The Birmingham age-herald., 1904-11-08
TRADING QUIET
 IN STOCK MARKET Prediction Conservatism Was
 Very Manifest STEEL STOCKS ADVANCE
Tennessee and sIoss Among the Inn portant Industrial Movements of the Day-Advance Was
 We'll Maintained.

New Yora November 7.-Last week s pre-election conservatism in Wall street was manif sst today only in a somewhat contracted volume of business, the aggre- rate shares sold falling slightly below the previous smallest total since before the middle of October when the mar ket took on It's greater volume.
 As for the price movement, 1t disclosed an emphatic expectation of higher prices and an enlarged public demand for the hesltations due to the election has been cleared up. The expectations so far as it was registered in the days transac- tions was very largely professional and particularly traceabe to the powerful speculative forces which have acted in concert in the leadership of the market for some time past But the movement became so comprehensive and demand was so widely disseminated as to for bid the attributing of 1t wholly to con- centrated speculative forces. In the early part of the day, the railroads hung back and were ineonspieuous, and while they did not fully retrieve their position of relative importance in the market there tA strength by the railroads to restore the balance of the market. The great trans continental stocks were leaders in that department, Union Pacific, St. Paul, Mis- souri Pacific and Atchison leading in the order named
 But gains were greater, transactions were larger, and the number of issues dealt in much higher in the industrial department i'll accordance with the asser- .1.. 1 quarters of the speculative parties that the principal interest in the market was to shift to the industrials for the fd- ture. The United States steel stocks were the feature of the whole market and ether iron and steel industrials shared in the attention given to them.
 The character of the market cannot be better indicated than by simple list of stocks of the industrial combinations and corporations which rose from 1 to 3 points in the course of the days trading, Amalgamated Copper, American Locomo- tive, Smelling, General Electric, Pressed Steel, Republic Iron and Steel, Tennessee Coal and Iron, Sloss-Sheffield Steel, the United States Steel stocks, the United States Cast Iron Pipe stocks, Virginia Coal and Coke, cotton oil, sugar Ameri- can Ice, corn products, International Pa per, Associated Merchants, Union Bag and Taper ana AHleIltdl IobdCto. AAACi ? were many other miscellaneous special ties not coming so clearly within the definition of industrials securities.
 None of these were subject or any news of special application to them. The buy ing was avowedly based on the assump- ton that the revival and improvement in this country have not yet had adequate expression in the securities market; that the passing of the presidential contest will bring renewed speculation in stocks. and that the speculative preference will now turn to industrials on account of the length to which the rise in railroad stocks has already gone. The usual profit-taking on the days rise cost something to the extreem high level of prices, but the decline was checked and the price level partly restored before the market closed.
 Bonds were firm; total sales, par value, t,475 600.
 United States bonds were unchanged on rall