The Montgomery advertiser., 1904-07-14
WALL STREET REVIEW
GROWTH OF SPECULATIVE FORCES AT WORK IS MANIFEST.
Dealings Rise We'll Above the Total or the Day BefOre--SOme Stocks Held Back By Profit
 Taking.

New York. July 13.-A growth of the speculative forces at work in the stock
 market was again manifest In today oeaIlngs, which rose well above yes or last Wednesday, which had made record on the movement. The market was spotty and irregular throughout. some of the recent leaders were reac- tionary and manifestly held back by
 profit taking. Others which were sub l1ected to this process in the early deal lnss developed strong points In the early trading. were more or less affect ca by profit taking during the day but the successful taking of profits is one or the most important tests of the ac- tual strength of a speculative market The conversion into cash of profits on advance caused by the speculative buy ing which caused the rise Is a demon istration of the spread of the demand and leaves the market in stronger to which 1t is to be subjected mas been accomplished Todays market was Kept apparently well in hand through out and the selling to take profits pro- gressed simultaneously with new buy ing at other quarters: The wide open ing in St. Paul, with simultaneous sales at 147 and 147 3-4 and it's almost
 immediate relapse gave so strong an impression of manipulation that party lof room traders maintained a suspi- lcfous attitude towards the market and | put out short lines at all stages of the advance. The sustaining effect of St. Paufs rise was supplemented ov :he Vigorous advance in United States Steel preferred on the confident assumrtion that the full dividend for the Iuartor will be paid. There was pressure throughout the day on Reading, Penn sylvania, the Pacifcs and Atchison. and as these were the leaders in strength and activity yesterday, the conclusion was justified that profit talk
 ing in Tho panjfc G. stunned the leadership later and this led to revival of talk of an early de- lcision of the Northern Securities suit ! in favor of the Union Pacific contention lof a possibly early increase in the dividend rate. The days news did not offer any immediate ground for the ac- tion of the market unless 1t might be the large receipts of Japanese and other gold floating into New York
 banks from San Francisco. But bank CTS report a decline in the volume of lcurrency receipts from the interior which Is expected to be progressive from this time. The wheat market made decisive response to fears of crop damage from the rains which were ac- lcompanied by estimates of several crop Iexperts of some authority. The an thracite trade authority pointed out the large tonnage of the years output but spoke in conservative strain of the present rate of output. The Iron Age spoke In tone of some gloom of the condition and prospect in that trade.
 affirming that the rapid adjustment to shrinking consumption had not yet overtaken 1t. No important railroad systems made reports of earnings The heavy shrinkage in exports of bread stuffs for June again makes the June domestic exports compare poorly with last year. The meat packers strike was ignored The market was well
 sustained to the last and the closing was fairly steady Bonds were firm Total sales. par value. $4350000 U S. 3s declined IA and the new As cou- pon Is per cent on call.
 NEW YORK STOCK LIST.