The Montgomery advertiser., 1905-05-18
WALL STREET REVIEW
LIsTLEss CHARACTER OF TRADING
 NOT ALTERED.
Considsrable gains Established during First Hour Yielded Rapidly Afterward. St. Paul the Only Ex-
 ception

New York, May 17.-There were a few more share dealt in on the Stock Exchange today than on yesterday. but the listless character of the trading was not altered. [. The market showed the same disposition to yield the days extreme change. the only difference being that yesterday those changes were made in the first hour and followed by slow movement of retrieval, while today the only considerable gains were established during the first hour and were slowly yielded afterward.
 The exception was St. Paul, which made its highest prices later in the day. respond which lifted the price a stage higher each time. The effect of this special movement on on the general list steadily diminished its influence in the later trading.
 Union Pacific showed a sympathy at first and was almost as active at St. Paul itself, but its price dropped and It's activity diminished before the operations in St. Paul close Those operations were attributed very largely to professional accounts and the many rumors afloat to account for them associated St. Paul and Northern Pacific in one way or another These assertions re- garding these two companies pointed to the absorption of one by the other, the absorb ing company varying in the rumors.
 Meantime Northern Pacific itself and Great Northern preferred showed evidence of some pressure and this largely deprived the St. Paul movement of its influence. The market had some help from renewal of reports in circulation in European finan- cial centres of a revival amongst the powers indirectly interested to bring about peace in the Far East. The London stock market showed sensible relief from the pressure of belated liquidations which has caused de pressions there for several days past. The weakening of price of wheat on account of weather reports showing clearing conditions and more favorable prospects in the winter wheat belt helped the market
 Report of project on the part of the Kansas City Southern for securing an inde- pendent outlet to New Orleans gave soma strength to its stocks. The effective check to the influence of the St. Paul movement was the heaviness of the United States Steel stocks. which were depressed throughout on the fear that the Iron Ages weekly review of trade conditions would make an unfavor- able showing. The appearance in Walt Street of the advance sheets of that re- view were followed by selling movement which weakened all of the metal stocks and especially the United States Steel stocks. Anxiety was caused by the state ment that the buying movement of pig iron has been almost arrested, while in dications were that the jobbing trade had overbought early in the year, in the lighter lines of finished iron and steel, and that the offering of concessions was of prob lematical success in moving goods ''The feeling Is abroad" says the Iron AgeA that fresh buying movement can no. well be expected until well into June and that the crop prospects will have a decided Influence upon the movement" This broke the market and wiped out the days gains for the most part. There were some raI- lies on short covering. but the closing was unsettled
 Bonds were steady. Total sales par value. $1,s05.000 United States bonds were all uno changed on call.
 NEW YORK STOCK LIST