The Montgomery advertiser., 1905-03-31
WALL STREET REVIEW
MOVEMENT NEITHER CONCLUSIVE NOR
 CONVINCING.
Drifting Match, With Volume the Lowest for Many
 Weeks.

New York, March 30--Todays stock mar Ret was not much more than a drifting match, and tho movement was not conclu- sve or convincing at any time. The volume of transactions shrank to the lowest in many weeks.
 Very large importance was attached in the discussion about the Stock Exchange about the threatened stock transfer tax as the factor making more for this sud den collapse Tn activity. The decision to make this tax bill a party measure was accepted offering extreme probability of it's enactment into law. While the amount of proposed tax Is not regarded as extremely burdensome in the actual transfer of stock holdings from one owner to an other, it Is generally agreed that 1t would operations and on the so-called scalpins operations the floor of the Stock Ex- change on which the professional traders largely rely for their livelihoods.
 The manipuative measures usual in a very active speculation are not confined to room trading operations, but are relied on also to further the fIotaiton of new capital issues when they first make their appear ance. With large volume of such new issues in prospect there Is Tear that the he any restraint of the freedom of operations in the market.
 This was the ground for suspicion that if other conditions were not operative, this factor might not have been effective in the decline of activity. the discussion be- ing the result rather of the idleness of the market than to it's cause.
 There a calling of loans during the day which necessitated a shifting of &C., commodatlons even where renewals were secured without an advance in the rates. The stock market never, escapes some dis turbance when this process Is going on. The subscriptions for the Japanese loan were the direct cause of tho frmness of call money, but preparations were also going on for the April first settlement and the placing of the Pennsylvania bond issue looms beyond. Confidence Is professed that the harder tone of the money market will be short lived and that the loan opera tions when concluded will permit the quick return of their proceeds to the money mar ket. It Is on this conviction that current operations in stocks are rather of a waiting character than a reflection of any positive opinion on the outlook
 The selling pressure was light, but there Is no disposition to buy on large scale. weak bank statement on Saturday is taken for granted. Although some of the to premium. this Is believed to be due to remittances to participate in the Japan csc loan subscriptions. Interior banks. however. are drawing freely on their New York correspondents for payment of ln- ternal revenue collections which adds ma terially to the sub treasury requirements at this centre.
 Returns of February net earnings of rail- roads they come to hand not en- couraging to a demand for stocks, although the poor earning conditions are shown tn be corrected by later returns of gross earn ings. The market got no help from for eign influences the weakness of Russians being aggravated at Parts by the German attitude in Morocco. The market closed irregular after it's substantial recovery. value. S3,9s5,00O. United States bonds were all unchanged on call.
 NEW YORK STOCK LIST,