The Birmingham age-herald., 1904-11-29
ADVANCES MADE IN STOCKS ARE RAPID  Speculative Enthusiasm is Wide
 Awake and Eager MONEY MARKET IS FEATURE Iron and Steel Industries Were Strong With United States Steel the
 Only important Ex-
 ceptlon.
 
MONEY MARKET IS FEATURE

New York, November 28-An irregular movement of prices of stocks today re- fected the mixed proft-talIing and new speculative campaign going on. Stocks which were whipped up into rapid advance last week were sold to meet the new outside demand attracted by these move ments. At other points there were new rapid advances and large dealings.
 Speculative interest and enthusiasm were demonstrated to be awake and eager and the days business at the stock ex- change was large and varied. The actual news affecting property values was not plentiful or strong, and was very little regarded The one point in the general sit- uation to which importance seems to be attached is the money market. Rates were not appreciably relaxed today but offering seemed sufficient at the rates rul-- ing to satisfy the principal demand.
 The buying of stocks accordingly pro- ceeded side by side with the selling to realize sometimes in the stocks and some times in a way to cause divergent price movements in different stocks The days developments pointed to exemption from further withdrawals of gold for Euro pean account. The price of lold was. re- duced in London and sterling rose at Ber- lin and Paris, while weakening here. Sell ing of stocks here for London account did not arrest the downward course of sterling Rates for time loans here were reported very firm, but did not rise above per cent for thirty days to six months.
 The present level of the interest rate is relied upon to attract offerings of trust company funds and 1t Is possible for the banks to go on contracting loans' while the trust companies and outside banks are lending without affecting greatly the money rate, as has been shown for sever al weeks past. Transfers throughout the sub treasury to San Francisco and New Orleans took 900 from the money mar ket, and the subsistence of the monthly tide of pension payments, increases the drain in that institution. Bidding by New York bankers for the $4OOO'OOO of new Cleveland and iPttsburg stock, and the Speyers announcement that they would finance the Grand Trunk Pacific extension. show the absorption of invest ment funds and with the continued ac- tivity of the speculation, make 1t clear that the volume of credit obligations is still expanding. Railroad officials re- ported a further large expansion in traf- fic. but the grain movement continues small and corn is still backWard. mere were some violent advances in the south ern trunk line stocks. New York iron and steels industrials were strong with limited States Steel preferred, the only i1aportant exception, and 1t was sold per sistently. Copper was weak but 1t be- came strong later Pacific and western railroads were under rather pronounced pressure and there were backward points ] re and there in the railroad list gem eally Pennsylvania was in active demand mad Missouri Pacific had good rise Otherwise the principal gains must be sought in the list of specialtieo. The market closed irregular under the influ- ence of a late rise in call money rate to per cent
 Bonds were irregular. Total sales par value s1O,10O,0OO.
 United States bonds were unchanged on call.