The Montgomery advertiser., 1905-01-31
WALL STREET REVIEW
GREAT VARIETY AND LARGE DEALS
 YESTERDAY.
Wide and Constant Fluctuations Marked Dealings, but Net Changes Do Not Correspond to Heavy
 Movement

New York, Jan. 30.-There was great va rtety in today's stock market, with large dealings and wide and constant fluctuations, but the net changes do not in any degree correspond with the wide movements of the day.
 The handspring of the speculation was the action of the Supreme Court in the Northern Securities case. Last weeks buoy ant rise in the stocks which have responded to the various developments in the North ern Securities case was associated with a general conviction in Wall Street that the Court had reached the determination to re- fuse the petition of the Hartman party for writ of certiorari to review the de- cision against them in the lower courts. By permitting the immediate distribution of Northern Securities assets, such action by the court, 1t was felt, would practically de- termine the contest.
 The anamoly of strength shown by the stocks of both sides to the contest on ac- count of a decision which would be a defeat for one side apparently escaped notice. The movement of the stocks today seem- ed to demonstrate by their final action that their advance has not been influenced by consideration of a decision in the Northern Securities case. But it was also shown that there had been large speculative follow Ing in this stock, which supposed that this was the influence that moved them. Thus there was heavy unloading when 1t became known that the action of the Supreme Court would have the effect of continuing the in- Junction under which the Northern Be- curtties Company is tied up.
 That stock itself fell back nearly points on the curb. and Union Pacific, Southern Pa- cific and St. Paul were acutely affected on the Exchange. The determined accumula- tion of Union Pacific at the lower levels and it's vigorous movement upwards again presented to other causes for the advance and the mysterious power of the railroad ''deal" again asserted itself on the specu- lative temper.
 Union Pacific, Southern Pacific. St. Paul, Chicago & Northwestern and allied stocks, Erie, New York Central. the junior vanderbilts and Kapsas City Southern. were all influenced immediately by the supposf- tions of the deal. Disclaimer of the deal stories said to be with official sanction but anonymously reported had no effect on the speculative excitement. Interviews with railroad traffic officials pointed to slight in- terruption of the freight movement by last weeks storm obstruction and the merchan- disc movement was said to be well main- tained.
 Money was again very easy and the pros- poets of large additional exports of gold caused no disturbance. Except for the Haf- rimans and VanderbIlts there were many stocks that recovered to above Saturday and the closing was steady and not very far on the average from Saturdays level
 Bonds continued to be we'll absorbed, both on the Stock Exchange and over the coun- ter, but depression of some of the specu- lative issues made the movement irregular Total sales, par value S7,475,00 United States bonds were all unchanged on call
 NEW YORK STOCK LIST.