The Montgomery advertiser., 1905-04-15
WALL STREET REVIEW
spEcUIATTyE REyEL ON THE STOCK
 EXCHANGE.
Revival of Northern Securities Settlement Bumors Cnuse of the Excitement.
 Some Enormous Congestion.

New York. April Ix.--A revival of the Northern Securities settlement excitemen. , resulted In a speculative revel on the 5toGn Exchange which spread pretty generally throughout the list. but the oonspicuouas fact about the days operations s. was 'hn,r ,,,. enormous congestion in the few stocks m mediately affected by the current rent, rumors s especially Union Pacific. St. Paul New York Central and In the curo
 The last named stock bounded up to the neighborhood of 1s0. thus 1ustifying preolc tions which have been current among ,irss seu sut without obtaining general credence.
 The rumors to account for the advance were many ana various arS That tos which was most definitely formulated alleged an in tention to double the present volume or poses which were very dimiy indicated in the story as 1t circulated. The capitaiiza- tion of enormous values discovered in iron hinted at. Great Northern preferred closed at 3l5@3so with no sales. the last sale having been made at as2 It was argued pand the value of the Northern Securities Company, about to be distributed under the order of dissolution of the Supreme Court
 As large proportion of this distribution will fall to the Union Pacific treasury that stock was held to be entitled to a corre- spending advance. but with the excitement deemed inadequate and surmise fell back on the supposed uses to which the Union Pacific preferred stock is IS to t, De pns This n various stocks pointed to as desired ob- ject of acquisition by Union Pacific but which have been % dropped @ out , Q, c0nsdesa m sssa ticism over the stories current.
 These stories were entirely without of- The paIpable factor however. was that almost unlimited amounts of the stocks most nearly concerned passed constantly through the market all day and the absorp- for fberp seemed insatfabl0.
 The volume of transactions and the move ment of prices in the general railroad list was moderate and the extent of the price movement was found on careful scrutiny not to be very wide. but in the industrial de- partment there was an effective supplement to the striking movements U sthe trans- continental group. In this department also the most prominent high grade industrials and especially United States Steel pre- industrials of a minor closs. however, there is long list which made advances during the day of all the way from to or points.
 The brilliant condition shown to exist In the iron and steel trade by the statistics of production and consumption have served to give great authority to the incoming re- ports of highly prosperous conditions in all departments of trade The favor shown to the industrial stocks increased accordingly. It is found easy to effect movements by formation of pools in many of the stocks and 1t is not unusual for the rise to be heralded by some such announcement as that arrangements have been made for a sharp upward movement in this or that stock. The movement is pretty sure to follow. Operations of this class. however, do not tend to fortify confidence in tn . market.
 The currency movement for the week gave promise of a good cash gain by the banks and offered no obstacle to the main tenance of the speculation.
 The irregular closing left prices not far below the best of the day.
 Bonds were irregular. Total sales, par value. $4.475.00 United 5tates bonds were all unchanged on call.
 NEW YORK STOCK LIST,