The Montgomery advertiser., 1905-02-28
SPECULATORS EXCITED
OVER 100000 SHARES IN THE BUB7-
 NESS TRAN6ACTED.
Day Devoted to Distinct Process of D1 gestion - No Violent Advances
 Made, but Heavy Realizing

New York. Feb s1.-The bulky total oi l over 100000 shares reached by the busi- asss .ss of | excitement and the widespread interest in
 The day. however, was distinctly devoted | to . process of digestion and there was no | such violent advances as were made last ! week. Very substantial progress was male, last weeks advances. During the preva- fence of an active speculation and e long rs .s @ of ri Sunday interval naturally leads to an accu- brokers offices. The expectation of these offers good opportunity for selling to ad- Such a movement was clearly in prog ress today and while check resulted to the rise in prices, the absorptive power of the market was what was chiefly remarked. The resistance offered to the selling was not helped by any notable new development with the exception of the striking movement in Southern Pacific. The advance in this stock was explained in some quarters as an adjustment to the recent advance in Union Pacific, in which the subsidiary stock has not shared but an additional motive for the buying was offered in the circulation of the rumor that a dividend payment on the stock had been practically determined upon This pumor lacked official confirmation. as uiu fast weeks many rumors of combination projects. but 1t was as little impaired In its Influence on that account as were the pre-
 The rate of absorption in Southern Pacific fin the first stages of today's movement was unprecedented on the Stock Exchange. not less than 100000 shares changing hands in period of ten minutes during the period of greatest activity. The great animation of the present market makes a striking con- trast with the corresponding season of last year. when the volume of dealings was dropping off from day to day until on March 10 sales of less than 75.Oo0 were recorded low record for many years.
 Routine news of the day was little regard ed. although 1t offered nothing to discourage the buying of stocks. The effect of the fire loss in New Orleans was restricted to illinois Central. the principal sufferer. Rail- road traffic officials reported progress mak- ing in the opening up of their lines all over the country after the storm blockades and the molder weather has also resulted in largely increased offerings of grain from the primary points.
 The heavy outlay for equipment and inn provements announced by the Baltimore &s flying evidence of present prosperity and confidence in the future, but Locomotive was the only railroad equipment stock to respond notably and its strength was tenn porary
 The money market gave some evidence of increasing demand for credits but no ap- prehension was felt of a lack of supply. Foreign money centres reported a confident feeling in the future ease of money and it Is felt that supplies will be available from these sources for the New York market in case of any urgent demand.
 The persistence of the selling of stocks and the small response to the striking movement in Southern Pacific, which rose to 73%. prompted general unloading of stocks late in the day. which carried prices to the lowest level and made the closing considerably unsettled.
 Bonds were irregular. Total sales, par istered advanced E per cent on call
 NEW YORK STOCK LIST.