The Birmingham age-herald., 1904-10-18
AN|M lT|ON WAS
 STILL IN EVIDENCE No Cessation of Activity in the
 Stock Market CONFUSION WAS APPARENT Market, However, Was Under lntelll- gent Direction and Largest Opera tions Are Conducted Accord
 ing to Fixed Plan.
CONFUSION WAS APPAREN I

New York. october 1.-The animation which grew up in the speculation In the latter mart of last week showed further increase today. From start to finish of the session of the stock exchange there was practically no cessation Of the actiVe business on the floor, which taxed the resources for recording transactions at times and kept the faculties of the brok- FITS at a tension throughout the day. Large crowds were trying to do business at the same time at the posts where the favorite active stocks were dealt in' While great confusion was apparent at all times. the record of the days results shows that the market was under intel ligent direction, and the largest opera tions were conducted according to fixed plan.
 The opportuneness with which the heav- lest buying and the strongest advances occurred with the most important selling at other points was evidence of the skill ful leadership existing. The days move ,nents to that extent had an artificial character. But the successive following in the market has evidently lost much of its dread of this experienced leadership nnd artificial device in the market, which have been plain to be seen throughout the long advance which preceded the present growing interests. It is perceived that skilful conduct of buying and selling fa- cilitates the digestion of the selling, and the advantage of buying even In healthy and normal market
 The growth Of the number of partici- pants must be accepted as an index of the increase of the faith in the health and the naturalness of the present market. The dealings on Monday are especially relied upon to disclose the proportions of any new interest owing to the natural tendency to open new transactions with the period of a new week, the amount or weekly reviews and letters that go out of Wall street from commission houses, or for publication, and the additional accumulation of orders that results from the two days interval over Sunday.
 Last week buoyant close gave hopes of a large increase in such new orders, and the market quickly demonstrated that the hope was not disappointed. The sell ling out to take speculation profits on the advantageous terms afforded by this new demand was equally a matter of course. The new buying came from many diff ferent quarters, and an important pro- portion of 1t came by the cable
 The most notable buying and the great est strength were in United States steel preferred and to a less extent in the common in Reading Missouri Pacific Amalgamated and less effectively in Pennsylvania and Erie. Next to these points of strength, the most notable feature in the market was the manner In which the selling to take profits held back, and even depressed Union Pacific, Southern Pacific, Rock Island. St. Paul, Baltimore and Ohio, and N. &s w., l.. & N. made no such demonstration as on Saturday and after its opening advance of 1M, it was under pressure throughout. There was no specific effect from the