The Montgomery advertiser., 1904-10-27
NALL STREET. REVIEW
STRENGTH AND BREADTH OF THE
 MARKET WE'LL MAINTAINED.
List Subjected to P city Searching LiquIda- tion, but in the Latter Part Of tho
 Day There Were substan-

ton, but h the Latter Part of tho Day There Were subsfan-
 tial Recoveries.
 NEW YORK. Oct ss.-Dealinss in stocks today were not up to yesterdays record. but the. strength and astonishing breadth and Ths ,i., or wa ,ne snhiscs were wen fng liquidation and severe inroads on prices resulted. but the benefit to the markets in tse ss.er n a part Of the day when o aSsre were substantial recoveries from the low level. The reactionari course of the market o drs S Sss wholly to the fact that prices were moving
 up and were expected to continue to do so. yesterdays demonstration that the advance
 was checked induced selling. Yesterdays s performance in Union Pacific and the fn- adequateness of the news to explain 1t awakened uneesincss owing to the half hystericaI character of the movement and It's revelation of the emotional nature of very large operations in the market There
 the wiping out of marrow margins and the uncovering of spot uoss orders placed below the market and which are always in un- All these forces operated in causing the weakness today Bat copSiderafion was also given today to the more material factors ns Tntd s,ass. s sns ,e iirItain and tne. prospect Jf, considerabis dieste the disappointment Of nsS" sSe highly sI % speculative element with the United states Steel to know that reports were circuiat, q on the Stock Exchange that the quarterly net earnings would amount to s23. .0oo. ooo while the s1s.773s32 reported was near the expectation in more reasonable and weIl-in- formed quarters the low figure of the sangune feeling which has grown up re- garding the revival in the steel industry and the additional informal assurances given by the chairman of the board for the further expansion in orders since the turn of the quarter proved insufficient to overcome this sentiment. Selling from the steel centres and from the West was very large both for the United States steel stocks and the Pa chfcs. and Pennsylvania showed the usual sympathy with United States Steel. Lon don also sold freely here.
 While it was believed, that the acuteness of the Anglo Russian crisis was assuaged for the present. the situation was felt to be dangerous and liable to some explosive episode which might throw it out of the. power of the dipfomatists' to control Yelled fntimations of undIsciosed developments in the situation played part in the market. The report that arrangements had been practically concluded for s270. .000. 900 Rus sian loan to be placed in Berlin and Paris sufficiently explains the pressure from those points for gold and points to a considerable withdrawal of gold from New York. With the interior demand for currency not yet satisfied. any. considerable withdrawal of gold In addition will necessarily result in higher money rates here. The recognition of this fact doubtless had its Influence in checking the speculative buying. The Rock Island and Ontario & Western reflect fig their employment brakes to restrain the decline. The rally was not fully main tained and the closing easy but the urgent liquidation was not renewed.
 Bonds were heavy. Total sales. par val ue, e6,5s0e00. United States bonds were un- changed on call