The Montgomery advertiser., 1905-10-28
WALL STREET REVIEW
FIRST HOUR ABsORBs BULK OF DAYS
 ss BUSINESS.
The Activity of tho Opening Is Caused ey Contest Between Conflicting
 Forces--Large Selling for
 Foreign Account.

New York. Oct. 27.-Ths stock market started off at an active pace today. put the first hour absorbed the bulk of the days business and thereafter there was . notaple shrinkage in the volume of transactions
 u"rh The % activity of the first hour was caused by a contest between conflicting foEces: There was large selling for foreign account tinued nhru G influence of depression manifest at the close yesterday. Support was forthcom- ing. but 1t required quite large buying to sustain values against the selling pressure When the decline was arrested prices crept up again and for long time hung prac- ticaIly suspended about last nights closing level. Movements in special stocks continued a feature without much effect on the gen.
 eral surface of the market The Nortnern the assumption that the return 10 New York of the head of the Union Pacific Company Northern Securities settlement. There was nothing authentic on this point ana the operations seemed confined to the trading to the unsettling effect of the disturbing state of affairs in Russia. Continental centres were reported sellers of securities in London and apprehension was said to be felt that the issue of the proposed Rus sian loan would be delayed and the tie. up of money in preparation for 1t extended Foreign exchange continued strong in this market but no exports of gold were an
 nounsed Higher prices were sspa pad stsamer 1og oe than for tomorrow's steamer and 1t was generally believed that shipments for Paris
 had been negotiated tc be ,v forwarded ,nss nexs rate at Paris tended to facilitate the opera tion.
 There were reports that a gold outgo to South America from here in payment or London obligations there was also in pros pect. The estimates of the weeks currency movement with the interior indicated nominal gain by the banks and the gain on the sub-treasury operations was also reduced to nominal proportions by the subsistence or pension payments Money on call was Tn brisk demand in London in connection with the pay day for the Stock Exchange settle ments
 Amongst the new developments applying
 to support properties of the united @ states sss fected by the reports of the sale by the former to interests largely represented in l in the latter company of holdings in inc ness of Rock Island found an explanation in the statement of net earnings Tor sep tember. showing the gain in gross earnings almost all absorbed by the increase in op- erating expenses. while for the affiliated St. Louis & San Francisco system the heavy increase, in operating expenses served to cut down considerably the net return; The strong upward movement of Standard Oil in the curb market was subject of comment and had some influence in keeping the midday stock market firm. Exports or wheat for the week rose 1.435627 bushels over those of last week and there were re- ports of very urgent demand for vessel room for further shipments in pospect. This de- the foreign exchange market.
 The stock market held it's record level poorly and during the last half hour or thc trading fell back to the lowest and closed weak and active Bonds were heavy. Total sales. par valuc. s3,1se.0oe. United States bonds were all unchanged on call
 NEW YORK STOCK HIST.