The Montgomery advertiser., 1904-11-10
WALL STREET. REVIEW
HEAVY OUTPOURINo OF STOCKS IN
 THE FIRST HOUR.
Strength ot the Market Became General and We'll Distributed, However, and the Aggregate of Deaiings Was
 Extraordinarily Large.

NEW YORK Nov s.--The election stock market rcsembled the election itself in iae iact that it offered small fields for distinc- | tions and contrasts. The strength of the market became general and well distributed and the dealings rose, to q larger aggregate | than for any day since panic days on May .. 1901
 There was h,asy outpourins of stocks during the first hour by those who had bought in the Iest-tn anticipation of the l enlarged den and that would follow the cleo tion and the result was a reaction to. near l Mondays level. In the last hour again there was the usual disposition to realize profits on the considerable advances for the day. But these movements did not at all, ob- scure the broadeden demand for securities the market Another change there was In tn. temper Of the later spec iiation ..s compared with the opening. The most kevrrish movements at first were amongst the industrials. some ef the ow grade is- | sues being conspicuous and these suffered
 most materially in the. realizing of the first hour After that they did not return to their first prominence. The opening rush in the securities of this class was in pur- suance of the campaign jnaugurated late last week in them on the assumption that the revived speculation after the election would turn Into new. channels. But the enlarged demand which poured into the rush into ali grades of securities ri % without Ut discrimination and without regard to earn Ing power
 The later market showed a notable di- version of demand to established dividend payers and to standard railroad stocks me United States Steel stocks were not exempt from this tendency and their opening prices proved 10 pc the nighest Of the day. me machine-like precision and the close resen- blance of the opening dealings in the two stocks pointed to concentrated professionals operations The opening sales of 20,0UO shares. the spread of half in the simultane- ous quotations and the extreme advance Of < over Mondays last prices were the same in both stocks. The common amongst the industrials on the exchange was match ed by the violent advance in the American Can issues in the curb market. Southern Pacific Reading Rock Island and Ere be- came aggressive leaders of the late move ment in the railroad list. There was no specific news to account for Hther strength. The days news was very little regarded. much of 1t of importance.
 The money market was entirely unaf. fected by the arrangements for further gold shipments to Cuba, the recession to par of New York exchange at Chicago. the require ments for the lively increase m speculation the announcement of the placing here Of the intimation that Government deposits to the extent of SEQ. 900, 900 will probably be withdrawn from the banks about De- eember l. Sterling exchange was steady. but the Imperial Bank of Germany made a good return. sterling rose at Berlin. the price of gold was marked down in London and the impression was created that an advance in the Bank of England discount rate will be avoided tomorrow. This Iessens the probability of further outgo of gold from here to Europe
 The stock market closed irregular and be-
 The bond market was very active and strong, but the largest dealings were in convertible or contingent interest sbearing issues. Total sales par value, si4,fsb, ,oOv. United, States 2s declined t per cent on call.
 NEW YORK STOCK LIST.