The Birmingham age-herald., 1905-08-18
LIVELY TRADING ] IN STOCK MARKET Half Million Shares Sold in the
 First Hour DEMAND WAS FED STEADILY Result Was Growing Tendency to Yield < Which Became More Marked as
 Orders Were Marked
 of.
DEMAND WAS FED STEADILY

New York, August 17.-Nearly half a million shares of stocks were sold today in the first hours dealings on the stock exchange. The transactions of the first hour were the most significant of the 6ay and are the crucial test of the tone of the market in the majority of cases. The extreme animation during that period of today was convincing evidence of the growth of speculative interest. Large or ders came from various quarters. Ev- cry devise was used to make the open ing prices higher for the benefit of those who desired to realize profits with the advantage of this growing outside de- mand. The accumulated demand was fed steadily during the whole of the first hour in the process of realizing profits.
 The result was a growing tendency to yield, which became more marked as the accumulated buying orders were work ed off. But when this condition of affairs began to be evident there was dis continuance of the pressure to sell which threw the market of the middle portion of the day into dullness. The ahsorptive power demonstrated while the selling was active served to encourage professional speculative sentiment to such, an ex- tent that efforts were resumed later in the day to get prices up again, advan- tage thus being secured also from the re- newal of profit taking sales. with the next days accumulation of new buying orders.
 This has been about the course of the market for several days with some varia- tions in the effect relative in the profit taking sales and the new buying orders. Immediate new events were of little con- sequence in the market and nothing im- portant occurred in fact to change the general conditions existing. Each day S news adds to the confidence in the pros porous outcome of the grain crops, and the grain carriers held their conspicuous place in the days market. Stocks of east erD railroads were notably held back by the pressure to realize, Reading being the conspicuous example, although that stock touched a new high record during It's period of strength.
 So did Erie which was the strong ex- ception in the group. Union Pacific was again very conspicuous and was subject of the most talk of deals, and of mys- terious developments. These rumors have
 
 velopment regarding Great Northern preferred, from which it is said the ex- pected benefit to Union Pacific will ac- crue by reason of its large holdings of Great Northern The enthusiastic fore casts of the corn crop helped Missouri Pacific to an additional advance. A special factor in the southern group was the belief that the yellow fever epidemic in New Orleans has come under control The .+ D<-+ n. 4t, subject of attentive consideration un- der the belief that the critical stage of the negotiations had arrived. All signs continued to point to a feeling of con fdence in the financial world In peace ful outcome of the conference, pessimistic utterances from diplomatic quarters seem ed to have no power to alter this feel ing.
 The favorable condition reported by the