The Birmingham age-herald., 1904-12-18
COPPER IS STILL
 GOING D0WNW aRO Whole Stock Market Responds
 in Sympathy
  U. S. STEEL WAS STRONG Final Selling Movement Left Many Stocks Below Night Before.
 Heavy Selling Noted in
 United States Leather.
U. S. STEEL WAS STRONG

Nav York. December H.-The stock market gave evidence of further strength and growth of confidence today, but when Amalgamated Copper began to run down hill in the final transactions, the whole market promptly responded, thus dem pnstraang the influence still held in the market by that stock, and by the oper- stions that have recently held in the market by that stock and by the oper- ations that have recently centered in it. Ghe closing was in consequence weak.
 The most conspicuous strength of the hay was shown by the United States Steel stocks. regarding which there was many reports current of an intended re- kumption of speculative operations for fise, as well as of large orders for steel rails and other products. The an- nouncement of the reorganization plan bf the United States Leather company Mas the signal for some heavy selling of these stocks, which seemed to indicate dissatisfaction with the plan on the part Of the stockholders. The weakness of these shares had some sentimental effect bn the general list and the advancing Tendency with which the market opened Mas not resumed until effective support hxas offered to the leather stocks. The final selling movement left many stocks below last night.
 The movement was rather narrow throughout, except in special stocks. for the most part not of first importance The raising of the surplus reserve item by over $500. 900 to above the figure of the corresponding week for two years past need not be a matter of indiffer- ence with gold exports in progress, and the end-year requirements approaching. But the extreme ease of the present money market leads to neglect of the figures of the bank statement, either way. Jt was after the appearance of the state ment that prices began to drop. Ster- points. Total sales of bonds, par value, l2,O9O,oOa
 The opening of the week gave every appearance of renewal of stock mar ket Generalization, in as acute form ns any of last weeks. Anyway, and in fact, the closing prices on Monday were far below the close of the Thursday preceding, owing to the lack of resis- tance in the market. There were some stocks that got lower than the lowest of the preceding Thursday in the open ing break on Tuesday of this week. But Gt that level powerful support was &C., corded the market by measures concerted amongst the great financial interests to save the market from disaster. There Nvas good resistance during the rest of the week. and a halting recovery, but with occasional symptoms of alarm, and constant evidence of timidity. pro Eressive subsistence of the activity in ahe market was another sign of the shock to which speculative sentiment had been subjected. Confidence Is pretty well fixed in Wall street that with prices above the low point touched on the dip. Nile market was cleared of weak holdings, without apparent effect on the money market. The course of foreign trade for November results of which were re- ported through the government agency during the week, is regarded as adequate explanation of the movement The ex- cess movement of merchandise for No vember proves to be less than for the preceding year by over $20000,000. But this showing is due almost wholly to changes in the import showing. notwithstanding the notable fall in value of exports of hreadstuffs, and of cotton
 The heavy traffic in coal heavy forms of steel, heavy railroad earnings, the in- creased movement of corn, the urgent demand for vessel room for coming ex- ports of that commodity and of cotton, ahe high level of bank cearings through out the country, the increased Louisville and Nashville dividend, and the ccn- Foldation of the Pere Marquette system have all conduced to further feeling of confidence.
 United States bonds are unchanged on call for the week.