The Birmingham age-herald., 1903-12-19
STOCK MARKET IS
 COMING ID LIFE Considerable Trading in the
 Last Hour Yesterday U. s. STEEL MAKES A GAIN Preferred Stock Was Taken In Enor- nous Blocks at an Advance of
 2H yer NIght--A sympa-
 thetic Movement Follows.


 New York; December 1s.-The inertia of today's stock market was slightly over come in the last hour of the trading in sympathy with the strong upward move ment in United States Steel preferred, following the formal announcement that the steel billet pool had determined upon a maintenance of present prices. Much of the dread of unstable conditions in the steel market and of disrupting disputes among the members of the pools centered in the billet trade, and the definite settle ment of the question had an immediate cheering effect on all connected with the iron and steel trades. United States Steel preferred was taken in enormous blocks at an advance of 21s over last night. The effect upon the general market, however, was scarcely more than to overcome the heavy and dragging tone which had held prices back all day. The recovery was much lacking in animation as had been the decline. Pennsylvania showed the most marked sympathy with the rise in United States Steel preferred and gained over a point. As this stock has been very heavily sold on the ground that the de- preston in steel must affect it's tonnage to a. large extent, and earnings to larg- CT extent than any other reailroad sys- tenn its response to the rise in United States Steel preferred was natural The dealings in the latter stock practically overshadowed the whole market in point of volume. Amalgamated Copper contin- ued active but was sluggish and the Lon don market for raw copper reacted. There was g. conspicuous selling movement in Rock Island. That stock fell over point, St. Louis and San Francisco second pre- ferred 3M, and the Rock Island per cent bonds large fraction. Rumors of com- ing bond isuue were the cause of this weakness.
 The $10,000000 Atchison bond issue was the subject of continued discussion and the cause of the heaviness in Atchison and of some other stocks in which bond issues have been feared. The revival of apprehension over the Russo-Japanese dispute affected the market by reflection from London. The irresponsiveness of the market to the consistent firmness of United States Steel preferred, was the more notable in view of the overwhelm- Ing preponderance of it's volume of busi- ness, amounting to one-third of the whole. The usual forecasts of the bank statement indicate a gain in cash on the regular express movement of between three ana TOUT million dollars, while sup treasury operations including payments for foreign gold have yielded to the banks s3011, 1000. This did not allow for yesterdays receipts of foreign gold which amounted to nearly s2,500,0OO. The call money market was correspondingly easier.a With these conditions existing, with the verge on the last week of the year, it Is not surprising that sterling exchange should continue to rise stead fly and away from the gold import point. Cotton bills have grown comparatively scarce in the exchange market and it Is not without significance that the weeks exports of grain have fallen nearly l., 25o,000 bushels below those of last week, most of the decrease showing in wheat, while the value of imported dry goods rises more than $S0o,000 over those of last week.
 Bonds were irregular. Total sales, par value, $1,S75000. United States bonds un- changed on the last call