The Montgomery advertiser., 1904-12-16
WALL STREET REVIEW
OF SPECULATIVE ACTIv-
 ITY WAS MARKED.
Evident that Urgency of Liquidation Was Practically Completed, but Efforts to Force Prices Met
 

NEW YORK. Dec I5.--The subsistence of speculative activity in stocks was very | marked today. the total sales of today mak- ing a smaller total than for several months. dull and sluggish market Is the normal consequence of such a shaking up as prices have recently sustained and the postpone ment of it's subsistence has been the cause of some surprise %
 It was evident that the urgency of liqui- dation was greatly moderated and practical ly completed, but efforts to force prices up- ward met with continual checks. The ab- | sence of any selling pressure left the price
 level constantly above last night and afford ed encouragement to persistent renewals of the advance At the opening the rise was most pro-
 nounced and the market most animated. largely on account of reversal of views
 which caused the sharp relapse in yester- days late market. But the sensitiveness
 then demonstrated by the market to the light currents of rumor was Important
 factor in begetting the spirit of caution which ruled throughout.
 The course of Amalgamated Copper was still of dominant influence and reactions In the course of its advance brought quick re- sponse at other points in the list. The coal
 CTS were eonspicuous features in the open- ing advan&e, particularly Reading, the favor | shown that group being due to flattering re-
 ports of conditions In the coal industry. The
 belief that the new control of the Cincin- natl Hamilton Dayton system was des- | tined for the benefit of Erie. helped that
 stock as we'll as the coalers generally. Re- vived rumors of the disposals of Lehigh I ticular movement. The Metropolitan Traction group was af- fected by the announced intention to enter on a subway project in New York city and the simultaneous depression of Interborough | Rapid Transit on the curb was attributed to the same cause.
 The United States Steel stocks especially the preferred. were steadily accumulated. Trade reports were of very large orders for | various lines of finished products. including l steel rails.
 | The successful conclusion of the London stock market settlement, about which some ! anxiety had been felt was helpful to this | market. Negotiations were in progress look | ing to gold shipments to Berlin and there was small engagement for South America. Money was easy both for call loans and on | time and confidence was felt that with the l frightened demand for speculation in the stock market there danger of any | stringency in the future far discerned. The sudden dulness gave rise to some ru- mors that some important development hanging over the market, such as decision | in the Northern Securities or a more | definite formulation of the Administration plan of dealing with the regulation of rail- road freight rates. In the same vague cate gory was the supposition that assistance had been extended to a financial institution regarding which rumors yesterday weakened
 | the late stock market. The uncertain tone | of the market continued up to the last,
 but the closing steady and some con-
 siderable advances for the day resulted. | Bonds were duli and irregular. Total sales, par vaiue $3235.0 900. United States
 bonds were unchanged on call