The Montgomery advertiser., 1904-11-03
WALL STREET REVIEW
THE DAYS MARKET PROVES DECIDED
 LY PATCHY.
Successive Advances Made at Different Points Old Not Induce Much sympa- thetic Response.-Reported
 Erie Projects Held
 U. $. Steel.

NEW YORK, Nov. 2-Dispatches from London this morning reported that the war panic of yesterday had entirely subsided ana that there had been ground for 1t at any time. There was some recurrence of uneasiness reported in the foreign mar kets later in the day. but it had little re- flection here.
 Tho local market seemed to have recoy. cred It's equanimty and after feeding the early demand freely with realizing sales the advance in prices was taken up again. The days market proved decidedly patchy. however. and the successive advances which were made at different points in the market did not induce much sympathetic response. The list did not move decided ly in company at any time during the day There was conspicuous favor shown in the speculation to the injustrials and sp.ciai- ties. including a number of low grade issues Amalgamated Copper was the feature of the trading and it's rise to new high leve, Tor the movement was accompanied by many rumors of final settlement of the long, drawn-out contest of the Montana copper in- terests. Sanguine trade estimates also help ed the stock. Sugar, and United States Steel preferred continued to keep it com pany. the latter in Q moderate way. De- nlals of the current rumors of an option se- cured on the Heinze properties did not check the movement in Amalgamated Cop per
 Erie was the feature of the railroad list and the only news to explain the advance was a report that sale of a block of sey- eraI millions of it's convertible bonds had been effected. There was no official sane ton for this report. but rumors were cir- culated of the extensive betterments upon which the proceeds of the bond sale would be immediately laid out. The earnings were also said to be improving fast. The reported Erie proJects were a help to United States Steel preferred, as were the reports of large buying of steel products including rails by the Burlington. Reading was the only stock to show close sympathy with the movement In Erie. The Western stocks were inclined to hang back, except Rock Island and Union Pacific. The belated rise In these awakened little response amongst the other grangers and Pacifics new rumor was afloat regarding the local trac- ton merger, making terms at which control or Metropolitan Securities had been acquired
 Strength of Smelling and Lead caused revived rumors of lead merger. The leather sto<:ks enjoyed period of strength There were other features of minor irnport- ance and of only individual significance There was a marked falling off in the &C., tivity of the market and the buying was Inclined to diminish in each separate stock as 1t made Its isolated advance But there was little increase of selling pressure on the advance and sentiment was undisturbed The gain In net earnings for September of the Pennsylvania and Rock Island systems were viewed v ith satisfaction, although due in both cases to retrenchment of operating expenses.
 Money continued easy and the gold en- gagement for Cuba was regarded without exchange was attributed to profit taking by speculative dealers rather than to any change in the conditions in that market
 fhe unevenness of the market continued up to the closing, which was irregular.
 Bonds were irregular. Total sales DAT value $s,300, ,000 United States 2s, 3s and As declined E and the old 4s A per cent on call
 NEW YORK STOCK LIST.