The Birmingham age-herald., 1904-12-04
COTTON AFFECTS THE STOCK MARKET Southern Lines Reflect Strength
 of Ihe Day STEEL MAKES NEW RECORD Conditions In Coal, Copper, iron and Steel Trades Also Have Marked
 Effect In Strengthening
 the Whole List.
STEEL MAKES NEW RECORD

New York, December 3.-Today's stock market was strong, but the strength was uneven and few of the most prominent stocks closed the day at fractional de- clines from last night. The strength in the market grew out of conditions in tho cotton. coal. copper and Iron and steel trades. Even in the groups affected by these trades there was some proflt-tak- ing as in Louisville and Nashville, which closed lower after cratic fluctuations.
 The governments estimate of a cotton crop of considerably over 100000 bales, and the prospect thus afforded to the cot ton carriers of abundant traffic, was the sufficient ground for the movements in that group. Some of the southern trunk lines are sharers in both the cotton and coal traffic, and were in sympathy with bond groups. In the anthracite group both Reading and Ontario and Western got the benefit of conflicting surmises as to which was to secure the Lehigh Coal and Navigation company
 United States Steel preferred touched a new high record for the year on &C., count of rumors of still further ad- vances in prices of steel products, and the maintenance of present prices for steel rails. The large dividend declared on Boston and Montana, subsidiary stock, was the motive for the buying of Amalgamated Copper. Out of these quarters of the market and of a list of miscellaneous specialties the movement was irregular, western grain carriers es- peeially showing a tagging tendency. The bank statement carried over aver ages from last weeks gold shipments to Cuba, so that the cash decrease ex- eeeded the estimates, but the $11 ,OO0 900 loan contraction modified the effect so as to leave nominal increase in the surplus reserve In view of the weeks large operations involving heavy capital outlay, 1t Is evident that the trust com panies' activity in the money market are taking over large accounts from the banks.
 Total sales of bonds. par value, ss,o4o.- D00
 The conspicuous points of strength in this weeks stock market have been suf- heient to give tone to the whole market. and have sustained those securities in which realizing was clearly In progress. so that such declines as they have suf- Tered have been limited to small figures
 
 nearly million and a half shares a day. showing the sustained speculative interest in the market. Records of the November transactions at the stock ex- change show a total of nearly 32 OOO 900 shares of stocks which changed hands during the month, which is more by one third than any previous November in the history of the stock exchange The sales of bonds also amounted to $216,S5s, 500, par Tr7n l.. l--
 selling below par, and of a more or less speculative character by reason of con- vertible privilege, contingent interest claims, or dependence on earnings of col- lateral stocks of the same companies. The force of the tide of the market Is sufficiently shown by these figures
 The cheerful view of the general out look for improvement in business the prospect for prosperous harvests and the expanding demand for nearly all classes of merchandise form the broad underly- ing basis of the market. The supplies of the money market also have proved ample up to this time to care for the needs of the large speculation, and the growing volume of new important Issues offering for absorption. They include an instali- ment on the Cuban loan foated in this country, the final installment on the new Southern Pacific preferred stock, be- sides various railroad stock and bond is- sues, the sale of which has been an- nounced during the week.
 The proportions of the new bond and stock issues of railroads, both of these already absorbed, and those known vet to be provided for, including American participation in the Japanese and Cuban loans are still subject of consideration in the financial future It will be remem- bered that the late state of indigestion in which the securities market was in-