The Montgomery advertiser., 1905-05-04
WALL STREET REVIEW
DULL TRADING AND SLUGGISH PRICE
 MOVEMENTS.
The Transactions Aggregated Less Than for Any Full Days Showing Since
 the Last Week in March.

New York; May 3-The stock market settled back today to dull trading and slug at times to stagnation. Transactions fell to smaller aggregate than for any full days trading since the last week in March. Any such violent disturbance the fall in prices which culminated on Monday is almost certain to be followed by a series of diminishing fluctuations as prices seek their normal level. With the speculative factors out of the market the range of prices became narrow and the market inert. professionals who seek their advantage en- tirely in the change of the price level
 It was demonstrated pretty promptly to- day that the upward movement of prices yesterday was but one of the oscillations incident to the subsistence of the specuia- ton. Stocks came upon the market with some freedom today and the definite down ward tendency established scattered tle hopes of such speculators as had been in- dications of a revival of speculation in yes terday's movement. The market calls for little comment and the news of day bearing on It's movement unimportant.
 Most of the days business was lone in of that for foreign account There was nothing In the general situation abroad to account for this pressure. but 1t was in timated that Q considerable account In America was being liquidated from Holland by way of London.
 This special pressure upon Union Pacific and upon the United States Steel stocks was of large sentimental influence on the whole market. Much has been hoped from the united states steel snare to lead the market in expected revival of strength. and their weakness was correspondngly dis appointing There were scattered points of strength. but their sympathetic effect on the general market was very slight. The rebound in Consolidated Gas was an early impression that the bill for the reduction of the price of gas in New York city in danger of failure. The Metropolitan stocks had the advantage of a favorable decision on a contested tax assessment case. The accepted authorities in the anthracite trade reported highly prosperous conditions of business for April and this had its effect amongst the cOalers. notably the Fries and the Readings.
 Northern Pacific was rushed up some points to well above the normal quotation prevalent for the stock before the Northern Securities dissolution brought 1t back to the Stock Exchange list. Rumors were circulated that increase in the dividend was intended. The violent advance seem ed to intimidate rather than to help sen- timent, the market tradition respecting .his stock fostering a nervous view of it's influ- ence. The price subsequently, fell back d point below last night.
 There was news to explain the general weakness, which was rather a negative de- duction from the failure of the points of strength to sustain the market. The ap- parent paralysis of the demand caused growing suspicion of the stability of the market and led to the weak closing in which Union Pacific and New York Central were the chief sufferers.
 Bonds were heavy. Total sales, par vaIue s2.2s5.O00. United States bonds were ali unchanged on call.