The Montgomery advertiser., 1904-10-11
WALL STREET REVIEW
FAVORABLE FACTORS HAD SLUGGISH
 RESPONSE.
Induetrials, Especially Iron and Steel Stocks, Were Lifted Temporarily Out of Indifference, but
 Made Little Headway,

NEW YORK, Oct fo-There was but a sluggish response to an accumulation of va rious factors favorable to values of securi- ties in today's market. The industrials and especially the iron and steel stocks were lifted out of this indifference during the course of the day. but the railroad stocks made but little headway.
 Opening prices were higher and had the combined advantage of considerable buy ing orders received over Sunday a better range of prices in London before the open ing here and some large supporting orders for the purpose of establishing a higher basis on what to sell The customary sell ing to take profits under these circum-
 stances made its appearance and did not cause surprise But the recovery from the effect of this was less buoyant than has been the case in Monday markets for some
 time Here and there an individual stock was pushed forward, but without much re- sponse in the general list.
 United States Steel stocks made good re-
 distance to the heaviness in the market
 and when the preferred advanced to the
 highest prices on the present movement
 the other iron and steel industrials followed to a higher level. Trade advices were favorable and pointed to an expanding de cial stress was laid on the large orders be- ing placed by railroads all over tho coun- try for rolling stock and locomotives This brought the railroad equipment stocks into the movement.
 Amalgamated Copper responded to tn. re- ports of the active and growing demand for copper, both for spot and for future deifv- cry Reading was lifted on a reiteration of gossip of coming dividend on the com mon stock, which received no authoritat tive sanction. Some Scuthwesterns were firm, on account of the general expectation that the Governments estimate of the conditions on October 1. to be published after the close Of the market, would dissipate the effect Of some recent official estimates of the ex- tent Of damage by frost in the last month The publication of expert estimates of an enlarged average yield both of wheat and corn over those recently prevailing strengthened this impression. But not ali of the Southwesterns responded Missouri Pacific seemed to be hampered by the news or the serious accident on It's lines With the advantage of these favorable develop- ments In special fields was coupled the gen eral agreement of railroad officials as to the expanding demand and the resultant movement of freight of all grades of mer- chandise both east and west But these evI are but confirmation of convictions which have underlain the certificate operations in stocks for many weeks past perusaI of the letters sent out from Wall Street by stock commission houses to their clients and Of the published comments on the mar ket shows a general agreement in a tone of admonition against over discountinE the i'm provement In business and pushing up stocks to an unstable basis Sentiment an peared to be affected by these warnings. which were reinforced by a hardening tone In the money market. due to the shrinkaRe in the bank surplus
 Bonds were irregular. Total sales mar value, s3.6so.oo0. United States bonds m. changed on call
 NEW YORK STOCK LIST.