The Birmingham age-herald., 1904-11-23
VOLUME SHOWED
 STRONG INCREASE Upward Movement In Stocks is
 Renewed TRADERS ARE SUSPICIOUS Little Apprehension Resulted From the Days's Movement, Especially as New Points of Strength
 Developed.

New York, November 22-The opening dealings in the stock market this morn ing gave every evidence of a renewal of upward movement. Prices were gen. eralIy higher and the volume of activity was considerably above that for several days past. It was evident that advantage was taken of the higher level of prices to make stocks. This has so frequently been the action of the market through the recent period of its advance that not much apprehension was caused espec- ially as new points of strength were developed and large buying orders passed from one to another The fact that only one of two stocks were strong at time aroused the suspicion that the mar ket was being supported for the purpose of realizing. The existence of this sus- picion made the market vulnerable and when the rate for call loans Hurried to 4 per cent In the afternoon, stocks came out frequently from all quarters of the room and prices broke rather pre- cipitately.
 Some of the features of strength had nominal explanation for their advance but the subsequent market caused the impression that the advance should be manipulated for purposes of sustaining the market. The electric stocks made wide gains. the heavy demand for copper pointing to the argument that electrical industries are very active. The special movements in Atchison and Louisville and Nashville were based on corn and cotton crop prospects. There was some accumulation of Rading but It's early ad- rrt.a nous absorption both of United States steel preferred and the sinking fund bonds and the operations were attribut- ed in a large degree to the operation of a pool. Colorado Fuel was the only one of the independent steel stocks to show marked sympathy. The movement in Brooklyn transit and Manhattan was paralleled by that of the Interborough transist on the curb.
 On the other hand the persistent heavi- ness of the Paciflcs on the stock exchange had It's origin partly in the decline of Northern Securities on the curb. The mo- tive seemed to be disappointment over the further postponement of a decision in the Northern Securities. But these scat ter.ng points of weakness were enveloped in the later decline which overcome the whole market. and wiped out the gains in the few strong spots. The special cause for the furry in the money market was said to be the placing of oyer s10,O0000O of Pennsylvania car trust bonds. But many larger transactions than this have been conducted in the money market in the last few weeks without disturbance. 1t was perceived this morning that some of the largest recent lenders of money were not in the market, and those delayed filling their requirements until late bid up the rate to the 4 per cent level. There were no further engagements of gold for export, but the foreign exchange market continued firm. Last prices were only slightly above the lowest, and the closing tone was weak at losses generally of be- tween and points.
 Bonds weakened at some points in sym pathy stocks. Total sales, par value. $9.- 5S5; GOO.
 United States new 4s advanced sh on call