The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-03-20
LIVELY REVIVAL
IN STOCK TRADING
Speculation Closes Animated
and Buoyant
NET GAINS ESTABLISHED
Rise Starts In Face of the Announce
ment of an Additional Failure
on the Cotton Ex-
change.
NET GAINS ESTABLISHED

New York, March 19.-Today's market
disclosed lively revival of speculation
and closed animated and buoyant at the
top level of the day. Not only was yester-
days reaction caused by the Sully failure
more than wiped out, but net gains were
established for the principal ac i've stocks
running from over point to points. ST.
Paul. Reading and Sugar were the largest
gamers, but there was a very large alb
sorptione of Pennsylvania and the Pacifics
on rising scale. The equanimity with
which the market accepted the Sully fall
ure was the motive for the squirt of bull
ish enthusiasm.
The rise started in the face of the an
nouncement of an additional failure on
the cotton exchange, and gained force
after brief period of hesitation, which
induced no important reaction. Fears that
the failed cotton bull had extended his
speculation into the stock market were
relieved, and no anxiety seemed to be felt
that the speculative losses in cotton would
induce any realizing in the stock market
were relieved, and no anxiety seemed to
be felt that the speculative losse in cotton
would induce any realizing In the stock
market such as often results from large
losses elsewhere The events in the cot
ION market were viewed in fact with some
eomplaisancy in the stock market as
promising a return to a price level fairly
representative of conditions of that staple
and likely to renew demand from foreign
and domestic spinners.
The decrease in cash reserves of the
BANKS and the decline In the surplus which
ordinarily cause a chill to speculative en-
thusiasm, were also taken in good part.
The recent tendency of cash to congest in
reserve centers has been Viewed rather as
an indication of declining use of the
money market where tendency OF inter-
est rates of all kinds is distinctly down.
wards.
The continued ease in the money mar
xet leaves unopposed the advance in the
foreign exchange rates, which conunueo
oday, and approached near to the point
which gold would go out to Paris. Total
iales of bonds, par value $110o,0OO.
THE long expected Northern Securities
decision on Monday of this week unlock
ID the rigid bonds which have held the
stock market in a state of stagnation for
many weeks past. The volume of deal
ngs has risen to more than double that
Of last week and prices for the principal
active stocks rose from to26 points over
last week.. 1t is the general conviction
that the large part of the demand for
stocks has come from the short interest
eft uncovered, although commission
houses report slight revival of demand.
Besides the short covering, there is to be
counted some buying orders by banking
and financial interests, which were placed
IN the market as a protection against a
possible break on the decision and the
operations by professional traders against
the short interest and designed to make
4 profit out of the necessities of the I'M
covered bears. On the whole the weeks
dsing market has shown little growth of
investment demand.
Railroad traffic officials as body have
modified their former discouraging view
of the outlook for new business, and
have adopted a more hopeful tone. The
advance in the price of the various lines
Of iron and steel products is evidence of
the revival In that industry. The break
ng of the drouth In the southwest re-
ieves a cause for anxiety.