The Birmingham age-herald., 1904-10-21
STOCK MARKET HAS POWERFUL SUPPORT Days Weaknesses Were at no
 Time Acute. EXCITED PIG IRON BUYING Report That Republic Go. Intended Closing Down Some Furnaces Has
 It's Effect-speciaI Move
 ment In Local Fractions.
EXCITED PIG IRON BUYING

New York, Ooctoger 20.-The reaction in stocks went further today but the mar ket gave proof of the wardship of power full supporters and the weakness was a4 no time acute. Vigorous supporting measures were adopted at the opening against the early flood of profit taking, which was brought in over night by yes terday's sharp break in prices.
 The reaction was then seemingly all lowed to take It's course for a time and when the selling had exhausted part of it's force another movement towards re- covery developed. News bearing on values played little part in the movement. The determined liquidation in United Steel stocks had as much effect on sentiment as anything else, and this occurred in spite of the news of the excited buying of pig iron for forward delivery and of every large orders for new freight cars by the railroads in expectation of an ac- tive revival of business.
 Yesterdays report of the Republic Iron and Steel company disclosing the extent of the slump from the trade last year came in for some consideration, and the new interests represented In that com pany may have aroused attention to the possibility of new opposition to the cor poration.
 There were also rumors of intended closing down of furnaces by the corpora tion.
 The complacency with which the reac- tionary was generally regarded was due to the supposition that the great finan- cial forces which have made the market favored a reaction in order to shake off weak followers and give opportunity for themselves to secure stocks at lower level which had been sold at profit.
 In accordance with this idea was the insertion which found circulation at va rious times during the day that the buy Ing on the decline was of the best char ncter. As the art of concealment of acts Is the one most prized in the stock mar ket operations, it follows that the float ing information on this subject is pecu- llarly liable to error. The conviction, however, that powerful financial inter- ests were taking stocks on the decline, and that a wanting demand existed at lower prices did have a strong Influence in dissuading holders from parting from their stocks, and in sustaining the tone of the market.
 The special movements of the day were in the local fractions, including interbor- ough rapid transis on the curb and in Ontario and Western. The movement in the former was in connection with re- vlved rumors of a comprehensive merger in the local traction field. Amalgamated copper weakened in the anticipation of only the regular dividend being declared, and rallied on the actual declaration St. Paul and Atchison offered relatively good resistance to depression and Chicago Great Western made a show of strength. The furious buying of Ontario and Western at the last held the market firm at the rally to the closing. The days net changes in consequence are very small, and show mixed gains and losses.
 Bonds were irregular Total sales par value, s46s0,OOO. United States bonds were unchanged on call.