The Montgomery advertiser., 1905-04-07
WALL STREET REVIEW
STRENGTH IS DISTRIBUTED, WITH
 GROWTH IN ANIMATION.
IncitinR Influence Was Organized Upward Movement Which Developed In
 United States Steel Pre- fepred.

New York. April 6.-The stock market broadened out today into much better dis tribution of strength and there was oe- cided growth in animation as well.
 The tone of the railroad list was not SO distinctly different from that of the indus trial. ss was the case yesterday snd eath eafher spotty tendency amongst the railroaos' Ine melting influence to tho notable revival or speculative interest was & sns orsfsrrsd which stock was rushed up to record price uy rapid steps an enormous accumuiauon This movement was of course based on the Extraordinary activity and prosperity fin the iron and steel trade. But this is not q new development nor is there an immediate iu- ferred therefore that this suddenly agsres- sive tone developed by that stock was ove to the formation of speculative party TOT the conduct of the market operations rather than to a spontaneous spread over night through the country It isrge or a oes're to buy the stock
 The preliminary rise in London and the complete buying of the stock here carried the impression that .he campaign mas US ratification abroad as well as in this conn- try. The obvious nature of the operation did not have a deterrent effect at all on the sympathetic movement on the rest or the list it has been matter Of discourage- some time that the United States Steel stocks were neglected and comparatively un- responsive to the unprecedented trade condi- tions in that industry, the eftect peing to suggest some unknown condition back of the situation which might prompt uitra-con- servatism on the part of the insiders In the corporation.
 The relief offered by today's development from the dampening effect on the general list of the sluggishness of the bulky ana un- weldly Steel issues was very quickly mani fest throughout the market The purpose of the $100, 900, 900 increase in Union Pa cific preferred stock was as much mys- tery as when first announced and the wide range of conjecture on this point was po- tent influence on the speculation in various stocks. The opinion is general that the acquisition of control of another railroad system Is in contemplation, but the identity of the railroad intended shifts constantly Paul and Atchison were both pointed to at different periods today. while the New fork hypothesis suffered some dScline in au- thority, with dragging effect on that stock.
 The coming lead merger which Is now generally accepted as a fact. was a contrib uting influence in the stocks immediately affected. The movement in the Southern group of railroads was helped by the gen eral growth in the cotton movement and the encouraging reports from the winter wheat crop were Q supporting factor in the general market
 The gradual easing of the money market encouraged the faith of the speculative ele- ment that there is plenty to go around for all their purposes The announcement or a call for 50 per cent of Government de- posits in two installments on May 1b and July will not disturb this confidence Tn the slightest degree, any more than did the active demand for exchange which lifted the price a liberal fraction.
 The extent of the days advance invited considerable realizing and the market closed irregular and generally below the best.
 Bonds were firm. Total sales. par value. s5,525,00o. United States bonds were all unchanged on call
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