The Montgomery advertiser., 1905-05-02
Capitol Clothing Store.
WALL STREET REVIEW
REORGANIZATION IS PREVENTED BY
 PRErAUTION.
Stock Market Striking Example of How Financial Matters Adjust Them selves to Any Contingency
 Foreseen.

New York, Hay 1-Today's stock mar ket was a striking example of how finan- cial affairs adjust themselves to any con tingency that is foreseen with sufficient clearness.
 The preciptate fall in prices on Saturday caused great uneasiness throughout the financial district for fear of the conse- quences of the shrinkage in values. to say nothing of the dangers which were hinted at on Saturday in the vague runor monger- ing incident to a bear market.
 The event of today proves that the pre- cautionary measures which resulted were so abundantly effective as to turn the de moralized weakness into a quite exuberant show of strength. An important part of the measures in anticipation of course lay were made in the form of sales for short account, which were pointed out during Saturday in almost unlimited amounts. The volume of outstanding short contracts proved so excessive that the expected offer ings today failed to provide material for this potential demand and at the close the shorts were scrambling to secure supplies to make good their contracts.
 The measure of the imitation of the mar ket is thus taken and the downward course of prices decisively checked. having reach ed a point where a sufficient demand inter vened to absorb the selling. There can be no doubt that very large part of the buying today was measure of protec- tion by financial interests powerful enough to take these steps to save themselves and their associates from the serious effect threatened by the downward plunge in prices and the rapid shrinkage in valuations forming the basis for huge credits.
 Securities purchased for such a purpose are not expected to be held permanently and may be looked for in the offerings for sale on a moderate recovery or when the purpose of steadying the market Is eff feeted. These sales of such purchases are rebound. The support in the market to- day was not made effective without a sharp srpss wscs % aef he had been made against depression.
 A great many calls went out to customers from commission houses s, all through h,.,Hl Wal margins because of the rapid declines of last week. and return orders to sell out or failures to respond to calls for additions in duced very large pressure to sell when the market opened. London was taking a holiday, but notwithstanding this notable feature of the early trading was the heavy demand for foreign account here. which was said to come from various quarters in Europe. None of the whispers of money troubles which circulated freely on satur- day was confirmed by events today and this had a substantial influence in con vincing many sellers of securities that they had been precipitate.
 After the urgent demand from the shorts had been satisfied, the market became much quieter and showed disposition to await developments Reports of net earn important increases. such for Union Pa cific 26 per cent, St. Paul 12 per cent, H. linois Central 1S erScent and Colorado & Southern no less than 143 per cent. The March figures oF traffic of some of the great systems ar'\reported to have reached record figures for any month. The usual weekly reviews by railroad traffic officials today, however, admit a considerable shrinkage from the March level, although general satisfaction is still professed at the business offering.
 The belief in general prosperity seems un- abated, but confidence is recognized as a prime necessity in the maintenance of pros perity and there is some question to be en- tertained whether the events which have shaken speculative confidence in Wall Street have left the confidence of the business world at large unimpaired. but today's sharp recovery well maintained and the closing was steady. near the best
 Bonds were firm. Total sales par value, s3,69O.00o. United States bonds were ali unchanged on call
 NEW YORK STOCK LIST.