The Birmingham age-herald., 1903-12-03
INCREASE IN THE
 VOLUME OF TRADE New York Stock Market Shows Conspicuous Strength COAL. REPORTS CHEERING Disposition to Realize In Louisville ard Nashville iss Increased By the De-
 cline in Net Earnings of
 Frisco far October.

New York December Z. There was a considerable increase in the volume of dealings on the stock exchange again to- day, accompanied by period of conspic- uous strength. Realizing in some stocks was in evidence at all times, and this ten- dency spread through the market until it became top heavy and turned downward, wiping out part of the early gain. An upward spurt in two or three of the in- dustrial specialties at the last partly rai- lied the market, but realizing again met the advance, and the close was active and irregular.
 The conspicuous movements at the last were jump of As in Colorado fuel, "A in the Colorado fuel convertible bonds, S5s in sugar and 17s in Amalgamated copper. The fact that there was no news to &C., count for these sudden jumps aggravated the distrust with which they were re- garded by traders who were trying to sell at other points on the market. The persistent pressure upon Pennsylvania was a drag upon the market from the outset. but was overcome by a succession of buying movements at other points which gradually dissipated the uneasl- ness. Buying for London account was a factor in the advance. The turn of the month released money to that market and there was a more cheerful feeling in for eign markets over the prospect for peace in the far east
 Trade reports of the coal industry were encouraging, owing to the influence of the colder weather, and the statement of earnings of Lehigh Valley for October, showing an increase in the surplus for the coal and railroad companies of over million dollars, supplemented Reading good showing of yesterday. Norfolk and western made a good exhibit for the same period, which helped out the soft coalers except Pennsylvania. That road s statement for October showed decreases or net for the lines both east and west ot Pittsburg and Erie, owing to the growth in operating expenses.
 disposition to realize in Louisville and Nashville was increased by the de- cine in net earnings for October, shown ny Nashville Chattanooga and St. Louis Union Pacific's October statement show ca an increase in net earnings of more than S4JOOO0, thus saving more than half the growth in gross earnings, but this stock also showed the effect of realizinL as did it's subsidiary company. Southern Pacific. The industrials, as class. were hlgher and 1t was suspected iaat closing up of short accounts had much .c do with this. especially in United States steel preferred. There is somc grow tn or sentiment that the prices Of stocks in this class have discounted about the worst that could happen in the industrial future, leaving room for soma ratural rebound from excessive depress on. Mo- ney went to 7Da per cent again 4oday and the banks transferred s450, 900 Q. their re- serves to New Orleans without any com pensating advantage in foreign old en- gagemeifts. The opinion IS gaming fcrce that the idghtness of fostiga money mar l1ets will probably keep up the money rate here over the year end, whatever advantage of position wc may hold in the international exchanges.
 The movement of oon1 prices continued rather irregular, realizing in speculative issues being in evidence in that market as well in stocks. .otai sales. rsr value, S3,154,000. United States bonds were all unchanged on the last call