The Montgomery advertiser., 1905-04-08
WALL STREET REVIEW
PRICES SWEPT CoMrREHENsIvELy ID
 HIGHER LEVEL.
Speculative Enthusiasm Resulting from United States Steel Activity Was Carried Over into Days
 Proceedings.

New York, April 7-The wave of specu- 1ative enthusiasm which developed in yes sudden awakening in United States Steel preferred was carried over into the early market today. and swept prices quite com prehensively to higher level with an ap- pearance of great animation and buoyancy But the market underwent considerable change of form in the course of the day and the trading became much quieter ana the tone reactionary by contrast.
 There was some pressure to take profits in recent special favorites from the outset and the pressure gained in force during the day. The change in the markets tone was not based on any widespread general con dition. but was explained by considerations of narrow scope such as have force with the board room soperators. Traders bought stocks freely, while the sellers found that prices advanced easily and there was ready opportunity to secure profits for quick turn. But some of the newer ventures brought out such heavy offerings on the advance that the confidence of the trad
 This was notably true of Rock Island, which has enjoyed no notable movement for long time and which was taken up by the They reasoned that stock so long prac- ticaily dormant would advance easily to level of readjustment with the advances all of this stock brought out such enormous blocks in liquidation that the load proved tS nsnnS ,o sFS eye foe United States Steel preferred. the attraction of profit talk ing was so tempting as to bring in selling orders in excess of the demand The open ing price. in fact. proved the highest of the day.
 Heavy profit taking centred in Atchison terday serving to bring out selling orders This obvious tendency of the trading took away the confidence of the speculators for sided gradually. Different stocks was taken up in detail and lifted sharply In the effort to contest the reaction There was a -A-tlrG ing which was based upon the assumption that the plan for further combination of the smelting and lead companies was nearly The increase in the dividend of United States Rubber preferred helped those stocks and the industrials generally.
 Much was made in the opening rush to in a speech yesterday incuicating the desirability of fair treatment of the railroads in any legislation for their regula- tion. formal fntimation on the part of the Hartman interest of intention to make no further contest of the Northern Securities case was of some effect. The were assigned as grounds for special strength of some of the Southwestern rail- roads.
 Estimates of the weeks currency move- ment indicates a small gain in cash by the banks. but call money rose again to above per cent and caused some revival of mis- gfvings over the future supply. The active speculation in industrials has resulted in some decline in their favor collateral for loans. The persistent strength of sterling exchange under the recent rates induces surmises that remittances being made for some special purposes. possibly on sub- scriptions to the Japanese loan placed last week.
 Quite brisk recovery followed the late reaction in the market and the closing was irregular. but only few stocks recovered to the top level
 Bonds were steady. Total sales, par value. $4,6oo.0Oo. United States Ss registered ad- vanced A per cent on call.
 NEW YORK R10CK HIar