The Montgomery advertiser., 1904-10-13
WALL STREET REVIEW
STOCK MARKET IS VARIABLE AMI
 UNEVEN.
General Selling Movement to Take Profits After the Higher Opening, as Has
 Been Cust0maxy for Sew cral Days Past.

NEW YORK. Oct is.--roday's stock market was variable and uneven and it's showing of an absorptive power was con. vincing There was general selling move ment to take profits after the higher open- ing. as has heen customary Tor several days past. period of quiet intervened before the buying movement was resumed. This buying was of a very concentrated character which kept alive the suspicion that 1t came largely from speculative pools or combina- tions of operators formed for the purpose of putting up prices and distributing stocks. Purchases for the day of as high as 4o.- 900 shares of selected stocks were attributed to single commission houses. Some of the buying was attributed to special news af- fecting the stocks in demand. Some of it was apparently due to confidence in the generally prosperous outlook for business There were various prominent stocks which were held back throughout by the continu- ous realizing going on them and recent strong advances in them were the obvious motive for the desire to take profits. Con- spicuous in this list were St. Paul, Read ing, Erie, Southern Pacific United States Steel preferred and Amalgamated Copper. There were others which. while not actual ly reactionary. were laggard in the rise. The stocks which advanced strongly were themselves subject to more or less realizing and backsets and the market closed with such a movement in full force. But such varying movements are found in broad and active speculative movements and did not impair the impression of the underlying strength of today's market.
 The leader of the advance was Union Pa cific. Stress was laid upon the fact that one of the Union Pacific directors is also a director of the Chicago & Northwestern. as are several of the directors. This was pointed to as indicating progress In the sup posed plan for harmonizing the Western railroad situation The former prominence of this capitalist in the steel industry led to gossip of the possibility of . transfer of his investments from that industry to railroad property being in progress Union Pacific ana other grangers were benefited by the further consideration of the large corn crop promised Western buying orders were said to be on q large scale The corn and cotton prospects combined to help the Southwest erns. Reports of more liberal outlays by railroad companies were held to account for the rise in railroad equipment stocks, which was quite comprehensive. The declaration Of only the regular dividend on Central of New Jersey exploded one of the rumors that has been used to advance Reading
 The international exchange and money markets were further affected by the rise in the discount rate of the Imperial Bank Of Germany and surmises were still rife sia and Japan. The figures of our Septem- Der experts of domestic products had a re- assuring effect regarding our own situa- tion. the exchanges with its showing of an increase of $f2,792,3S3 In values, com- pared with the previous September. AL though values of breadstuffs exports de- clined over nine million dolars the expan- sion or $22562.4z6 in value of cotton ex- The sub-treasury paid out today s2, 316, 900 on account of Australian gold deposited in San Franciscos Call loans were again offered down to below per cent. The selling to take profits in the final hour materially reduced the level to which prices had at- tained and made closing easy.
 Bonds were firm. Total sales, par value, $5oSo.00o United States bonds unchanged on call.
 NEW YORK STOCK LIST