The Montgomery advertiser., 1905-02-15
WALL STREET REVIEW STOCK MARKET sPECIALTIEs HAD
 THEIR DAY. Comparatively No Fluctuations in Those Listed in Front hank-LOne Was
 Hesitatlng and lrregu.
 lar throughout.

New York. Feb. I4-rodays stock market was one of specialties and but few Of the first rank will be found in the list of those nuetuating Q point The minor railroads and lndustrials which were active have Il much smaller volume of capitanzation than the great standard stocks, and the congestea interest in tnIs class had it's effect in bTing- Ing down the total of the days transac- tons.
 There was a marked falling off in opera tcns by some of the recently active pools ana the absence from the Street of some Of the notable speculative operators was supposed to account Tor this Such of the days developments as had any importance Were without much effect on stocks and the tone was hesItating and irregular.
 6ome of the specIaI advances were due to rumors affecting the tnuIvIdual proper ties concerned, these in a number oI cases pointing to intended dividend declarations on stocks which now receive no dISburse- ment In some of the low priced Indus- trials there were feVerish upward spurts from this cause There were traces of last weeks movement in the iron and steel group but the movement showed sIgns of cuImlna- ton and the United States Steel stocks es- pecially were sluggish and indifferent
 The weekly correction of views of traffic officials was tinged by the existence of ob- stacies to traffic from the stormy weather. although the general tone as 10 the volume of merchandise movement continued cheer full Weekly gross earnings for the first week of February showed the effect of storm obstruction and Of the grain war, es- pecially in Southern and Southwestern sys-
  Cided decreases compared with last year 3 earnings. The continuance of these factors promised @ similar result for the forthcom- ing statements for the second week
 There was an appreciably firmcr tone in the, tune money marhst as a result of the large decline m surpIus reserve shown by Saturdays bank statement But tnls was largely nominal. owing 10 the scahty ae- tiNlty. The dropping tendency of the for etgn exchange and the relaxation at all Ioints of the pressure for our gold was con- sidered of greater importance. The reduc- ton in the official discount rate of the I'm periai Bank of Germany was accepted as an the foreign parkets. The rumors of peace was also a factor in foreign markets, which reflected here by the buying of stocks tor foreign account.
 There was d notable sustaining influence fin the early market. When it had ceased Reading especially was under heavy pres sure of realizing. The role of sustaining factor which was held by the speciaIties and the foreign buying early in the day was as- sumed by Union Pacific m the late dealings. That stocks rise to the high level of the year was not explained by any new develop ment There was some inclination to as- sume that the friction between the Presi- dent and the Senate would prove an ob- stacle to railroad rate legislation. but 1t was of no practical effect on prices unless in the case of Un.on Pacific. The strength of that stock sustained the market later and made the closing steady.
 There was a broad demand for bonds oJ other than the first grade and a firm tone to the market Total sales, par value, S4.- 415.OO0. United States new 4s advanced ls per cent on call.
 NEW YORK SHOCK LIST.