The Montgomery advertiser., 1904-09-15
WALL STREET. REVIEW WHOLE MARKET MOVES UPWARD
 AT THE OPENING. Bears. in Their Efforts to Cover short Contracts Assist the Rise in Prices-MOvement Fairly
 Comprehensive Though
 Uneven.

New York, Sept. 14.-There was but momentary hesitation amongst some of the granger stocks at the openinss today. This was partly shaken on and the whole market moved strongly upwards. The reading of the tape du- ring the day showed the rise to be steadier and less opposed than at any time during the movement. Offerings to take profits which were met on the way up seemed to be lighter than De- fore and the, bears made no apparent attempt to contest the advance ID fact they were. assisting 1t by their efforts to cover short contracts and were too much intimidated by the per sistent strength of the market to at- tempt renewed opposition. mus iteeo from obstacles the upward course of prices was practically continuous ex- cept for occasional intervals when the buying movement seemed to spend us force. At sucn times the activity simply died out and the price move ment came to a standstill or suffered trivial reactions, instead of the fever ish fluctuations of the occasional halts in the previous advances, due to the rush to take profits by nervous specu- lators. Today's movement also lacked the constant irregularity which had been caused by the heavy profit king in one part of the list while rapid ad- Vances were forced in other stocks, so characteristic of the market for many days. Today's movement was fairly comprehensive although uneven. fThe QTOD In the gram H1dTkelS was Il Sen- sibie relief to sentiment and the news from the corn belt showed that the frost area did not extend nearly as far as was feared yesterday. Urgent Western sources made 1t evident that yesterdays selling from that quarter had been overdone. The forecasts of an extension of the frost area to the eastward and southward tonight was ignored. News of a positive kind to account for the days strength was not forthcoming beyond expressions of general confidence in the outlook. The large number of representative bank CTS from all sections now in the city to attend the American Bankers Con- vention, were believed to he rceponsi- ble for a growth in this sentiment by reason of personal expressions and contact. The day3 principal show of strength was in stocks most closely associated with iron and steel trade. U. s. Steel pfd. itself. took the lead ership of the movement. following the further advance in Pennsylvania and its group of controlled railroads. This whole group Is largely affected by the condition in the iron trade which also has large influence on the coal trade. Erie was also promAGent in the move ment. The news of the two trades. so far as they were published in Wall Street. was decidedly conservative ano offered nothing to explain the strength. The reduction of cash reserves of the banks was continued boa, by sub treasury requirements and by with drawals for shipment to the interior
 Sterling exchange was lower and q fair supply of cotton bills was report ed in that market. There was urgent covering by belated shorts in the grangers in the late market. The close was active and strong through out. Bonds were strcng. Total val ues. par value. $5.150,0 900. United States bonds were unchanged on call. -
 NEW YORK STOCK LIST.