The Birmingham age-herald., 1904-12-17
UPWARD TENDENCY MUCHMORE MARKED Gains Are Held With Compara
 tive FirmneSS SMILE WAS UNAFFECTED Increase In L. & N. Dividend Radlated a Sympathetic Effect Amongst
 Affiliated Properties and the
 Whole Southern Group.
SMILE WAS UNAFFECTED

New York, December 16-The nervous tremors which have afflicted the stock market all through the week were auleted today and the advancing tendency which has been in evidence practically ever since the downward course was arrested on Tuesday, was more consistent and un- interrupted than at any previous time on the recovery.
 The constant setbacks and hesltations which have developed at some time ev- cry day were lacking and the days gains were held with comparative frmness. However this may be due to the almost mildness of the adjustment Of the per sonal differences growing out of the stock market contest and Mondays sharp break and the consequent relief of a state of nervous tension which has extended to both sides of the Atlantic, it would be difficult to say. But the prevailing smile with which the affairs have been regard ed took on less of affectation today and the coincidence of the restored confidence manifested In the market did not escape notice. Notwithstanding the restoration of vigor of the markets resisting power there was no corresponding revival of i < little increase over those of yesterday.
 The market was entirely free from any pressure of liquidation, so that the small buying was effective in lifting prices and the supply of stocks was so scanty as to enable holders to advance the mar ket price. The United States Steel stocks were in continued large demand and were helped by the report of the placing of large order for steel rails for Pennsylva- mia. The increase in the Louisville and Nashville dividend radiated a sympathetic effect amongst its affiliated properties and the whole southern group
 Reports of a definite adjustment of the Gould Pennsylvania troubles met with some disclaimers, but the impression was allowed that the seriousness of the dis pute had been exaggerated. The Novem- Der foreign trade disclosed a decline in the excess value of exports of over S20, 000000. But 1t was observed that the im- ports in November of last year, with which the comparison is made, were the smallest of any month for more than two years past, while for the month just past the imports are greater, with one exception, than for any preceding month. The fact that the decrease of over a7,- O00,000 in exports of domestic products for the months modified to a decrease of only $2,5SS,96S by the inclusion of all exports, argues a further expansion in the export trade in manufactured pro- ducts, which is regarded with satisfac- tion. The outgoing gold movement was practically ignored, as money was offered in abundance and at lower interest rates. The continued inflow of currency from the interior promises to largely offset this weeks drain of gold exports and other accounts.
 ! The premium on New York exchange nf eNn hnN ell IAu sened today. Late in the day the per- ception of freedom from pressure on the market led to a lively bidding up of prices though the closing was very strong at the top level. Gains of 1 to 8 points were frequent amongst the leading stocks.
 Bonds were strong Total sales. par value, s4,195,000. United States bonds were unchanged on call.