The Birmingham age-herald., 1903-12-09
BULL MOVEMENTS CONTINUE IN FORGE Early Reaction Carries the
 Prices Down Again MARKETS CLOSING EASY Great Activity Causes skepticism and Induces Professional Traders to
 Put Out Short Lines. Bond
 Movement Is Irregular.

New York, December S-The bull move ments in stocks continued in force dur ing the early stages of the market, but the precipitate course of the advance over-ran the market, and reaction followed which carried the average level of prices below last night The closing was easy and without recovery. There was no news of the day, the influence of which could be perceived in the market. The momentum of the previous advance, and the acceleration natural to speculative movements after given amount of progress, seemed the principal clements of the strength.
 During the bulge of the morning, there was more appearance of animation and variety in the dealings than at any time heretofore Stocks of all classes were transferred in enormous blocks and at rapidly rising prices. This great activity caused skepticism about the market and induced professional traders to put out short lines. When the market paused after the first reaction, and then started upwards again, the demand from these uncovered shorts helped the new advance. From the outset enormous sales to realize were manifest in Brooklyn Transit, which was a conspicuous figure in last weeks advance Amalgamated Copper fared bet ter, adding a point to yesterdays five point rise before it was seriously affected by realizing. The sympathetic effect of strength in copper stocks, generally in home and foreign securities markets, and 8 violent advance in raw copper in Lon don, helped this stock It dropped back subsequently, 2as and closed at a net loss of 1A, with decided effect upon specula- tive sentiment generally.
 The failure of the United States Steel preferred stock to hold it's one and one half point advance was another strong influence in the reaction. Reports of diff faculties made by employees over the pro- posed reduction in wages, and rumors of closing down of important mills, also affected this stock
 It became known this morning that gold was taken in London yesterday for ac- count of Chicago and New Orleans to the extent of three-quarters of a million dol lars, and additional engagements were made today of $600000
 The renewal rates for call loans were generally marked down this morning. Some unwary borrowers were apparently in hopes that still lower rates would pre- vail. Late in the day when they attempt ed to supply their needs and when the active speculation had already made lar ger inroads upon the available money supply the rate for call loans was bid up to ' per cent, with the urgent de- mands of these belated borrowers. This furry in money doubtless was a potential Influence on the reaction in stocks. The optimistic view of the business and fin- ances of the country taken by the secre- tary of the treasury, was cheering fnfiu- ence There can be no doubt that conff- dence has been greatly increased in the future financial security of the country by the current imports of gold. The im- mediate future of the market, of course. Is largely dependent upon the character and resources of those who bought stocks today. in the tremendous outpouring to take profits on the previous rise.
 Business in bonds was principally in speculative issues, in which the price movement was irregular.
 Total sales, par value, $4.535,O00 United States bonds were unchanged on the last call.