The Birmingham age-herald., 1904-11-13
STOCK MARKET IS
 VERY IRREGULAR Result at End of Trading Was
 Mixed GENERAL LIST LOST GROUND Conspicuous Gains Were Made By the Less Prominent Railroad Stocks
 and Many Industrlals
 and Specialtles.
GENERAL LIST LOST GROUND

New York. November 12.-With no change in the hopeful and cheerful tenor of the news and with no abatement of general confidence in general conditions, ana the desire to realize profits so far over-bore the eagerness to secure new ownership in stocks as to cause decided edly irregular tone in today's stock mar ket
 The price changes compared with last night, offered a very mixed result at the end of this trading. The dealings were very large and the demand showed great variety. Transactions were we'll distrib- uted and dealings were greatly congested In not few stocks. The favorite spec uative stocks which usually lead the whole market in point of activity suffered most from realizing and the general list lost ground during the day Conspic- uous gains were made by the less prom inent railroad stocks and by many in- dustrials and specialties which are rarely heard of in the market
 such gains were striking, extending to many points in some cases, but their { effect is never so reassuring to the gen. eral speculative sentiment as the uplift- ing demand for standard stocks. The Wabash and Illinois Central and South ern Pacifie were the most effective sus- taining forces in the days market, and the United States Steel preferred show ed revived strength in the late market when the general tendency was downdard The bank statement showed a larger decline in cash than was expected, but it's effect on the surplus was modified by the considerable loan contraction of $147S9,6O0.
 The loan contraction is supposed to be due to the fact that several of the large trust companies have been active lenders of funds during the week. thus relieving demands upon the banks. The liauidations of loans rom the profit-tak- ing in the stock market is believed to have been more than offset by the new demand for speculative purposes Sterling exchange was strong again to- day, and the likelihood of further ex- ports to Paris next week is increased. Total sales of bonds par value, %2S5'OOO
 The outburst of the animation and buoyancy which followed the election was very generally anticipated and enormous speculative holders of stocks were thrown on the market to realize profits, and the market afterwards developed some hesi- taney and uncertainty. The reactionary effect proved slight and the demonstra- tion of the great absorptive powers of the market had the effect of confirming speculative confidence. On Wednesday the transactions recorded rost to an ag- gregate of 2.375,O0O shares, the largest total for any since May g. 1901.
 The bond market is usually looked to as a truer index of the search for capital for fixed investment, and the very heavy transactions in that department seem to warrant favorable diagnosis on the face of the showing, But the overwhelming proportion of the dealings in bonds are in securities of a class which closely ap- proach speculative stocks in character.
 Bonds with a convertible privilege Into stocks, those with the rate of interest contingent on earnings, and those se- cured by collateral stocks of the same capacity, make up the large body of the sales in the present market
 The election rise in the market is based largely on the assumption that the buoy ant tendency of industry and commerce will show an upward bound as a result of the release of orders of all kinds that have been held up pending the election. Railroads show progressive improvement and verify the expectations on which the present speculation in stocks was inau- gurated.
 The bond market has been active and buoyant for speculative issues and firm for investment bonds United States 2s declined h per cent on the call during the week.