The Montgomery advertiser., 1905-02-22
WALL STREET REVIEW TRADING IN STOCKS IS OF LAFGE
 VOLUME. Tide of Buying Demand Had All of Ina- pressuve Sweep of Periods of Wide spread Speculations--MOve-
 ments Lacked Features.

New York. Feb. 21.-Trading in stocks today was Of large volume The nope or booming stocks has looked longingiy for ward to an outbreak of speculation of 2 much wider scope than is involved m sucn operations as those of today and whlcn ls Such a movemenN has already occurred m this generation and t culminated In the panic of May, 1901 The unfavorable issue of that experience brought severe punish ment that seemed to serve as warning 70 the whole public and to discourage tnetr se,r attempt to obtain any share in the benefits of the long advance which has occurred m the present stock market.
 The demand for stocks from this source up to this tins has been entirely inconsptcu- ous but evidences were unmtstakeaDle tooay that the public was coming freely Into the Rsa M of The sse t3s s es ot 0f widespread speculation and the move mSnts were characteristically lacking in special news to explain them. The only news which seemed to be regarded was an advance in price. Wherever this occurred
 it was sure to be followed quickly by surging demand which churned up the par ticular stock affected into violent activity
 All news was favorably interpreted. or if that was not feasible, was ignored. Union Pacific was the sensation of the market and was carried irresistably to a record price level The previous record of lSS was touched in May, 1901, during the period or buying of that stock in retaliation for the campaign by its owners for cortrol of Northern Pacific. Informat1On rom Weii informed sources preciuded the idea that anything like corner in the stock was threatened. Equally well informed authari- ties deprecated the talk that any rlan was in progress looking to change in the status of tho company. Banking interests near to the company were authority for the opinion that the movement was purely due to speculation in the stock
 An even mere violent price movement was that in Sloss-Sheffield Steel which
 jumped up over 20 points. Rumors wero plenty of a coming merger of Southern iron companies.
 storm bIockades and holding of cotton are forcing down the earnings Of railroads In the Southwest. but that group was conspicu-
 ous for strength in the days movement. Ihs reported abandonment of rate legisla Hon for this session of Congress. the hope that the New Haven labor trouble is to be ar bitrated and the belief that the war ot rates on export grain will soon be ter minated were minor influences in keeping up the demand. But the overriding factoT excitement which brings increasing crowds of buyers into the market Buying of this character without reason was what swept prices irresistibly to higher level That advantage was taken of the advent of public buying to secure profits on an enormous scale was evident from the occasional un- settlement of the market.
 The closing itself was rather irregular but the general charactGS of the ay
 highly spueculative marKet was mo- al tered by this fact
 active as stocks. Total sales. par value S5, ,305,OO0. United States bonds were all
 unchanged on csI.