISES WERE NOTED EARLY '

New York, January 10.-rodays unim- portant stock market was very similar l. that of yesterday except that today the neglect was even more pronounced, the early rise less vigorous and the fol- lowing reaction not so sharp. As trial of speculative sentiment on the part of hhe professional element 1t followed yes ferday's lines almost exactly and demon Htrated quite clearly that a momentary advance in prices has no power yet to at tract public opinions.
 There was some apprehension indeed that the advance in prices was made to afford basis for selling on the part of the speculative holders but the character of the market did not offer much intrin- Bic probability for this view.
 Dealings were much larger on the ad- vance than on the decline. That is to say In the phrase of the board room the market pulled hard but there was no notable pressure to sell and such as there was, was not pushed at the lower level of prices.
 Such a condition serves to dissuade the bears from making short sales in the sjmarket. The trading Is so narrow and of so highly professional a charac- ter as to lend itself to a description only in technical terms. The appearance of a published interview by an active specula~ tive leader protesting extremely hopeful views of higher prices. aroused but It, tl5 interest on account of some of the market precedents as to former responses to similar outgivings. The news given to the active discussion in the political world AH H. Ill tr441 0w4I the probable period for the undertaking and the activity of the discussion modi- fled to some extent the feeling caused by yesterdays conviction that no action would be taken at the present session of Congress.
 reduction in the German bank rate, while 1t marked the cessation of the drawing of gold to that center, was ob- viously designed to prepare the money market for the placing of the Russian loan and the reports received later in the day of the prospective success of that loan relieved some apprehension of furry to the financial world, due to ear Her reports that the issue would prove unsuccessful Meantime, strong attrac- ton for gold at Paris continued, as did the preparations for further large ship ments from New York. The official state ment of the production of gold at the Rand for December, giving the output as B62, ,2e4 ounces, attracted attention on &C., count of the uninterrupted expansion shown In the monthly rate of output from that center.
 The maximum monthly production of gold in the Transvaal was ,709 ounces, which was in August, 1899. The present rate of increase, which has gone on stead lily since the resumption after the boer war, thus promises to bring the supply from that field up to the maximum with in the next year. The importance of this large source of replenishment for the worlds stock of gold must be taken ac- count of in the consideration Of money and financial 0ospects. Of special move ments In today's market, that in Louis vile and Nashville was plainly due to