The Birmingham age-herald., 1904-12-15
NORMAL MARKET IS
 ABOUT RESTORED Bear Party Took Part in List-
 less Movement VERY DULL IN AFTERNOON Traders stIli Sensitive About Amal- samated Copper, But Not to Such Degree as Recently-coaI-
 CTS Were Prominent.
VERY DULL IN AFTERNOON

New York. December 14.-Another step was taken towards the establishment of a normal stock market today after the Daroxysm of fluctuations Of the recent dealings. The demonstration yesterday of the effective support which was forth coming to protect the market from fur ther disaster, led to a listless movement to cover shorts on the part of the bear party. There was traceable some resump- tion of operations on the long side, as well, and a renewal of efforts to push prices up rapidly to close up the gaps in prices caused by the fall. But 1t developed in the course of the day that conditions were not favorable to this rapid return to the speculative mood existing before the break in the market The demand rapidly thinned out at the higher level, and there was some pressure to sell at the recognized prices. Towards the end of the day the market sunk into dull and listless state, not far from last nights close. There was nothing in the circum- stances of the day to account either for the morning advance or the afternoon re- action. further than that natural ten- dency of the market to readjust itself by a series of lessening fluctuations, after such a commotion as that to which has been subjected. Sensitiveness to the course of Amalgamated Copper was still pereeptible, but not to such supersen- sitive degree as lately.
 The advance in that stock was a mate rial aid to the general recovery, however, and It's yielding was the signal for the abandonment of operations for the rise. The attempt to move prices up was cen aigf40 tc1x iYa fl Cnnla nd this group had the especial advantage of the active demand for coal, stimulated by the wintry weather. Advances in a number of the stocks extended to and 2ia points. Atchison was the most con spicuous weak spot in the market. Dur ing the period of strength in the general market 1t was merely laggard, but with the reaction 1t yielded sharply The de- cision to issue $500O,000 of convertible bonds to provide capital for extensions and absorptions was the evident cause of the dsfavor with which the stock was view in the days speculation It's drop to 8 points below last night in the late market perhaps helped to drag down the rest of the list. The addition of $1,- 600000 in gold coin to the engagements of all the available gold bars for export, had an unfavorable sentimental effect. The further rise in the exchange rate made the gold outgo more easily explic- able, but the fact that the shipment is to be made on a slow freight steamer, without regard to the added interest charge for the lesser transit, keeps the movement is in an anomalous situation.
 The money market was not affected in any degree, and in fact was sensbly easier both for call and time loans, San Francisco continues to make large acquisitions on New York for cash in addition to the gold exports. The re- action became pronounced in the late market and listed prices were generally lower than last night, especially in the Pacifics, grangers and United States steel The closing was weak.
 Bonds irregular. Total sales, par value, SS.52O00O.
 United States bonds were unchanged on call.