The Montgomery advertiser., 1904-11-13
WALL STREET. REVIEW
DESIRE FOR PROFITS CAUSES rRREGU-
 LARRrY or TONE.
No Change in the Hopeful. Cheerful Tenor of the News. and No Abatement in General Ceafidence In
 Conditions.

NEW YORK, Nov. Iz.--wHh no change in the hcpefal and cheerful tenor of tn {.
 news and with no abatement of general con
 fidence in general conditions the desire to realize profls far overbore Nhe eager ness to secure new ownership in stocks as 70 cause a decidedly irregular tone in to- The price changes compared with last night offered very mixsd result at the end of this trading. The dealings we're very large and the demand showed great va.
 riaty. Transactions were well distributed and dealings were not greatly congested in | . few stocks. The favcrite speculative stocks which usually lead the whole market in point of activity suffered most from real | Izing on generally lost grodnd during the day. :cntpicpous gains were mad5 by tho | less prominent railro;td stocks and by many industriais and speciaities which are ! rarely heard of in the market. Such gains | were striking. extending to many points in
 assuring to the general speculative senti- | ment as the uplifting demand for standard stocks.
 The Wabash and Illinois Central and
 sustaining forces in the days market and the United States Steel preferred showed revived strength in the late market when the general tendency was downward
 Tn bank statement showed a larger de-
 cline in cash than was expected. but its eff feet on the surplus was modified by the considerable loan contraction of $l4.7s9.s 800. The loan contraction js, supposed to be due to the fact that several large trust com panies have been active lenders of funds during the week. thus relieving demands upon the banks. The liquidation of loans from the profit taking in the stock mar ket is believed to have been more than off, | set by the new demand for speculative pur- poses. Sterling exchange was strong again today and the likelihood of further exports to Paris next week Is increased.
 Total sales of bonds par value. $7,2s5, 900. Bonds with a convertible privilege into stocks. these with the rate of interesr con-
 tingent on earnings and those secured by
 collateral stocks of the same company make up the great body of the sales in the pres ent market. The election rise in the market
 Is based largely on the assumption that the rising tendency of industry and commerce will show an upward bound as a result of
 the release of orders of all kinds, that have been held up pending the election. It Is believed also that expansion and improve ment and retrenchment orders which have been in force on some of the great railroads and corporations will be recinded.
 The great growth in demand for finish | ed steel products Is pointed to as corrobora- tive of this belief. The extraordinary de- elementary evidence of the expanding de- mand for the metals. Railroads show prog l ressive improvement and verify the expec-
 tations on which the present speculation In | stocks was inaugurated.
 The Governments preliminary estimate of ! corn crop of nearly 2.500 900. 900 bushels
 dissipated the earlier fears of an insufficient | supply for export to make up the present great discrepancy in the value of our bread | stuffs exports. The great ease of the money market deprives tho factors of depletion of supplies to any force to intimldate the speculative users of borrowed funds and fosters the speculation. Further large en- agreements of gold for shipment to Cuba on | the Cuban loan placed here, the offering of half of 60,0o0ooo Japanese loan in | New York, the intimation that S20, oo0 900 | of Government deposits with banks will be withdrawn by December 1st to replenish l..e Governments working balance. the unsolved
 question whether the European demand upon us for gold is fully satisfied ana the | evidence of subsistence of the return flow
 of currency from the interior have success l sively in view without causing a ripple in | the money market or any apparent misgiv- | ing in the minds of borrowers committed | to the stock market.
 The bond market has been active and | buoyant for speculative interest and firm | for investment bonds. United States 2s de-
 clined t per cent on call during the week. | NEW YORK STOCK LIST.