The Montgomery advertiser., 1904-09-07
WALL STREET. REVIEW
AN INCREASE IN THE VOLUME OF
 ACTIVITY.
The Market Under Suspension of Manipuia- tion, but Advances Are Scored With out Bringing About Any Large
 Amount of Selling.

NEW YORK, Sept s.--The stock market gave a good account of itself today and confounded its unfriendly critics by exteno- increase in the volume of activity. The market was under suspicion of manipulation as 1t has been for some time. but the ad- vance was effected without bringing out out any unsupportable burden of genuine sell ing The market was spotty all day ana during the early part of the session was IT, regular on account of several weak points. but the tone gained in strength during the course of the session and the earlier points of weakness were overcome. The principal supply of stocks for sale came from Lon don and was largely on arbitrage account owing to the more rapid advance here than there. There was some depression Lon don. however. attributable to the disappoint- the war in the Far East. with its burdens on the worlds money markets.
 United States Steel preferred was also a centre of positive depression. The decline of a point in this security was presumably due to the prospect of n reduction in the prices of steel products, the effects of tion Is dreared The local detractions were unsettled by the threat of strike on the Manhattan system and formed another eff fective centre of sympathetic weakness Not only the Interborough Rapid Transit stock on the curb, but the Metropolitan Traction stocks on the exchange were rath- were effectually contended and overcome. in spite of the scepticsl attitude of the traders towards the market. Commission business remained at low level and the poor bank statement of Saturday induced some selling from this source. The general news of tfs day was rather more favorable to values than has been true recently, but there was no special news to explain the disproportion- ate strength and activity of a few stocks. Reading the first of these to come into prominence. followed by Erie. This was clearly extension of last weeks campaign in those stocks. which had no ether apparent basis than the inauguration of the winter schedule of prices for eanthra- leadership of the later market. The specu- lative presumption on the part of followers of the movement was that the newly re- turned head of the system was embarking additional capital In his properties as a result of the matured reflection of the peril was sought to be assigned to the same source. Stress laid on .she very cheer ful tone of railroad traffic officials rs- ports.
 seen to be heavily expanded and traffic of ficials, both of the trunk lines and of West ern lines. were emphatic .n assertions of a liberal westward movement of all kinds oi merchandise. Weekly EIosc earnings re- ported were favorable especially for some of the Southwestern systems
 The money market unruffled bv the unexpected inroads in the surplus reserves revealed by the Saturday bank statement The good progress of the corn crop report letin was factor in the strength Of the erangers and Pacifics, and the reported de- terioration of cotton should not be taken account of
 The bond market was quiet and firm Total sales par value. $5.5S0,O0O. United States bonds were unchanged on call.
 NEW YORK STOCK LIST