The Montgomery advertiser., 1904-11-11
WALL STREET. REVIEW
A BROAD MARKET WITH MUCH AB
 SORPTIVE POWER.
Volume of Business, However, Is Smaller Than the Extraordinary Dealings of the Day Before.--Losses
 at End of Day.

NEW YORK, Nov. -ie-There were fur l ther large dealings in stocks today and A | broad market with much absorptive power.
 But the volume of trahsactions fell off considerably from the extraordinary busi- | ness done yesterday and amounted to less
 rather oyerbore the buying and caused an | extensive array of losses by the end of the
 day. besides largely reducing or wiping out | the gainsEn the strong features of the day. The eagerness to sell was especially mani | fest in the United States Steel stocks. the | Pacifics. Erie, Reading and Rock Island In the tremendous dealings of yesterday amounting to upwards of 2,300, 900 shares of all issues these few stocks contributed con-
 siderably more than half the aggregate. The sharp rise in prices which resulted yes- terday from this great buying evidently of | fered profits which were sufficiently attrac- tive to induce selling enough to overbear the new demand which was also consider able. The new demand was especially ef-
 fective in Southern Pacific and Rock Island.
 lifting the former stock at one time a point over last night .t The irregularity and uncertain tone which developed in the rest of the market was almost wholly due to doubts aroused by the perception that there was selling out in
 these stocks. whose strength had proved
 so attractive feature of yesterdays mar
 ket. There were substitutes for that
 strength in today's market, but they did not prove so attractive as yesterdays fea-
 lures. The days news showed no change
 in its general tenor from that of yesterday and the news was little regarded Dealings
 in suchea market are largely influenced by
 reliance upon the Impetus of price
 movement to extend itself. The fact of a
 halt or a reverse is of far more influence in
 deciding transactions than reasons bearing upon values or earning power.
 News from the iron and steel industry offered nothing to refute yesterdays cheer full reports. Copper was further advanced. Sugar was marked up and more favorable railroad reports came to hand. Possibly the reading of the arguments in the hearing of the Northern Securities injunction appeal served to revive unpleasant impression of
 the situation of the properties involved which has received very little consideration in Wall Street for long time past
 Estimates of a gold movement to Cuba | to reach $1o.000,0 900 proved jarring to sem timent. while the ratification of the 3 per cent rate of the Bank of England and a
 further marking down of the price of gold in London were factors, against further gold withdrawals from here for Europe. there
 was a rather suggestive hardening in the sterling exchange rate here and a weaken | ing at Paris and Berlin which served to increase the threat upon our gold supply. There was firmer tone in our money mar ket. but changes in quotations were barely appreciable. Call toanE however. were | made at 5 per cent in the last hour of the stock market
 The principal points of strength in the | market were in the Southern and South Missouri Pacific were most active. ami
 the Missouri. Kansas Texas stocks moved
 most violently. The extent to which bear | selling played a part in the market was | indicated by the late demand to cover | shorts. which was precipitated by the g. | point jump in Tennessee Coal and which
 made the closing tone firm,
 Bonds were irregular. Total sales, par
 value, $12.6s5.0Oo. United States bonds were l unchanged on call.