The Birmingham age-herald., 1904-11-27
STEEL ISSUES ARE
 MOST IMPORTANT Trading, However, Embraces
 Many Standard Stocks HE SPEClALTlES ADVANCE )hortIy Before Publication of the Bank Statement a Heavy Buying Move
 ment Set In-Actlve to the Close.
THE SPECIALTlES ADVANCE

New York. November 26.-Initial trans lctions in today's stock market were hade ID largely of United States Steel ssues, but before the end of the brief kssion business increased in volume and he market broadened until 1t embraced
 great number of standard stocks. At he outset large blocks of steel common Ind preferred came out at fractional ad- tances, and the bonds also gained There fere advances in such speclalties as Col hado Fuel Pressed Steel Car and Amer esponded to buying by houses supposed b represent Boston interests.
 The list huctuated narrowly for a brief leriod, but shortly before the publication If the bank statement heavy buying movement set in. There was a lively de- hand for Union Pacific, Southern Pacific, Missouri Pacific, Erie, Southern railway, Rock Island. Louisville and Nashville. Pennsylvania and others in the same sroup. London bought Union Pacific and 5outhern Pacific, and the extensive pur- bhases of Erie were probably for account bf the professional short interest. The market remained active to the close. and prices of many Issues were then the best of the day. The bank statement was begarded as favorable in the sense that Ehe loan decrease as well as the cash bss showed better than had been ex- bected. An inspection of the daily report bf the associated banks reflects the re- eent sale of city bonds. Three banks which acted for the purchasers of these bonds, the National Bank of Commerce. National Chase bank and Fourth National bank reported combined debt balances pf more than $21,000, while the National tity bank, a city depository. had credit bf over $S,500,000. New high prices were registered by the steel issues. Atchison made a slight gain in spite of It's poor october report.
 Great Northern preferred advanced points making IT point gain in two bays.
 The bond sales today. par value were l5.02O 900.
 The most stirring feature of the week was the heavy dealings at increasingly higher points in the securities of the cor poration. It is generally believed that home plan involving the further conver- bion of steel preferred Into the sinking fund of the per cent bonds is contem-
 
 Hons in the steel and iron trade are stead )ly improving The offerings of new is- bues of securities as exemplified in the pale of blocks of Union Pacific, Rock Islands, Chicago. Burlington and Quincy Pennsylvania company certificates Pere Marquette refunding commodities were taken as sanguinary evidence of stability It Is notworthy that the bank clearings bll over the country show an increase of b0 per cent compared with the same week pf last year. The eager demand of con tinental Europe for our gold yet remains nndef1ned in it's extent. It is expected Ehat also the movement of the corn crop although somewhat delayed, will make large interior requirements when 1t de- Kelops.
 It has been quite confidently believed that the late movement in stocks has been based to an extent on the extreme ease of the money market and 1t was hot supposed that any material, check to the advance would be met until the sup ply of loanable funds began to rise in price. The response of the weeks market has partly served to corroborate this view.
 United States per cent coupon bonds advanced % per cent on call during the week.