The Montgomery advertiser., 1905-02-08
WALL STREET REVIEW
RISE IN PRICES CON-
 TTNUED ON CHANCE.
Relative Prominence of Industrials and Specialties still Great, with More Railroad Stocks Involved
 in Movement. 4

New York. Feb. 7.-The uneven. intermit- tent rise in prices was continued today on the Stock Exchange. There were more rail road stocks involved in the movement than was the case yesterday but the relative prominence of the industrials and specialties was still great
 strong were not of first rate importance In their representative capacity in the propor~ tions of the market for them: Many of the most conspicuous favorites in the market were sluggish and comparatively neglecteds especially after the opening advance, which was in sympathy with the London market.
 The strength abroad was attributed to ru- mors of peace negotiations, which were Of less influence here, so that the higher prices for American stocks sent from London: while they were well retained. were not extended in the case of some of the 1eeders. Yesterdays rumors of a comprehensive merger of local traction stocks dropped into the background today. with the natural re- isult of some realizing in those stocks. But one of the notable features of the rotation of rumors which have induced the spotty rise in prices is the manner in which the ad- vances were, retained after the rumors have spent their forces. The inference suggest cd by this action of the market is that the rumors of deals are suggested by the move- ments in stocks rather than being the cause of them. While the stocks affected fall into neglect. they yield comparatively slight ly. As consequence the average level of prices Is constantly rising. Today 1t was at the highest level in many months, although many stocks are slightly below the maxi mum.
 Specific causes for the buying of individual stocks were lacking. but 1t is probable that large general effect was produced by the report that the interstate and foreign conn merce committee of the Senate of the United States was to sit during the summer recess to investigate the railroad rate making Ques- tion. This was adopted as positive an nouncement that legislation on this subject was to be postponed beyond the present session of Congress.
 The advances in Southern iron stocks were due to vague rumors of project of a con- solidation of Southern iron companies. The United States Steel stocks were almost ini- movable for the greater part of the session.
 The special strength of Norfolk & Vest eTn and of Atchison in the railroad list were unaccounted for. The common carriers were helped by the census bureaus final report on cotton ginned up to Ian. 18th, indicating a crop of close to "a, ,o0o. 900 bales. The rates on export grain, which were re-established after being cut. were again cut. The enormous diysrion of corn traffic from the Atlantic ports to the Gulf already effected is sufficient notice of the serious character of this contest.
 The rates for sterling exchange yielded to a slight extent, but inquiries indicated that practically all of the S5, 900, 900 in gold bars transferred to New York from the Philadel- phia mint would go out Thursday.
 The realizing of profits cost cnly slight portion of the advance and the market closed steady at very little below the best.
 Bonds were firm. Total sales, par value. S6,T40,0O0. United States bonds were all unchanged on call.
 NEW YORK STOCK LIST.