The Birmingham age-herald., 1904-11-11
DEALINGS AGAIN IF LARGE VOLUME Steel Stock Manifest in Eager
 ness to Sell SOME STOCKS IRREGULAR Sugar Was Marked Up and More Fa- vorable Railroad Reports Came
 to Hand Later In the
 Day.
SOME STOCKS IRREGULAR

New York November 10-There were further very large dealings in stocks to- day and a very broad market, with much absorptive power. But the volume of transactions fell off considerably from the extraordinary business done yesterday and amounted to less than 100000 shares. Also the selling rather overbore the buy ing and caused an extensive array of losses by the end of the day, besides largely reducing or wiping out the gains in the strong features of the day.
 The eagerness to sell was especially manifest in the United States Steel stock, the Pacific, Erie, Reading and Rock Island In the tremendous dealings of yesterday. amounting to upwards of 23OO,00O shares of all issues, these few stocks contributed considerably more than half the aggregate. The sharp rise in prices which resulted yesterday from this great buying evidently offered prof it's which were sufficiently attractive to induce selling enough to overbear the new demand, which was also considerable. The new demand was especially effective in Southern Pacific and Rock Island, lift ing the former stock at one time point over last night.
 The irregularity and uncertain tone which developed In the rest of the mar ket was almost wholly due to the doubts aroused by the perception that there was selling out in these stocks. whose strength had proved so attractive a feature of yesterdays market. There were substi- tues for that strength in todays market, but they did not prove so attractive as yesterdays features. The days news showed no change in It's general tenor from that of yesterday, and the news was little regarded Dealings in such a mar ket are largely influenced by a reliance upon impetus of a price movement to ex- tend itself. The fact of a halt or re- verse is of far more influence In deciding transactions than reasons bearing upon values or earning power. News from the iron and steel industry offered nothing to refute yesterdays cheerful report. Cop per was further advanced.
 Sugar was marked up and more favora- hle railroad reports came to hand.
 Possibly the reading of the arguments in the hearing of the Northern securities injunction appeal served to revive un- pleasant imprisessions of the situations
 
 ceived very little consideration in Wall Street for long time past. Estimates of a gold movement to Cuba to reach ten million dollars, proved jarring to senti- ment, while the ratification of the three per cent rate of the Bank of England and a further marking down of the price of gold in London were factors against further gold withdrawals from here for Europe there, which report Is rather suggestive of hardeneing In the sterling exchange rate here and weaken ing at Paris and Berlin which serves to increase the threat against our gold supply.
 There was a firmer tone in our money market, but changes in quotations were barely appreciable. Call loans however were made at per cent in the last hour of the stock market. The principal points of strength in today's market were in the southern and southwestern group Southern railway and Southern Pacific were most active and the Missouri Kan sas and Texas stocks moved most violent ly The extent to which bear selling played a part in the market was indicat- ed by the late demand to cover shorts, which was precipitated by the five point jump in Tennessee coal and which made the closing tone firm
 Bonds were irregular. Total sales, par value, $12,eS5,000. United States bonds were unchanged on call.