The Birmingham age-herald., 1904-11-16
PROFIT TAKING IS MUCH IN EVIDENCE Character of Speculation Was One of Suspicion L. & N. GROUP ADVANCES Big Requirements Are to Be Made In Banking credits-Tslesraph
 Restored to Many
 Points.
L. & N. GROUP ADVANCES

New York. November 15.-The reaction ary and irregular movement of prices was not gone from the market today. and sell ing pressure to take profits was much in evidence in the majority of the usually active stocks, especially during the morn ang.
 At the same time the sensational ad- vances in an inferior grade of indus trials and railroad stocks of doubtful value, kept the character of speculation one of suspicion. In the latter part of the day there was a considerable reversal to interests in the standard railroad stocks. Conspicuous strength did not show in a large number of stocks, but the rep ,resentative character of those In which it did, had varying effect because of it's sympathy extending to the general list.
 Considerable progress was made in re- storing communication by telegraph with the outside speculative centers, the inter ruption of which was assigned as the cause of the lessened activity of the mar 1ket yesterday But the market failed to re- cover to a high level of animation, and the total of transactions for the day was not much changed from those of yester- day. The issues dealt in continued to show variety, and many stocks made their reappearanee on the tape after a long interval. Many stocks listed on the ex- change or admitted for trading in the un- listed department which are practically dormant, except in periods of speculative excitement, when enthusiasm over the possibilities of the enhancement of values .rra-.t chances on securities, made small gains, but whose value is exceedingly proble- nautical.
 There would be no propriety in specify ing such stocks in this place. but any casual observer of the transactions in de- tail on the stock exchange at this time can distinguish many which are rushed up many points in the course of a days trading with no change in their circum- stances to explain their sudden awaken ing.
 . The bad effect usually produced on speculative sentiment by such 0 stirring up of sedimetary matter, Is because it usually occurs in the later stages of speculative advance when the resources for further advance in more substantial stocks have been depleted or exhausted. Rather more consideration was given today to the money outlook although there was small change in interest rates The tone of the money market however, was called harder.
 The weeks gold outgo to Cuba will be as large as expected. Subscriptions to the Japanese loan forthcoming offering of $26,000.000 of New York city bonds, and today's sale of S25, 0O00OO of Chicago, Rock Island and Pacific railroad bonds indi- cate requirements on banking credits to be met. The decline of nearly $10000,000 in value of domestic products is explana- tory of the ease with which Europe Is drawing American gold in the fall of the year. The strength developed in a num- Der of stocks was most explainable from special causes. Very specific rumors of an early impending deciion of the North ern securities case were responsible for the strength of the Hartman group Rock Island was helped by its bond sales. The rise in the soft coalers was due to the assertions that their dividend rate would be raised shortly. Amalgamated copper enjoyed the benefit of a further rise in the price of copper. The early heaviness of the steel group and their late recovery were connected with the meeting of the steel pool. The rise in the Louisville and Nashville group was ex plained bu the cutting of the Atlantic Coast Line melon" The desire to real ize persisted to the last, and the market closed decidedly irregular.
 Bonds were strong Total sales, par value $11870,0O0 United States bonds were unchanged on call.