The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-11-03
MARKET RECEIVERS
ITS EQUANIMITY
War Scare in London Has En-
tlreIy SubSided
TRADING WAS VERY PATCHY
AmaIeamated Copper Was the Feature
and Rise to New High Level Was
Accompanied BY Many
Rumors.
TRADING WAS VERY PATCHY

New York. November 2-Dispatches
from London this morning reported that
the war panic of yesterday had entirely
subsided. and that there had been no
GROUND for 1t any time. There was some
recurrence of uneaslness reported in for
hign markets later in the day, but it had
little reflection here.
The local market seemed to have re-
lowered its equanimity and after feed
Ing the early demand freely with realiz-
Ing sales, the advance in prices was taken
lip again. The days market proved decid-
edly patehy however. and the successive
advances which were made at different
points in the market did not induce much
bympathetIc response. The list did not
move decidedly In company at any time
huring the day. There was considerable
favor shown in the speculation to the in
Hustrials and specialties including num-
Der of low-grade issues. Amalgamated
Copper was the feature of the trading,
and its rise to a new high level for the
movement was accompanied by many ru-
mors of a final settlement of the long
-.hrawn out contest Of the Montana copper
interests. Sanguine trade estimates also
helped the stock
Sugar and United States Steel preferred
continued to keep it company, the latter
In a moderate way. Denials of the current
rumors of an option secured on the
aeinze properties did not check the
movement in Amalgamated Copper. Erie
WAS the feature of the railroad list, and
the only news to explain the advance was
the report of a sale of a block of sew
eral millions of its convertible bonds had
been effected. There was no official sane
lion of this report, but rumors were cir
eulated of the extensive betterments upon
which the proceeds of the bond sales
would be Immediately laid out.
The earnings were also said to be i'm
proving fast. The reported Erie projects
were a help to United States Steel pre-
kerred, as We're the reports of large buy
ing of steel products, including rails by
the Burlington. Reading was the only
ttocx to show close sympathy with the
movement of Erie. The western stocks
were inclined to hang back except Rock
island and Union Pacific. The belated
rise in these awakened little response
amongst the other grangers and Pacifcs.
"A new rumor was afioat regarding the
local traction merger, making terms at
which control of Metropolitan securities
had been acquired. Strength of smelling
hnd lead caused revived rumors of a lead
merger.
The leather stocks enjoyed a period OF
strength. There were other features of
minor Importance and of only individual
Significance. There was a marked falling
pff in the activity of the market and the
buying was inclined to diminish in each
eeparate stock as it made It's isolated adj
vance But there was little increase of
eelling pressure on the advance and SEN
kiment was undisturbed. The gains in net
EARNINGS for September of the Pennsyl-
kania and Rock Island systems were
Viewed with satisfaction, although due
in both cases to retrenchment of oper-
biting expenses. Money continued easy
hnd the gold engagement for Cuba was
regarded without uneasiness. The. sharp
beaction In sterling exchange was attrib-
bted to profit-taking by speculative deal
PRS rather than to any change in the con-
bitions of that market. The unevenness
ln the market continued up to the closing
which was irregular.
Bonds We're irregular; total sales par
halue, se,39o.000.
United States Is, 3s and Is declined Il
Rnd the old As 4 per cent on call.