The Birmingham age-herald., 1904-11-10
OUTPOURING ON
 STOCK MARKET Aggregate Dealings Yesterday Were Very Large 10000 SHARES AT OPENING Railroad List Was Strong in the Late Trading, and There Was No
 Positive News to
 Justify It.
10000 SHARES AT OPENING

New York, November s.-The election stock market resembled the election itself in the fact that 1t offered small field for distinctions and contrasts. The strength of the market becalne general and well distributed, and the dealings rose to a larger aggregate than for any day since panic day on May g, 1901. There was heavy outpouring of stocks during the first hour by those who had bought in the past in anticipation of the enlarged demand that would follow the election. and the result was a reaction to near Mondays closing 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 obscure the broadened demand for securities and the comprehensive strength displayed by the market. Another change there was in the temper of the latter speculation as compared with the opening. The most feverish movements at first were amongst the industrials, some of the low grade issues being conspicuous, and these suf- fered 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 pursuance of the campaign inaugurated 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 market today seemed not to be inclined to rush into all grades of securities without discrimination, and without regard to earning power. The later market showed 1,1 f4fr ,f ot,6 fr a lshed dividend payers and to standard railroad stocks. The United States Steel stocks were not exempt from this ten dency, and their opening prices proved to be the highest of the day.
 The machine-like precision and the close resemblance of the dealings in the two stocks Is pointed to as concentrated professional operations. The opening sales of 20,OOO shares, the spread of half in the simultaneous quotations and the extreme advance of 1ss over Mondays last prices were the same in both stocks. The com mon amongst the industrials on the ex- change was matched by the violent ad- vance in the American issues on the curb market. Southern Pacific, Reading, Rock Island and Erie became aggressive leaders of the late movement in the railroad list. There was no specific news to account for their strength. The days news was very illLlS IeBdIueQ OulSlAlc lu5 CtcCLlOIly and there was not much of 1t of impor- tance.
 The money market was entirely unaf- 6ected by the arrangemnts for further gold shipments to Cuba, the recession to par of New York exchange at Chicago, the requirements for the lively increase in speculation, the announcement of the placing here of half Japanese loan is- sue of $60,000000, and the intimation that government deposits to the extent of $20,- 000000 will probably be withdrawn from the banks about December 1. Sterling ex- change was steady, but the Imperial bank of Germany made good return, sterling rose at Berlin, the price of gold was 1narlzed down in London, and the im- pression was created that an advance in the Bank of England discount rate will be avoided tomorrow. This lessens the probability of further outgo of gold from here to Europe The stock market closed Irregular and below best prices. The Dobnd market was very active and strong, but the largest dealings were in converti- ble or contingent interest-bearing issues
 Total sales, par value, $1,445, 600.
 United States 2s declined A per cent on call