The Birmingham age-herald., 1904-12-07
ADVANCES MADE
 BY INDIVIDUALS  Many RecentlFavorite Seemed
 to be Unstable VIOLENT BREAK AT LAST General Level of Market Has Not Been Responsive to Advancing Ten
 dencies for Several
 Days Past.
 
VIOLENT BREAK AT LAST

New York, December e.-Individual stocks made volatile advances today, but they were of character less inn presslve to stock market sentiment than some of those that have shot up In the recent past. There were also fewer of them. The instability of other recent favorites at the altitude to which they had been forcer, also begot some sus- picion of these movements, which culmi- mated in the violent break il prices at the last Speculaters who have bought stocks recently in the hope that they would hit upon the one that was to enjoy the next movement of this descrip- ton, of those who have hopes that the whole market would be carried along by sympathy with the strength of speci- alties, are beginning to reflect their dis appointment by seeking to sell out.
 The generel1 level of the market has not been responsive to advancing tendencies for several days past, and the steady prof it-taklng at different points throughout the list has caused the fears that reac- tion was at hand. News of general con dition does not offer an explanation for a decline in stocks. except for the reason that prices may have been pushed higher than was warranted by actual improve ment in conditions. There was some re- maining disquiet this morning over newly resumed gold exports, but the distinctly easier tone of the money, both for call and time loans, made any soliciting on this subject seem misplaced. No borrow CTS were disposed to take loans at pres ent rates, except for short periods, and the average rate for call loans today fell to 3A per cent. Sterling exchange, indeed, was f1rper here, and lower in Berlin while the price of gold advanced in London, but the export of gold is regarded as q transaction influenced by exchange, just as is the import of $S0o,000 now on the way from Paris.
 There was a disposition amongst tho traders to ascribe the dull and neg lected market of the morning to a desire to await the Presidents message The hour after the message appeared was the strongest period of the days mar ket and resulted in fairly comparative advance to above last nights level in the standard of stocks. which had hung back up to that time.
 It was after an interval of hesitation, that the market broke to the extreme low level which was modified only by the scramble of room shorts to take quick profits, causing some sudden rallies. The scramble of shorts gave color to tho supposition that the break was due to converted raid, and especially on Amal- gamated Copper, in which the attack was crumpled by advance advertising Others attached importance to the dis cussion which arose over the Presidents recommendation of authority to the inter- state commerce commission to fix railroad rates, although some such suggestion has come from the railroads themselves, as the only means to do away with the antitrust law provisions, against agree ment on rates. By others it was inferred that the studied ignoring of the subject of the tariff in the message. was a prob able advocacy of revision. The news of the day was favorable to property values. The Lackawanna melon of S5 per share or 10 per cent, proved about half the ad- vance in the price of the stock for some single days recently.
 Bonds were steady. Total sales. par value. s4.560, 900.
 United States bonds were steady.