The Montgomery advertiser., 1903-11-05
WALL STREET. REVIEW
THE INCREASE IN ACTIVITY
 SHoRT-LIvED.
By Afternoon the Market Had Fallen Back Into Professional Rut and the Level of Prices Was Lower, G

NEW, YORK; Nov. 4.-Thcre was a slight Increase of the rate of activity in trading in stocks this morning. with some show of strength, but neither lasted the day out. The market had fallen back into professional rut by the afternoon and the level of prices was quite generally below Mondays closing. In a few of the prominent stocks the decline reached point but the whole movement trivial and the market insignificant. The profession alE. who had the market to themselves. bid up prices in the morning in the hope that some agreements of gold for import. Their idea was that possible buying had been restrained on Monday owing to the tendency of the holiday. The stocks of New York corporations also shot sional traders who based their transactions on expectations of possible results of yesterday s election. The opening advance was in part manipulated shown by the free selling to realize The movement In these stocks dates back to last week when there was light accumulation based the coming cleo tiep. batch of fairly favorable railroad earnings had some effect in helping the open ing advance. but the railroads were a minor feature of the market all day. The check to the advance began in the Unit States Steel securities Both the common and preferred stocks sagged to within small fractions of the previous low record. The bonds also weakened sharply and lost points on the early ad- vance. The cause of the weakness and the source of tho selling were not very clear. but much of the selling was attributed to London account and gave rise to some rumors of finan- cial trouble in London, which were not veri- fled. The reported intention of iron manufac- turers to cut the price of pig iron still further had depressing effect in the iron and steel group. It is feared that such a cut may be followed by the reduction in the prices of fin- ished shapes. Current reports of conditions in the trade were very discouraging and new or ders were still to be at the minimum. The downward course of sterling exchange was halted and the price of gold was marked up in London. Money was reported in good sup ply there. however. leaving the question open of an advance in the bank rate tomorrow. which would be otherwise expected. The outgo of currency from here to the interior continued unabated. the total of Si. 100. 900 being made up of a S7oo. GOO shipment to New Orleans and S4o0 900 to Chicago. This Is without allow ance for the loss by the banks to the sub-treas ury since Friday of S3. 3.446. .ooo At the rate of outgo further Import of gold will be looked to as an offset. The announcement that one of the smaller trust companies has decided to 80 into liquidation without effect in the early market and the disturbed conditions on the Isthmus of Panama also seemed to be iE- nored The market closed dull and heavy.
 The early evidence of frmness in the bond market gave place to a heavy tone. Total sales tpar value), S2. 535. 900. United States 3s and the old 4s declined A per cesit. on the last call
 New York Stock Y8st