The Montgomery advertiser., 1905-04-04
WALL STREET REVIEW
PRICES IRREGULAR, WITH MODERATE
 TRANsACTIONs.
Few Stocks Active in Railroad List, While Spirit of Adventure Was Prom tnent in the Industrial Department.

New York. April 3.--A party in the specu- | lation made it's present felt today who were ready to proceed on the assumption | that with the April money market settle ments out of the way there was reason | for any further restraint on active de- mand for stocks. Some restraint. neverthe- less, made itself felt in the days operations, as was shown by the halting and irregular
 ] moderate e volume % e'ode of transactions. anu " ~ The activity in the railroad list was very largely concentrated in few stocks, while the mass of securities in that depart l ment was sluggish and almost inert In the industrial department there was manl- fest spirit of adventure which wandered freely through the list, picking out sub
 tects here and there for wide and sudden movements.
 The first animation in the railroad list was awakened by renewed consideration Of the topic of the Northern Securities case. The report was circulated early in the day that the decision in this case was to be handed down upon the re-assembling of the court at noon, after the spring recess. Onion Pacific sprang into prominence, as had been | the case whenever this subject Is actively discussed in the stock market. There was a renewed assumption that the final dis position of this case was the event await ed for the putting into force of the long l rumored project of a Union Pacific and New York Central combination.
 In today's market large buying of the Erie 1 stocks was ex x,cuted in such way as to to give the appearance of coming from the same sources the Union Pacific and New York Central buying, The effect was a leap included in the supposed combination. The first report from the Supreme Court after noon indicated a stay, which might involve a further indefinite delay and prices l in the group had a sharp setback
 In the industrial department much was made in a general way of the high degree of activity in all trades and industries and the prosperous condition evisting. But these were supplemented by detailed reports hav- ing a specific bearing on many properties The Southern iron stocks were again con- spicuous in connection with the morning re- port. The United States Steel stocks were comparatively quiet. Peoples Gas moved in anticipation of the outcome of the Chi cago municipal election of the early ad- journment of the Illinois State Legislature, both being assigned as motives from the buying. Twin City Rapid Transit was said to be enjoying some new franchise advan- tages. There were rumors of a dividend tn- crease in National Biscuit and reports of a successful outcome of vigorous compeu- ton with a rival. The New York public utilities. on the contrary, suffered from the imminence of a decision on the constitution ality of the New York franchise tax. The most important restraining influence was found in the money market Conditions
 there did not relax so completely as had
 been hoped by the speculative element would occur after April l. Sterling ex- change also was well maintained, although
 discounts dropped in London. where the after-efiects of the quarterly settlements are always felt very promptly. The weekly statement of the Imperial Bank of Germany showed the extent or the quarterly bettle- ments by the huge changes in it's principal items. cash on hand increasing $S2, S6O,O 900. while the other securities were increased $65,690. 900 and the note circulation was ex- banded $s3,145.000 The immediate future of our own money market is doubtless de- pendent on the rapidity with which the enormous requirements on foreign banks are readjusted.
 Reports of railroad traffic and of do- nestle conditions continue highly encourag- ing The stock market closed irregular and at top prices for very few stocks.
 Bonds were irregular. Total sales, par value. $5,2So.00o.
 NEW YORK STOCK HIST.