The Montgomery advertiser., 1905-06-22
WALL STREET REVIEW
A SPECULATIVE LEADERSHIP As-
 SERTED ITSELF.
Sharp Price Movement and Consideraoie Degree of Animation Resulted. Demand From Uncovered
 shorts an Element,

New York. June 21.-The specplauv'
 leadership. for which the rank and fiie s Q
 small traders had been watchig 1 ,haig ysntures asserted itself in the stock market toae,
 and whipped up sharp price price, m9Usmen ,IUs It was evident that the outstanding snori l interest had been extended to unsuspecte,
 fessiona fGno operators em to | take the short sid, | of very dull market Ihe demano Iron l element in extending the advance wher | the aggressive market leadership had estao-
 The ammunition employed in this leader | ship was not all of a very substantial char | acter and some of the incidents of the da, tinctiy discouraging in a market where de pression was the order of the day. Bu l which f % the market f has shown and the mod crate success in the last two days of effortl to get prices upward had gathered sucf A considerable volume of reallzinE sale. there by anxious holders who have beer dhs waitins p Ter an opportunity to sell thsil @ deal of facility. while it was not until Tate iats in the day that the movement to take profits bessn 10 make any effective o1I,a drag short interest had been satisfied.
 iy in speciaities and United States stsel preferred made an effective leader. Reports f %sls for usssn ss dent sehwab. of an intimation to combine 9 number of independent corporations to compete with the United states Steel cor-
 The joint purchase by the Long Island Railroad and the Interborough Rapid Transit of system of electric railroads on ton Interests deduced from the fact of the former of the operation of the Pennsylvania sHaiiroaa s. interests with the Metropolitan
 It became known that the report of the Equitable Life investigation would be given out tonight and the hope was fndu1ged in that this might be the last episode of any out subject. a consunimation that would af- ford great relief to all stock market inter of the Ontario & Western and the Reading companies was made successful use of by the leaders of the speculation in the excite expectation of an increase in the Reading dividend was not made much of in the as warranting the execution of a hoped-for increase in dividends on other subsidiary stocks of the Pennsylvania.
 Doubtful factors which were ignored dur ing the day were crop rumors. a reduction the dividend on Corn Products prefsrrei and declaration of the regular dividend cr.ss on Lehish , Valley instead of hoped for in ing of stock certificates in Philadelphia. Any, one of these incidents would have un- cent past. Tho closing of . trust company in Philadelphia, announced late in the day, had disturbing effect. Tiie Ontar'o Western dividend disappointed some specu- lative hopes and the market reached the close without much suspense over the ex- pected Reading dividend being relieved the declaration being announced in the actual closing transactions. The closing tone was In consequence unsettled anu irregular.
 Bonds were firm. Total sales, par YaIue. s4. .o0o; United States bonds were ali unchanged on call
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