The Montgomery advertiser., 1905-02-01
WALL STREET REVIEW
\ DAY OF ACTIVE AND DIVERSIFIED
 SPECULATION.
Signs of Depression at the Outset and the Points M0st Acutely Affected Do Net Recover During
 the Day.

New York, Jan. s1.-There was another day of active and diversified speculation to- day, with various shiftings in temper. That temper. however, showed a continued alert ness to all suggestions or rumors of ina- portant developments, and readiness to rush into the pursuit of excited price m0se- ments that eindicated clearly enough the predominance of--the buliish spirit in the market.
 There were signs of depression at the outset and the points most acutely affected by this depression did not completely re- cover their tone at any time during the day. This pressure centsred upon Union Pacific and was evidently in the natureof profit taking on yesterdays buoyant rise. There was some disposition to revise yesterdays estimates of the bearings of the decision in the Supreme Court a a victory for the Union ed. The necessary consequence in the con tinued tying up of Northern Securities af- fairs by injunction was the cause of some versally favorable view of yesterday.
 The realizing in Union Pacific did not, however, extend the depression to the Van derbilts, which have hitherto moved in close sympathy with the Harrimans. The Wander bilts sprang into great animation and made surprising upshoots in their prices, when it became known that the directors of the va- rious companies were assembling.
 The greatest activity centered in New York Central, owing to the larger market supply of that stock and its rise, though notable. was restrained by comparison with the junior stocks. owing to the same reason. neapolis and Omaha was accomplished with the accumulation of only a few 100 share lots and the ,Ss-point jump in the preferred stock was on single transaction. Other advances in the group were in proportion to the scarcity of the floating market supply, due to the closeness with which investments in these high grade stocks are held.
 Practically every stock in which there were supposed to be Vanderbilt holdings or which finally or traffic affiliations with them was affected, and it was the common supposition that some important project af- fecting the prospects of the whole group was on the eve of disclosure. The coincident heaviness in the PacifIcs and Erie In con trast with recent buoyancy caused some hesitation in the market and the general list was tardy in responding the Wander bilt movement. The movement in the Van deFhiits seemed tos culminats with the an- nouncenent okl the regular dividend declara- ton for the Cleveland, Cincinnati, Chicago & St. Louis stock. The hope of an ad- vance in this dividend rate was one of the many suppostions surrounding the moye- ment in the group.
 of United States seel earnings, to be given ou during the afternoon, would prove fa- vorable, caused a demand for United states Steel preferred, and Amalgamated Copper was also strong The opening dip Tn prices may have been influenced to some extent by the renewal of attention to the subject of Federal control of railroad rates caused by the Presidents Philadelphia speech and by reports of 0 party agreement on Q Con- gressional measure. The change in officials of the Vanderbilt system looking to eoneen- tration of operation were not regarded as adequate explanation for the excited move~ ments in the stocks and there was consider able realizing late in the day. Reooveries at some points hade the closing irregular
 The bond market was irregular Total bonds were all unchanged on call.
 NEW YORK STOCK LIST.