The Birmingham age-herald., 1904-11-18
LATER TRADING WAS VERY STRONG Weakness in Morning Was
 Rather Acute LONDON WAS BIG FACTOR Tennessee Coal and Iron Shares In the General Advance, But There Was a Reactionary Slump
 at the Close.
 
LONDON WAS BIG FACTOR

New York. November H.-Stocks had their ups and downs today, but the ups succeeded the downs, and so far outran them as to leave the days changes de- eisively on the side of gains. The later aone of the market became aggressiveIy strong. and the market broadeneI out materially. compared with the dullness to which the trading fell away during the morning depression.
 The weakness was rather acute at the opening and forced prices lower even ,han the equivalent of the ruling prices in London, although the disturbed conditions dn London was the assigned cause of the weakness. The obstacles which have arisen to the negotiation of a settlement of the Anglo-Russian dispute had a se- riously unsettling influence in London, and with the recovery whlcl- promptly set in, and the holding of prices here above the London parity, the arblgaage selling here for London account was heavy The recovery from the opening loss was pretty complete during the first hour
 The market was only gradually awak- ened from It's retiring attitude, the revival first touching one and then another stock, the general list hanging dull, about las nights level. Erratic up-shoots amongst dhe obscure specialties continued to be feature of the market. Amalgamated Cop per was the feature of the day This stock, considering the history of some of it's past movements has advanced rather soberly in the recent market, measuring it's pace apparently by the con- tinuous rise in the price of copper. To- days reports from the copper market pointed to the first reacronary tendency perceptible for many days. But this did mot discourage the buying of Amalgalnat- ed Copper in company with the buoy ancy of copper shares all over the world
 Viort manipulation was also discern aDle ii the market and demonstrative of 1ers for future privileges on the stock kept the demand keen. After rising early the stock again rose with added facility, seemed to check stop-loss orders on the bear side. It's 3M-point jump was over matched by sugars bound, and the 8ss-point rise in Tennessee Coal, but the violent reactionary dump in these stocks unsettled the late market, the close be- ing feverish and irregular. in spite of Union Paeifics sustained rise of over ? points. Southern Pacific, St. Paul, Ches- apeake and Ohio and Norfolk and West ern were the most prominent stocks to get as much as a point over last night, but the recovery from the low point of the morning measured considerable inn provement. There was not much news of importance bearing on values Heavy offerings of call money broke the rate late in the day to below 25s per cent. The tone of the money market was called harder. however, and bankers expressed expectations of higher rates.
 Foreign exchange moved upwards and sterling exchange at Paris declined. rais- ing the pressure thus on our gold supply. The Bank of England maintained its dis count rate, although the weekly return again showed a decline in the percentage of reserve. The Bank of France gained k5S75,000 in gold for the week, but the further fall in sterling at Paris indicates that its requirements are not yet satis- fled.
 Weakness in the early bond market, in sympathy with stocks, gave that depart ment of the market an irregular tone. Total sales, par value, S1,O45000. United States bonds unchanged on call.