The Montgomery advertiser., 1904-09-03
WALL STREET. REVIEW
sPECULATORs HESITATE TO TAKE THE
 SHOKT SlDk.
Heavy Buying of United states Steel frc- ferred the Most Conspicuous Fea- ture of the Dny-COvering
 in a Number of Issues.

NEW YORK, Sept. 2-The volume of tracing in stocks today was not mucn @ less than tfat of the previous day and the specu- lative interest hesitated to take the snort sids. There was further extensive cover, ing in a number of issues chiefly in uhiteo states Steel preferred. which. together with the common stock advanced to new high levels for the present movement Tn fact the heavy buying of steel preferred was almost the most conspicuous feature or the day. Improved prices for the interna- ticnal list Prom London exerted favorable influence. although the tore of the early market was irregular on further declines m Metropolitan Securities and Metropolitan Street Railway issues. To counteract ths' however, there were fractional gains in st. cific. Norfolk Western. Chesapeake X Ohio and other active stocks. There was Ohio and Smelting. Union Pacific was bought in the belief that the return of pl plcmiIent interest in he proptrty would sooa be followed by anothef upward move ment. There was some reaction in the af- ternoon but this offset by gains in other standard shares.
 The break In cotton and tremendous sell ing movement in that staple were without market effect in prices. In the late trad ing Missouri Pacific and Mexican central were bought in round tots at higher prices. The closing was active and strong A con- servative estimate of the week \ncnev move ments Indicates a loss of not less than $2.5OC, 900 to the banks This Is ,xclus.Ne oi another s560.00 shipment to South America and transfers today by :he sub treasury of SooV'VVV lV ShiSo6o, NhiSiihotA 0"U -'~" Orleans.
 The bond market reflected the strength ot stocks Total sales. par value, s7.57o,o0
 In most essentials there has been little change during the week in the character of conditions calculated tc exert an influ- ence on the market. Differences of opin- ion as to the logical course of prices exist ed but strength was nevertheless the prin- cipal characteristic. The professional part of the transactions. and these men have continued to work on the side of high prices. The public's attitude toward the market continues passive, although in some quarters somewhat better commission business was reported Prices of securities have arisen and the realizing induced there by has not been on a scale sufficiently large to check the advancing tendency The pro fessionals therefore argue that those who hold the bulk of stocks unwilling to part with them at prevailing quotations The condition of the iron and steel trade is yet hardly so much improved to have ny effect on outside sentiment. The operators arrayed on the side ofsthe upward move Inent have elected to ignoret increased ele- Dor troubles. The usual presidential year uncertainties have been leas pronounced than In the pas.Sand tners Is no Indication at present to justify a belief that they will become more serious with the progress of the political campaign. Far greater interest Is taken by he leading banking interests in the struggle in the Far East than in the political situation at home, for while the victory of either party would not check na- tOnal prosperity, 1t is conceivable that a disastrous reverse by either of the powers now engaged in the would be followed by SerlOuS ulSturDanceS m tne brltlSn anu continental money markets. Money at this centre is abundant and cheap and time loans mad, during the week extending over the entire year have been at low rates. The complaint of lenders has been the small uc- mand for funds.
 Thus. the absence of important selling and the cheapness of money nave encouraged the professional spectators to operate on the bull side, while the extent of tn recent ad- vance and the uncertainty of the situation in the industrial and labor worlds, well as in the final statistics of agricultural products have kept the public from making any purchases or securities
 NEW YORK STOCK LIST.