The Montgomery advertiser., 1905-04-14
WALL STREET REVIEW
PREVAILING TONE sPOTTY AND IR-
 REGULAR.
System of Rotation Employed by Active Operators Much in Evidence During Proceedings of
 the Day.

New York, April l3.-At any time today the stock market would have been pro nounced spotty and irregular. and 1t is oniy by a survey of the days trading as whole that the amount of strength manifested IS properly discerned.
 ton employed by the active operators Tn conducting thir transactions. the demand shifting constantly from Sns stonks or advancing the general list was either neid back or forced downwards by the pressure of the profit taking sales which went hand in hand with the buying of special stocks It was not until late iii the day that any clearly defined tendency developed in the market
 In the early dealings thre was consider able disappointment caused to the profes- sional element by the halt in the advance of the stocks which made the buoyant out burst at the closing last night United States Steel preferred. Union Pacific and Amalgamated Copper were were a n9saoie .s rss, sa also that after advances had proceeded Tor a time the stock thus affected would come ward This process kept-the traders con stantiy confused in attempting to follow different movements or to determine the general trend of tn market.
 The confusion of mind led to a suspicion of the market which was quite stubbornly held in spite of the gradual spread of list In the late trading stocks which had been conspicuous leaders early in the day were taken up in their turn and advanced in consonance with the movement else where.
 The presumption of the aggressive ad- vance in Union Pacific had much to do as anything with the decision of the trend of the market. The manner in which this stock is supported in spite of the doubts engendered regarding the flood of rumors concerning it and the failure of disturbing rumors of various kinds. to weaken the market effectually has had the effect of timent. It Is said that stocks are easy to sell and that any attempt at accumulation discloses a small floating supply. This con dition was generally attributed to the great strength of the general situation in which renewed confidence is caused by the extra ordinary conditions in the iron and steel trade disclosed by the statistics for March
 But this influence was fortified by reports affecting special properties. Thus Readings rumors that the stock is to be put d f per cent dividend basis Stories of com prehensive combination of great corporate interests in copper, smelting and lead in- dustries helped the efforts of pools in the stocks affected to advance their price.
 The Northern Securities settlement again emerged into prominence with the vag Ie inttmation that next week with the issu- ance of mandate of the Supreme Court for the distribution of the company's assets the great merger projects which have been waiting on that event will eliminate. Some strength in wheat cold weather reports had less effect on stocks because of the pro- lection thus afforded to the conductors of the wheat deal, whose safety is a matter of solicitude in the stock market. The in- crease disclosed by the March exports of domestic products a helpful Influence owing to the supply of foreign exchange thus implied.
 The constant shifting of the demand de- veloped large number of gains as the day progressed and there was considerable ex- pansion in the volume of the market movement to take profits carried prices back before the close but they came up again and the irregular closing was not far below the top level
 Bonds were irregular Total sales par value. $3, 05O.00O. United States bonds were all unchanged on call.