The Birmingham age-herald., 1904-11-30
SHARP REACTION
 IN SOME STOCKS Advances Were Among Stocks
 of Less Credit DAY WAS VERY IRREGULAR Great Southern Trunk Line Stocks as We'll as United States Steel Were Among the Sufferers From
 the Reaction.
DAY WAS VERY IRREGULAR

New York November 29-Speculative interest WIS well maintained in today s stock market, and another large days business transacted. There were points of aggressive strength in the market, and these included some of the influential rail- road stocks. But the greater part of the advance of the day were among stocks of less credit, and sharp reactions were suffered by recent influential leaders of the advance This was notably true of the great southern trunk line stocks, and Colorado fuel. which made such bril- liant advances yesterday and also of United States steel preferred The heavi- ness of stocks Is always an important sympathetic influence in the wheat mar ket, and 1t was less effectively offset by the strength of the common stock today. The latter stock did show good resistance, however, in the react.onary periods of the market.
 At one time during the day the reaction was fairly comprehensive and price were below yesterdays closing level. For the most part the movement was constantly irregular, sharp advances and dull sag ging movements occurring at the same time. The lutting out of short lines on the gener Il reaction seemed to afford basis for the later rally which also be- came fairly general The rise in some of the obscurer stocks was sensational, and the lack of explanation for them in any new developments aroused suspicion of a manipulative origin. Taken in con- nection with the unusual number of fail- ures recently amongst outside stockhold- and hllckaf SbpnC ft-e O n commitments on the short side of a rising market, the presumption is suggested that campaigns against known positions of bucket shops on certain stocks, are the ground for the manipulated advances in those stocks.
 Much of the most influential movement iE sustaining the rest of the market by sympathy was that in the trunk line stocks, New York Central rising well above 140 on an unusually large absorp- tion. The demand for Pennsylvania was also on an important scale. The recent cale of Pennsylvania Company trust cer- tifieates has caused an impression that the refunding of the large output of short time notes will be by this method, instead of by issuing new stock It was also reported that the New York Cen tral would proceed at once with it's elec- trical Improvement plans, instead of NdllllB TUT u year. l iit late SITODB TlSG in United States steel, followed the publi- cation of a rumor that the corporation had secured an option on the Lacka- wanna Steel company. Readings good showing of October net earnings, did not bebefit the stock, and Erie was in- different to reports of an equally good result to be disclosed by it's October state ment. Canadian Pacific was hurt by it's decrease in October net earnings. Sterl- ing exchange recovered, and London dis counts rose, but the price of gold there was further marked down. The call money rate at the stock exchange was forced as low as two per cent late in the day under free offerings but closed higher. The regular dividends on sugar, refuted the predictions that a division of the surplus was contemplated, but did not prevent the stock from being one of the features of the rise. The irregular movement continued until the close.
 Bonds were firm. Total sales, par val ue. $S035,0O0. United States bonds were unchanged on call.