The Montgomery advertiser., 1904-10-05
WALL STREET REVIEW
STEEL GIVEN OVER TO PR0FiT-rAK- ING MOVEMENT.
Speculative Sentiment Reyerts fo Northern 5i Securities Settlement--Many Rumors
 Ffyinx Around but They Are
 Without Any ConfiFmation.

NEW YORK Oct. 4.--Speculative atten- tion reverted again to the Northern Securi- ties settlement and United States Steel was given over to a profit t-taking movement The rather emphatic denials that the corpora tton was buying its preferred stock for con- version into bc nds was about the nominal cause of the buoyant rise in that stock yes terday made l. natural that some selling should result today. It was not a surprise to see the force of the days -monger- ing shifted to the Northern Securities ques- tion .as these two subjects have shown un- exhausted capacity for stimulating furious price movements. The movement centered in St. Paul today. That stock seemed to reach no limit to It's flight. Its action was the: direct outcome of the strength of the Union Pacific and Southern Pacific on the exchange and of Northern Securities on the curb. The new phase of todays rumors regarding the settlement of the dispute over the distribution of the Northern Securities assets was that 1t involved the lodgemeut of control of Northern Pacific. which Is the vital point in the contest. in St. Paul. but not, the faintest admission from any, of- ficial source of the truth of the report could be secured. It was pointed out that the contest to decide the question win, if necessary be pushed to conclusion in order to meet the fiduciary obligations of the Oregon Short Line directors tc tine hold CTS of their participating bonds. The extra ordinary action of St Paul in the market prevented entire discredence of the report Room trading incident to the movement was on enormous scale and involved quick returns in tens of thousands of shares
 The movement elsewhere was more mod crate and was accompanied by steady profit taking. not only in United States Steel preferred but in others which were prominent in yesterdays rise. notably Erie and Norfolk Western. For a while dur ing the final hour the profit-taking became general on the days advance. The advance started in the Southwestern cotton carriers yesterday by the G0yernment's cotton ,cstf mate, was continued today with Missouri Pacific leader. PennsyIvania moved out of It's instability of yesterday and shares in the advance, although its August statement was not considered highly satisfactory ow- ing to the large decrease in gross earnings which had to be overcome by the retrench- ment in operating expenses On the other hand. good August statements did not help Southern. Hallway. Norfolk < Western or Chicago & Alton. The weather bureaus weekly bulletin on cotton somewhat modi- fled the effect of yesterdays Government es- tin1ate and the forecast Of freezing weather and snow in the West and Northwest was c factor in the days market.
 The money market continued tranquil, but both the Government and interior absorbed further large cash resources. Continental exchanges moved against London and gold was marked up another fraction there.
 The stock market here closed unsettled and irregular by reason of the extent of the late profit-taking movement St. Paurs net gain was Y. one point less than the extreme advance
 Bonds were firm; total sales, par value. Se.o55.oo0. United States old As declined t per cent ncall
 NEW YORK STOCK LIST.