The Birmingham age-herald., 1904-12-03
Stock Market Was Less Vlgor-
 0uS and Animated
RECOVERY IS IN SPECIALS
Explanation for the Special Buoyancy of the Louisville and Nashville Group Was Not Forthcoming.
 Money Was Easier.

New York, November 2.-The market showed rather less vigor and animation than for some time past, the dealings showing a considerable falling off from those of yesterday But the acute weak ness with which the market closed yes terday was totally dissipated The lack Of explanation for that weakness was cause of some disquiet and had dis couraging effect on large speculative com mitments Hence the smaller dealings. There was no considerable recovery out side few special stocks, and the strength of picked stocks was regarded as a de- vice largely to sustain the rest of the market. The southern trunk lines was the conspicuous feature today, especially the Louisville and Nashville group. All the cotton carriers were firm with good ground in the fattering prospects indi- cated for that crop.
 Explanation for the special buoyancy of the Louisville and Nashville group was not forthcoming. The United States Steel stocks and Amalgamated Copper made good recoveries from the early pressure, which was quite general and news of metal trade conditions was highly favor able. It was believed that the arbitrators award in the question of the percentage of tonnage to be allowed to the largest independent producer of steel rails had been made. and that prices of steel rails would be maintained. The movement in Reading was associated with the sensa- tional movements of Lehigh Valley Coal and Navigation on the Philadelphia Stock exchange, which was supposed to involve an absorption of that property In the pur- suit of the consolidation of the anthracite industry.
 Some of the soft coal carriers were also strong features. Movements as a whole were commonplace. Reports of railroad earnings for October showed the prosperous conditions in the southern sec tions. The Pennsylvania's net increase for October was seen to be almost wholly due to reduction of operating ex- penses on lines both east and wese of Iittsburg and Erie. The reported growth Of business, which has led to resembling the retrenchment plans of the company with presumable expansion again of oper- ating expenses, had no reflection in the statement. Many of the dormant rail- road stocks which were awakened into sudden animation yesterday as suddenly Ielapsed today into total neglect. This was especially true of the group of ju- nior Vanderbilts
 Money was quotably easy today, fol- lowing the enormous shifting of loans, which was caused by yesterdays pay anent of $20.0Oo.OOO on account of Southern Pacific preferred stock. London discounts were reduced and sterling exchange here yielded to large supply of cotton bills to foreign buying on the break in the cotton market. The engagement of $500,- eco gold in Paris for shipment to New York attracted little interest, as the transaction was not a reflection of ex- change conditions. The suggestion that eome gold might go out from San Fran cisco on account of American subscrip- tions to the Japanese loan was not of much effect. The final transactions of the day were the most active and showed the greatest strength, the closing being firm.
 Bonds irregular. Total sales, par value. s61oo,0O0.
 United States bonds unchanged on call.