The Montgomery advertiser., 1904-09-08
WALL STREET. REVIEW
ADVOCATES OF HIGHER PRICES MEET LITTLE ENCOURAGEMENT. Nothing in the News to Account for he- action, hut There Was an Absence of Buying from the Out
 side.

NEW YORK, Sept. 1.-The advocates or higher prices for stocks met less encourage ment from the action of todays market than that of yesterday. There was as little news to account for the reaction as there was 10 explain the advance. The volume or deal- ings was well up to that of yesterday, but the buying of stocks from outside sources and through commission houses or selling was as little in evidence as at any tome during the current period of activity The conclusion was general that the dealings are largely due to the operations of par i,;s cl spectators or of large individual traders who make an avocation of large operations It was quite evident that many of such op- orators who, were conspicuous buyers m profits today. This is the sufficient explana- tion of the actual movement of prices ana in order ro adequately jrdge the value or the price movement as nindex or conuiE- T.
 "ne :,nd values 1t would he necessary to know the motives and information whlch prompted the operations. There were no public developments to throw light on this subject. In view of yesterdays wide ad- vance in the Pacifics and the suDsequeht public announcement of the hopeful views of prospects for values from an ofticlai fected some of the speculative followers or the movement evidently feared that the ef- fective buying that they have been following might now be considered to be concluded The pressure to take profits in the Pacitncs. in consequence. was quite urgent. The opening figures for them showed momen- tary effect from the interview referred to. but these were the highest prices fthe day. Their subsequent decline was reinforced by the evidence of the same progress going on In Reading after its recent large gain. Even the local fractions. which made buoyant au- vances on the compromise of the labor dis pute which threatened their operations, en- countered realizing sales. In the railroad list efforts to contest the reaction wefe e rather intellectual In a section of the in dustrials however. a consit> rable degree of strength developed and served as a partial offset to the heaviness in the railroad list. The iron and steel stocks were most con spicuous in this movement, but other metal stocks and also the railroad equipment companies which make large use of iron ma terials were affected by sympathy. IS argued that the agreement of the pools in steel products to reduce prices had done away with a danger of an open market ana harmful competition. Reports were also current of some large orders for railroad awaiting the reduced prices of steel prod ucts These conflicting influences kept prices moving irregularly all day The re- action was in force at the closing, which was heavy.
 for call and time loans as consequence of the decline in banking surplus and the in creasinR demand for money in connection with the stock market speculation. Some att tention was also paid to reports of corn crop damage from the Southwest. Neither of these factors seemed to be sufficiently pronounced to have much influence on the movement of prices The days report Of railroad gross earnings for the fourth week in August was uniformly encouraging
 The bond market continued broad and was generally firm Total sales, par value, $5,- s63.OOO. United States bonds were un- changed on the last call.
 NEW YORK STOCK LIST.