The Montgomery advertiser., 1905-03-08
WALL STREET REVIEW
EJACULATION TOOK WAITING ATTI-
 TUDE ON EXCHANGE.
Nc Vigorous Tendency Before Subsequent Drop-Swarm of Rumors Regard-
 ing Decision in North
 ern Securities Case.

New York, March 7-Speculation in stocks took a waiting attitude today and erations to learn the temper of the market. These failed to develop any vigorous ten- dency and the subsequent drop was due as much to disappointment over this lack as to any positive pressure.
 The Northern Securities decision, sup position regarding 1t has figured so long the market is somewhat at loss with the conclusion reached. swarm of rumors has figured in connection with the case Tn the way of new combinations and absorption of control said to be awaiting the disposi- ton of that contest for carrying out. None Of these has been announced and there was which as usual after a heightened buying movement with a continuation of the factors which induced the buying.
 But the apathstfc tone which Is creeping over the market Is evidence that the many combinations and merger stories are losing their force to stimulate demand The fail- ure of the much-talked-of Southern iron combination has had an admonitory effect and is regarded as showing the highly credulous condition of mind into which the speculative actors had been led.
 natural spirit of misgiving regarding other vague stories on the strength of which stocks have been bought is the result. Au- thoritative denIal was made today of e recently prevailing rumor of a new issue of Sugar stock with valuable subscription pr,viese' stnr1 tn ;h pvt out of another was to control Ontario & Western and to guarantee a per cent dividend. Such dis claimants increased the dubious frame of mind of specuators and intensified their disposition to await verification of reports which have been credited
 The strike on the Interborough system in New York city had no very clear effect, ol- rectly through the stock immediately con- cerned, which. fact showed strength but the effect was bad the general speculative temper. There was direct effect also in in the reduction of the attendance at the Stock Exchange caused by the difficulty in getting to business and the resultant dull ness of the market was partly due to this fact
 There was no change In current conditions of money or business to alter the tone of the easy. An easier tone of London discounts led to renewed expectation of a reduction in the Bank of England rate on Thursday, but Paris was a seller of securities, ap- parently on account of the dark Russian prospects
 last week of February by Southern and Southwestern railroads showed some rather striking declines from those of last year. Atehison, however was at one time strong, said to be on covering by shorts The Read ing advance was attributed to renewed ac- tivity by pool. Revived rumors of a Lead merger were responsible for the strength of National Lead and the Smelling stocks The few gains were poorly held and the market as whole plainly showed the waning in- fluence of the unverified rumors which nave long served to carry prices upward. The closing was easy and at about the lowest of the day.
 Bonds were heavy; total sales, par value, e3, ,o6O.O0o. United States bonds were all un- changed call
 NEW YORK srnrvu vrur