The Montgomery advertiser., 1905-01-12
WALL STREET REVIEW
MARKET RESTRICTED TO PROFEs-
 SIGNAL TESTING OPERATIONS.
Attempt to Ascertain the Trend Unsuccess- ful for the Reason That There Was
 None-The Undertone Con-
 tinues Firm

New York, Jan. 1l.--such market as there was for stocks today was restricted to test
 ing operations by professionals in att tempt to discover the trend of the market. The attempts were unsuccessful for the sim pie reason that the market had no trend. Operations by the room traders one side early in the day were closed up afterwards by corresponding operations on the other side. The result of these conditions was a condition of lethargy with prices very near to last nights level. As matter of fact comparison cf current prices with those ruling at the closing before New Years day reveals the fact that very few of the thirty | or forty most active stocks in the list are
 as much as a point away from that level fin either direction. The undertone is unde- ntably firm and such testing operations as the professional operators venture upon are indicative of a spirit of hopefulness for higher prices. Thus, for several days past the early transactions have been light buy | ing orders with following recessions when
 the disappointing fact Is developed that | traders are long in the market. This stag nant condition of speculation is a surprise to those who looked for active dealings with l the January congestion of money supply
 and the effort to find explanation for 1t points to various surmises The natural ac- cumulation of money in New York is modi- fled to some extent by the outgo of gold | and next weeks requirement of $10OO0,0OO for return of Government deposits is subject | to reconsideration. But the almost ple-
 thoric condition of the money market and the low interest rates prevailing make this
 an improbable explanation for the neglected | n. The unprecedented rush of depositors at
 the local savings bank this week is offered | as part explanation of the diversion of in
 vestnent funds. the attraction being the ad- vance in the interest rate to depositors of fered by many of the banks Then there is
 some distrust of the/ level to which prices
 had been pushed in anticipation of the Jan-
 uary movement and skepticism as to the withdrawal of speculative attempts to lift the price level higher. There have been
 dividend resumptions and increases which gave color to rumors of similar action in other cases. But on the other hand, some | of these rumors have proved ill-founded. notably by the maintenance of the regu-
 lar dividend rates by the Central Railroad | of New Jersey and Union Pacific. There is very free discussion of the alleged prac- tice of oyer-certification of character for stock market operation and manipulation legal proceedings in process. These pro- ceeding have a bad effect on stock market sentiment.
 The legislative proposals at Washington and poor reports from the winter wheat crop are continuing influences for conserv-
 atism. There is a desire to know accurately the contents of the forthcoming statement of earnings for the final quarter of last year of the United States Steel corporation before venturing largely upon new com call for slight special mention. Southern
 Pacific affected by expectation of the announcement of it's refunding plan. Tho loeal' fractions were influenced further by the belief of some coming development af- fecting interborough rapid transit The rise of few special stocks left the inde- terminate tone of the market unchanged up to the closing.
 lar, but there was a well diffused activity in the market. Total sales (par value), s.
 $40. .o00. United States 2s declined B per cent on call