The Montgomery advertiser., 1905-05-10
WALL STREET REVIEW
REIMBURSEMENT OF CONDITIONS WAS
 SHOWN.
Matter Effected Mostly in London Before Commencement of Trading on the New York 'Change-SOme
 ADprehensions Quieted.

New York. May 9.--The advance in stocks today represented readiustment of levels as a result of conditions rather sthan a re- sponse to any important new demand.
 The readjustment was effected for the most part in London before trading had first prices made here this morning show ed yesterdays losses rather more than re covered Changes during the rest of the ditions which this was designed to measure has the ouiet1ng of apprehension of an em- broilment of Great Britain and France with their respective allies in the present war over the disputed question of neutral tty. The purpose of the two governments to avoid friction was made so manifest by today's events that little fear remained oi a hostile issue to the discussion There is reason to believe. in fact, that money diff eulties had more to do with yesterdays weakness in London than was then sus- pected. while the hope of avoiding conse- quences had to do with the vigorous recov- cry there today.
 One failure Of some importance occurred in the American department of the Londou Stock Exchange, but 1t was declared that more extended troubles which were threat ened bv the coming periodical settlGment there would be prevented. There was some large buying for London account in this market during the early trading, but this was largely of an arbitrage character.
 American securities seemed to have been oversold by the bears in connection with yesterdays foreign weakness and their ef- forts to recover stocks was the important factor in today's rally. Aside from this buying, the days business was uninfportanl and the aggregate transactions in fact, fell to near the lowest figure for the year thus far Only few days early in Janu- ary show smaller total.
 The movement of prices was a creeping one in accordance with the small business doing. While the buying became little more than nominal. there was small pressure to sell. The excessive dullness at the ad- vance Is a warning of the unwilingness of operators to embark on new ventures on tn, long side of the market Some fears were felt that there. may be liquidation yet to be completed and which may appear from time to time as in the case of London sell ing yesterday, or which may be Invited by any effort to put up prices.
 The approach of the period for going into effect of the stock transfer tax has some influence in discouraging the new commit ments, as 1t is generally expected that pro fessional trading operations will be ham, pered by the operation of the new law. The small inclination shown by the Penn new convertible bond issue. the application reaching only 10 per cent is regarded as a symptom of the present satfety of demand for investment, It Is noted in the same connection that a number of recent bond flotations are qVoted in the market below the underwritten price. Pennsylvania fall ed to share in the strength of the days market. Final prices showed only slight concessions from the top. but the closing was practically stagnant.
 Bonds were firm. Total sales, par value. $2,5S5,000. United States bonds swere all unchanged on call
 NEW YORK STOCK LIST,