The Montgomery advertiser., 1905-05-13
WALL STREET REVIEW
STOCKS MAKE QUITE A SHOW OF
 STRENGTH.
Demand of Sufficient Expansion to Almost Double Volume of Transactions
 During the Previous Day.

New York. May 12-stocks made a con siderable show of strength today and the demand expanded sufficiently to almost double the volume of the transactions over that of several previous days.
 The dull resisting power shown by the market this week gave notice that tho liaui- dation had spent It's force, but 1t was evt- dent from the small recovery effected up to late yesterday that there must oe considerable outstanding short interest which had refrained from covering in the expectation that there was to be re- newai of the liquidation. The sharp furry late yesterday In the Northern Securities group demonstrated the vulnerable posi- tion of this short interest and served to encourage continuation of the campaign
 The movement started in a hesitatinR way and there were several halts before 1t gained headway and spread to Include pretty much the whole list. St. Paul was the leader of the advance and the first re- sponses to Its leadership were moderate, especially amongst the other Pacifics which rose so strongly yesterday. The movement had to contend also with the sharp weak ness of Consolidated and Brooklyn Union Gas on account of reduction In their divt- dents induced by the legislation towards the enforcement of lower rates for gas. This announcement today explained yesterdays weakness in those stocks which was attrIp- uted at the time to the alleged leak of in. down by the United States Supreme Court on a pending franchise tax case.
 The most effective influence towards the recovery in prices was the successful com pletion of the London settlement, today be- ing pay day there and forming new point of departure for two-weeks' period. Thv failures which had been feared did not de- yelop and Londen was heavy buyer here for the new account. Some bslated effect was felt from yesterdays Government re- port on the promising condition of tlie winter wheat crop, and this was reflected in tbe special strength of number cf Southwestern railroad stocks. There was 6 resumption of activity also by a number of old pools in various stocks which nave de- sisted lately from operations under the dis couraging conditions In the market. A number of metal stocks which have been under the influence of merger rumors from time to time were conspicuous instances of this kind of activity.
 Another field of revived activity amongst the professionals was the circulation of ru- mors alleging the existence of plans to in- crease dividends on various stocks. The subsidiary Pennsylvania stocks and Reading were notably affected by this influence
 The preliminary estimates of the currency movements promised some decline in tho cash reserves of the banks owing to the weeks large absorption by the sub-Treus- ury. It is supposed that there has been some surrender already of Government de posts by the banks In anticipation of the maturity of the cali of the Treasury and movement of currency from the interior on accountkof remittances made by inte' Tor banks to meet drafts On their New York correspondents for repayment of the Gov ernment deposits. Money, however, con tinues extremely easy.
 The buying and bidding up of stocks wns the short interest and the forced covering by this element was an important ta5t1r in the days strength. Professional profit talk ing clipped the days gains and the cltsiDS
 Bonds were firm. Total sales. pa- value, s2,425, 900. United States 2s declinri Is per cent. and the 3s k per cent on call.