The Montgomery advertiser., 1905-04-05
WALL STREET REVIEW
| COMPLEXION OF MARKET WAS CON- l sIDERABLY MIXED.
| Aggregate of the Transactions Small, Though Q Large Number of Sep | arate Issues Were Dealt In.

New York, April 4.-The. complexion of today's stock market was decidedly mixed. An unusual number of separate issues were dealt in. notwithstanding the smaller ag- gregate of the transactions.
 This appearance of bearishness in the market was accounted for by the presence in the trading of many usually neglected and obscure specialties and industrfals. The movement in these were wide but were ex- tremely inconsistent as well as irregular, both the principal gains and losses being found under this classification. Railroad stocks were sluggish throughout and for the most part was heavy.
 The decline in the stock market seemed to be due in part to the settling influence of the cratic fluctuations in Tennessee down all day like boiling liquid in tub. and operators in the market were at loss proposed merger or the distress of an un- covered short interest was responsible for the wavering motion of the stock. The pas sage through one House of the New York | Legislature of the stock transfer tax and the belief that it's enactment into law was certain had some revived influence in the uncertain mood of the speculation after having passed out of consideration for time. The inquisitorial tendency of legis- lation and public policy towards corpora tions and the prevalence of Investigations into their affairs came in for consideration and caused an impression of threat to values of securities. The embittered con- troversy which has sprung up in the admin istration of the Equitable Life Assurance Society and the investigation thus prompt ed has the effect of emphasizing this im- pression.
 The very prominence of the low grade industrial stocks. even where they give evil dence of strength is regarded as an evil dence that the high grade stocks have ex- hausted their resources for advance and begets suspicion of the stability of the whole market. Some of the days abortive movement in the better class of stocks was suspected of being manipulative and de- signed to offset announcements, which have been supposed simply to await the conclu- sion of the Northern Securities case. in duces feeling of suspense md of dfstrust over the extent to which the mysterious allusions and rumors have been allowed to influence great speculative comments in various stocks There Is a feeling that solved soon or replaced by effective new factors If prices are to be sustained at. their present high level.
 The tone of the money market shows some relaxation in consequence of the com pletion of the April settlement, but not to the extent that sanguine spectators hoped, siderable prolongation of the period of higher rates of interest. It Is evident that many important capital issues have been planned to take advantage of the normal accumulation of reserves at this time of the year, both here and abroad, and this class of requirement will of course take prece- dence on the stock market borrowing.
 The most substantial sustaining influence in today's plarket was the heavy accumula- ton of the United States Steel stocks. Re- ported large buying of pig iron by the cor poration Is a repetition of previous condi- tions, but the lack of response in the se- curities of the company has been the cause of dissatisfaction in the market. The rise in the Southern railroad group was attrib- uted to the enlarged cotton movement and to the advantages to accrue from Q rising scale of freights iron due to a sliding adjustment in harmony win iron prices
 London was a seller of stocks in this market to an extent sufficient to harden the rate of exchange by reason of the de- mand for remittances in payment. There was sustained strength in a few of the in- dustrials. but the persistent heaviness of the railroads made the closing irregular.
 Bonds were irregular. Total sales, par value. s4.810O00. United States bonds were all unchanged on call.
 NEW YORK STOCK LIST.