The Montgomery advertiser., 1905-02-21
WALL STREET REVIEW
POWER OF RESISTING ADVERSE IN-
 FLUENCES DEMONSTRATED.
Upward Movement Resumed at Many Points and Markets Strength Establish ed More Decidedly Than
 Beforehand.

New York; Feb. 20.-The stock market demonstrated again today in striking man ner its power of resistance against ad- verse influences such as would have worked decisiveiy for a reaction fla methods Of past speculative activity. Even the traditionai prejudice against a high and active open ing on Monday morning proved 0 no effect, although there was no hesitation and there was reaction after the strong opening.
 But the upward movement was resumed at new points and the strength of the mar ket established more decidedly than oe- fore. The most obvious of the lniluences aging condition of the country's transporta- ton discovered by the weekly talks with traffic officiaIs These represented con and blockades on many lines east and west. and while progress was reported towards that normal conditions would be restored
 A still further cut was made in the rates for export grain. The gross earnings for ready quite clearly the effect of these in fiuences. These were the causes of halt ing and sluggish response to the first buoy ant rise in Union Pacific The next dem. onstration centred in the industrials. and 1t was not until late in the day that the railroad stocks generally came up.
 The activity was largely congested in Union and Southern Pacific, Ontario ~ Western and the United States Steel stocks. the total of which ran up quickly at the rate of 1000 to 10000 shares in single blocks. All of the stocks connected with the Northern Securities merger or With the supposed plan of reajjustment to follow the dissolution of the merger were strong in sympathy Northern Securities itself adding several points to its record price in the curb markets. Heavy absoi ption of Ontario 6 Western from equally undefineu motives the rumors pointing generally to good terms for the minority stockholders. The heavy buying of United States Steel after a period Of comparative dormancy was attributed to banking interests near to the corporation and the credit given to this supposition induced other buying of the stock. Reports of negotiations for the merger of Southern iron companies grew more explicit and that group of stocks was strong in consequence. The taking over by the American Smelling Company of a mining corporation and persistent asser- tons of plan for a comprehensive com bination of lead interests explained the strength of another group of stocks.
 Rumors of coming peace were received from abroad and the continued decline in exchange marked the continuation of the here. however. was rather firmer and there
 was inclination among stock exchange houses to take out time loans. with re- sulting firnner tendency in that department
 at Chicago fell to Q discount for the first time this season.
 The reports from Washington of de- cision reached by the President not to press ! for railroad rate legislation at this session | of Congress and to remit the intention of calling extra session was factor in the demand for stocks amongst professional ops orators. As a result of the easing of for | eign exchange and the increased inquiry for | money. there was some lending by foreign bankers In this market.
 The stock market took the late realizing pretty well and the close was firm, though not at the top level of the day
 value, Sa'N s5.sS5. 900. United States bopds were all unchanged on call. NEW YORK STOCK LIST.