The Montgomery advertiser., 1905-03-07
WALL STREET REVIEW
CONSERVATIVE ATTITUDE TOWARD
 SPECULATION MAINTAINED.
Decision by the Supreme Court Regarding Distributlon of Northern Securities Assets Had . Pereeptible
 Effect.

New York. March s.--waii Street main tained today the most conservative atti- tude toward speculation which was assumed tion in prices and the manifest disposition of holders to unload on the higher flights which prices took before the ts,nn fssSn9m; x ,n. Supreme Court on the question Of the m junction against the distribution of Northern Securities assets stirred the market; 1oSsre1s s9 effect compared with the frensied move ments which have followed the suggestions and expectations of decision in the past Some part of this response was due prob ebly to the doubt and confusion over the scope of the decision, due to conflicting reports on the subject and the witnncidims Scisnn
 The receipt of the news was unexpected and may have found plans for action on 1t
 .o tp DhsIs ss..hsr ~at the ssn. had been reached clearing away the possf- bilitiss of further obstruction to the opera tion of the plan to distribute the assets assets Q, Q, activity again in the stocks immediately ar fected, when the definite character of the decision became better understood. ou. this subject has so often and SO powerfully fig ured as . factor in lifting the market that tho question was suggested to the specu- lative mind whether it's influence was not already more than accounted for as much as other keneral influences which there is a growing disposition to consider sufficiently discounted.
 The bearing of the decision on the re- spective interests of the parties contesting has been largely modified by the progress of events m the stock market The Union Pacific contention against receipt of DOT tions of both the Great Northern and North ern Pacific stocks in place of the North ern Pacific holdings first contributed to the merger the ground that this plan would represent . large discrepancy in the valuation of assets as compared with it's original holdings. The great enhancement in market valuations which has since oc- cured has gore Tar to settle this contention The action of the market reflected the feeling that the potentiality of the subject as market factor was largely exhausted.
 Foreign markets again took the view that Russian reverses tended to bring peace near CT, and a strengthening effect on securities was the result. Our own market started off with a considerable show of strength. but the weight of offerings to be absorbed on the advance became effectively manifest at once. Such points of strength as developed afterwards were due to special causes.
 The Gould Southwesterns advanced on the cheerful views regarding the business out look expressed by the head of the system after q trip over the territory. There was special movement in the local fractions and the Southern railroa1 group and Cana dian group made further show of strength without special explanation. Railway of ficials reported their only embarrassment to be finding of sufficient cars to take of offered traffic.
 Money call fell to a lower quotatiop, notwithstanding the poor statement of Sat urday and foreign exchange declined in
 The Ianguid temper of the speculation asserted itself in the late market and prices yielded easily, making a heavy closing.
 The bond market was duller and rather United States bonds were all unchanged on call.
 NEW YORK STOCK LIST.