The Montgomery advertiser., 1904-03-20
WALL STREET REVIEW
LIVELY REVIVAL CT sPECULA-
 TIVE ACTIVITY.
Close Buoyant and Animated at the Top Level of the Day-Net Gains of Point and
 Over.

New York, March 19-TOdayS market disclosed a lively revival of speculation top level of the day. Not only was yes torday's reaction caused by the Sully failure more than wiped out, but net gains were established for the principal active stocks running from over point to two points. St. Paul. Reading and Sugar wore the largest gathers. but there was very largo absorption of Pennsyl- vania and the Pacifcs on a rising scale. The eQuanauimity with which the mar ket accepted the Sully failure was the motive for the squirt of bullish enthusi- asm. Tho rise started in the face of the announcement of an additional fail ure on the cotton exchange and gained cumulative force after brief periods Of hesitation which Induced no important reaction. Fears that the failed cotton bull had extended his speculation into the stock market wer6 relieved and no anXie- ty seeYaec to be felt that the speculative losses sn cotton would induce any roal!z- ing in the stock market. such as often events fir the cotton market were viewed in fact with some complacency In the stock market as promising return to . price level fairly representative oe conklir lions of that staple and likely to ref5ew demand from foreign and domestic spin ners. The decrease in cash reservee 0. the banks and the decline fin the surplus which ordinarily cause 0 ch;li to spocO- iltt!vo enthusiasm were also taken Tn good part. The recent tendency of cash to congest in reserve centres has been viewed rather as an indication of 6eclin- ing use of money market where the ten- dcncy of interest rates of all kinds Is distinctly downwarcs. The continued ease in ths money market leaves unop- pssed the advance in the foreign ex- change rates which continued today and approachad near to the point which gold would 70 out to Paris. Total sales of bonds, Ear valua. Sl.1oS.000.
 The long expected Northern Securities decision on Monday of this week un- locked the rigid bonds which have held the stock market in Q state 0f staRnn- ton fo. many weeks past. The volume of dealings has risen 10 more than double thnt of last week and prices for the prin- clpal active stccks rose from t5 points over last week. It Is tho general con- vlction that large rart of the demand for stocks has come from the short in- teTcst left uncovered, although commits si3n houses report a slight revival of demand Besides the short covering therefs to be counted some buying orders by banking and financial interests, which were placed in the market as protec- ti,n against possible break on account of the decision. On the whole 1t is be- lieved that the weeks rising market shows there has been little growth of in- vestment demand.
 With the Northern Securities company out of the way 1t was felt that other con- tinuinR factors could not be relied on to cause any further decline in prices and the shorts were impclled to cover.
 The speculative element has given broad interpretation to the official inti- nations on behalf of the administration that there was no intention to run amuck" with the powers in their hands. It is the common assumption in Wall Street that this means that no further proceedings are to be entertained for the anI nff against the statute. The same element sees in the opinion of Justice Brewer of the majority a likelihood that case in which 'reasona bleneSs" of its potential restraint of interstate or international commerce might be urged. the complex fen of the courts decision might be altered
 Talk of Legislative amendments to the statute, to the same end has also been dwelt on. There has even bcep a faint revival of interest in some of the 'com- munity of interest" projects, which were supposed to have reached the embryo stage when the blight of the Northern securiteis secution feil on. but that it cannot be said that this represents the prevailing sentiment In the larger finan- cial world.
 Of domestic factors. large importance has been attached to the hopeful express Ssions by President Gould on his return from an extensive tour of the wide ter ritory covered by the complex railway system under his direction Railroad traffic, officials as body have modified this former dlscouraging view of the out look for new business and have adopted a more hopeful tone. The advance in the price of the various lines of iron and steel products Is evidence of the revival in that industry. The breaking of the drought in tho southwest relieves cause for anxiety.
 The February foreign trade statement revealed hcw far the decline in this de- mand had gone and how important a bearing it was having on the balance of trade. The approach of the period for the Panama canal payment increases the importance of this factor in the exchange market. The expected decision hy soft coal miners to accept the offered wage scale is regarded with satisfaction. The Shutting down of some of the anthracite mines owing to the slackening demand Is of counter effect.
 The bond market has. improved with stocks and advancing bids have been re- corded for some of the high grade in- vestment bonds. United States new 4s coupon have advanced Is; United States registered. the Ss and old As and the 2s 1-2 per cent on call since last week