The Montgomery advertiser., 1904-10-04
WALL STREET. REVIEW
HEAVY REALIZING ENOUGH TO STAG
 GER PRICES.
abled to Rally Themsetves-Bonds Irregular, With the United
 States Issues Unchanged.

NEW YORK, Oct. 3. = The motives prompting operations in stocks today were extremely difficult to fathom. owing to the conflicting. movements In different stocks in the sahnc groups and supposedly under the same influences, but it was discernable realize was rather heavier than at any time heretofore on the present advance and sufr ficient to stagger the market, fairly carry ing 1t backward. The forces in the mar ket were able to rally themselves, however, apparently refreshed by the extent to which the realizing had been carried and to make headway towards recovery. The early trad- last week and Q still higher range of prices in London before the opening here. The ps;ra.d ,ros9,o nns nss,n,n np.ess,ons from sanguine of future growth of traffic and reported good increase in freight movement . as a result of the passing of the corn crop scare. prominent feature of the reports of railroad business was the revival of in- provements and betterments which had been laid aside owing to-the need of refreshment of extraordinary expenses. The merchant disc movement was reported to be expand ing but some falling off was reported in the grain movement The late rise in the market on Saturday seemed to have de- fined the sentiment'4 over the bank state ment and to leave no ground for depressing influence ia 1t for rthe absence of an actual rise in money rates The confidence en- gendered by last weeks sustained rise in prices had brought in an unusual accumula- tion of buying orders over Sunday Yet
 
 . mass of profit taking that prices prompt .ly receded after opening Irregular and con tinued to gravitatc to a lower level until many Of the leaders were point or more below last weeks closing level.
 The advance of St Paul was appaTetly designed to sustain the rest of the market and with It's 3h per cent semi-annual divi- dend deducted 1t looked cheap and was icorrespondingiy easy to advance. It was the. only effective point of resistance fin the market until the appearance of the Gsove--- ments estimate of the condition of cot . I at noon. which led to a break to cotton and compa. ative advance in the cotton carry Louisville & Nashville. which were burden ed with profit taking on their former ad. vance.
 On the rally there were points of strength m the trunk line groups. but Pennsylvania was conspicuous exception. The indus trials rallied strongly. including United States Steel preferred. Afnaigamated Copper Lead and Sugar. The effective influence in holding the late market firm to the close was the resumption of the strong upward movement in United States Steel preferred 10 Is%. Rumors were reiterated of a re- newal of the conversion privilege of the preferred stock Into bonds. but no official sanction was forthcoming for this report.
 Time money was quoted a little firmer and the downward course of sterling ex- change was checked. Gold was marked up Tn London and the course of sterling at Paris and the weak return of the Imperial Bank of Germany indicated that New York would find rivals for any demand on Lon don for gold.
 Bonds were irregular. Total sales par value. $e,505,001. United States bonds were unchanged on call.
 NEW YORK STOCK LIST.