The Birmingham age-herald., 1903-12-04
STOCKS DEVELOP
 GREAT ANIMATION Renewed Strength Brings Dis tress to Short Interests THE DEALINGS ARE HEAVY itreneth for the First Part of the Day Is Confined to Few Special
 Stocks Interrupted By
 Profit Taking.

New York, December 3.-The stock mar ket broke into great animation today and developed considerable strength with obl vious distress on the part of the short interest The volume of dealings rose to the neighborhood of million shares.
 The activity was progressive, the early part of the day being given over to in- termittent buying movements within the intervals of extreme dullness The strength of the first part of the day was also confined to a few special stocks and was interrupted by occasional selling movements to take profits, even in those stocks. There was a considerable num- Der of the stocks of the first prominence which did not come into the upward movement at all. Nearly all of the west ern stocks were laggards until late in the day and the cotton carrying roads had no share in the days activity and strength. Even the movement in Penn sylvania, which became of decisive in- 1uence, was late in developing and that stock was one of the many which was below last night in the early reaction
 The few industrials which spurted up- wards in a sensational manner in the clos ing dealings yesterday. were inclined to reaction on profit takig Colorado Fuel lost two full points, as the report of an intended bond issue, which was offered to explain yesterdays rise, did not seem to promise well for the common stock Sugar lost a point on profit taking. and Amalgamated Copper was fraction be- low last night at one time. The exten- sive advertising of predictions of an. ad- vance in Amalgamated Copper aroused some suspicion, but the stock came into the late upward movement. Canadian Pacinc suffered from the report of a new issue of capital. Notwithstanding these orawbacks, the upward movement of prices gathered momentum and volume as the day proceeded, and was effective m alarming a more important short in- terest than has yet been reached since the turn from the extreme depression of the market
 The causes of the advance were rather obscure but vague assertions were freely circulated or large and determined absorption Of stocks by the various eroins or great capitalists and banks which make up the dominant factors in inc market.
 The long standing rumor of an adiust- ment of the dispute between the C;oulds ana Pennsylvania interests fed eagerly on the report that counsel for the Vest -oAf oiio thc fenHSylNdnia had formed an agreement that no more Vest ern Union poles should be cut. pending judicial decision of the case in contro versy. The coaers seemed benefited bv the weather but reported interruption of traffic from the same cause was ignored
 The New York fractions were in fact conspicuous in the advance Brooklyn Transit being one of the leaders of the movement Rumors of recent takines of this stock, looking to a consolidation with the traction interests of Manhattan Island strengthened the Brooklyn project Opin- Ions were heard that the worst of the reaction in iron and steel had been seen, with good hopes of improvement Cali money was loaned again as high as 7Da per cent and the movement of currency to New Orleans continues But addi- tional engagements of gold in London both for Boston and New York account offered the assurance that actual neces- sities can be provided for. The decrease In value of imports at New York for No- vember of upwards of $7,0000O0 is an in- dex of the favorable tendency of our foreign trade in it's bearing on the money situation. The governments estimate on cotton in the reduced amount of the crop indicated is scarcely capable of so fav- orable an interpretation, but the prevail ing mood of the stock exchange was bullish and all contrary influences were ignored
 Bonds were irregular. Total sales, par value, s4,806,000. United States bonds un- changed on the last call.