The Birmingham age-herald., 1904-11-05
RAILROADS ARE
 IN BACKGROUND Speculative Pools Cause Some
 sharp Advances
SOUTHERN GROUP IS FIRM
Iron and Steel Stocks Active Because of Accounts Given Out of Very Substantial orders Received
 for the Products.

New York. November 4-There were some very large professional operations in stocks today. which were attributed to speculative pools and sharp price ad- yances resulting from these. The indus trials absorbed much of the attention of the traders and were generally strong.
 The railroads were decidedly in the background. One or two points of strength appeared amongst them, but the railroad stocks generally were inclined to sag Declines were limited, however, the strength in other quarters exercising a sustaining effect. It was the general supposition that such purpose was de- signed by the promoters of the advances.
 The subduing influence of the coming election was plainly diseernible In the disinclination to make commitments on the scale lately customary. The pause in the advance inevitably brought about some realizing in the railroads. but it was not urgent. The prominent leaders of the speculation were credited with purpose to hold prices on reduced vol ume of business for the present. The aggressive strength of the United States
 
 support for the whole market. The com mon took precedence over the preferred stock both in the volume of the dealings and in the amount of it's gains, but both stocks touched new high levels for the movement allowing for which dividend came off the stock yesterday.
 The other iron and steel stocks were affected in sympathy on account of the accounts given out of very substantial growth of orders received for various grades of the product. Outside of these there was a bewildering array of all kinds of industrial stocks, some of them selling at nominal figures and some of them making their first appearance in the record of transactions. There was no news to account for their sudden stir ring up from a sedimentary state, but the movement spread naturally when 1t was fairly started, based on the widely held view that market prices of securities are capable of adjustment throughout to an advance in high-grade securities.
 Progress toward this point in the mar ket has been seen in the recent compara- tive prominence of low-priced railroad stocks in the speculation. The compara- tive frmness of the southern group was due to the attention given to an esti- uldIe oI Il bumper cOIIOn crop Dy an OIL cial authority The money market con tinued very tranquil, notwithstanding the heavier loss in cash by reason of the gold exports. The receipts from the in- terior on the express movement proved less than last week, notwithstanding the small premium on New York exchange which has ruled at Chicago decrease of nearly nine million dollars in cash on all accounts is predicted, not including the two millions of gold which will go to Cuba tomorrow. It is expected that SS000,000 more will go to Cuba next week, and the recovery In exchange today brought conditions nearer to a resumption of the engagements for Europe When 1t was felt that the month market was not going to be affected by the condi- lions prices stiffened, but profit-taking on the days rise made the closing rather easy with only the United States Steel stocks at the best prices.
 Bonds irregular. Total sales, par value, s6.s55,0o0. United States bonds unchanged on call.