The Montgomery advertiser., 1905-05-06
WALL STREET REVIEW
CHANCE FREE FRoN PREVIOUS LIQUT-
 DAYTON PRESSURE.
Decided Shrinkage Evident in Volume Of nsactions-Technicnl strength of Market Splendidiy
 Illustrated.

New York. May 5.-The stock market was free today from the pressure of urgent liquidation. which broke yesterday and re- corded vigorously something more than the losses of the day before.
 There was a decided shrinkage in the volume of business showing that the bid~ ding up of prices had to be carried further to recover Q less amount of stocks than was sold yesterday This constituted an excel lent showing of the reduced volume Of stock offering for sale and Is an indication of technical strength in the market and of relief afforded by the liquidation so Tar completed, but there was very marked falling off in the demand at the higher level of prices, the dullness of the trad ing showing a progressive increase
 The inference is that the buying 10 a large extent forced in the same way that yesterdays selling was. The bear traders who followed the decline yesterday with free short sales felt obliged to cover their short contracts in face of the evidence that the most urgent liquidation was completed Some of the fears caused yesterday by the signs of weakness in the markets. or which were given currency by the industry of the bears, lost their force today and the rehef thus afforded helped on the rally.
 There was important change in the news bearing on values, but there was decided change in the temper shown in It's interpretation. The attitude towards Read ing affords an illustration. Yesterday the stock was sold on account Of the news or the distribution of a part of Lake shore treasury holdings as this was supposed to be a well informed view that the price had advanced unwarrantably. Today 1t was urged that the fact that thlS ConsluerAple supply had been marketed without prevent ing the great rise In the stock was evidence of the absorption power of the market for 1t and Its rise in strength Yesterdays s fear of a conflict at the Union Pacific spe- cial stockholders meeting over the pro- posed Issue of s100. 100000 of preferred stock was converted today into professed hopes of some extraction at that meeting of special benefit to stockholders. The Street was without news from the meeting up to the closing of the market.
 The Northwestern and Pacific stocks. however. were the aggressive leaders of the rebound, they had been most acute ly affected by the preceding drop. The Southern group also notably strong, as they also had suffered more than the av- craze from the violence of the reaction from the excessive speculative advance.
 Consolidated Gas had the benefit of the failure of the attempt to pass law re ducing the price of gas in this city. The effect of the weakness here yesterday had an unsettlng influence in todtys early for eign market, and some action seemed 10 be given there also to the fears of interna- tional friction The foreign depression was only of slight effect on opening mar ket The estimating of the weeks cur rency movement indicated a nominal gain in cash by the banks. The upward rush of Peoples Gas at the end was due to the report of the defeat of the gas bill in the illinois legislature. The sharp reaction the firm closing were notable for the ex- ceedingly light dealings on which they were effected
 Bonds were firm. Total sales. par value. s2.5Oo,0OO United States bonds were all unchanged on call.
 NEW YORK STOCK LIST.