The Birmingham age-herald., 1908-12-05
REACTION UPWARD
 IN STOCK MARKET Restraint Is Thrown Off and
 Prices Move Higher STEEL STOCKS TAKE LEAD Low Priced Stocks Become More Actlve-The Gould Group, Great Northern Preferred and Rock
 island Are Boosted.
STEEL STOCKS TAKE LEAD

New York, December 1.-The restraint under which operations for higher prices in the stock market have labored dur ing the week was thrown off to large extent today and the advance was re- sumed with more appearance of har- mony than any movement has shown Tor many days There was much discussion on the stock exchange of the 1orthcoIh- ing message of President Roosevelt Ihe word was passed around that the tone of the message was mild and that It contained nothing calculated to con1a'l' fright to the most timid speculators' It was alleged the modification or the sherman antitrust law would be advo- cated 10 open the way to allow aSree- ments among railroads on rates.
 The action of the market owed some thing to the relief afforded by the spec ulatiye lioilidation already effected Ih's was notably true of United States steel in which the selling has been persistent throughout the week. The freedom Wltil which that stock advanced althousn to moderate extent was of materlal CT feet in shaping sentiment on the whole n,arlset Low priced stocks continued a nrominent feature and in some of these the only reasons advanced for volatile unshoots was the activity of the mar l,et nool which had, accumulated amounts of chosen stocks and were holding them out of the market for higher prices.
 The Gould group, led by Wabash pre- ferred. was a conspicuous feature Of the dealings. Great Northern preferred was inc leader of the high priced stocks. Rock Island preferred advanced again to q point higher than that touched in the spurt in connection with the sale of St. Iouis and San Francisco bonds. The strength of this stock was helped by a recollection of the fact that the pres ent per cent of presence in dividends which 1t enjoys is to advance to per cent on the expiration of the year 1903 and to per cent at the end or the year 1910.
 The money market continued stlffer than late in relation to large demand making upon banking supplies rates for call loans ranging higher than since January when the money market was but just emerging from the abnormal conditions following the panic and the premium on currency was but newly abol- ished. The speculation seems entirely comprehensive over this development and confident that the interval will be easily bridged to the period of dis bursement of January interest and div idend money.
 Preparations were in progress today Tor participation in the Panama canal bond issue, for which subscriptions to the amount of S90, 900 are to be opened tomorrow. The usual preliminary esti- mates of the weeks currency movement pointed to heavy loss in cash by the hanks, largely on account of government operations but including also shipments of gold to Paris and to Canada. Funds have come from the interior to the amount of nearly a million dollars but the other demands are expected to les- sen cash holdings to the extent of $6, GOO GOO to $S0O0,00
 There was a sharp expansion in the weeks grain exports, the wheat outgo rising 1164,O00 bushels over last week and corn exports also suddenly increasing nearly million bushels to 1.S06290.
 Bonds were strong. Total sales, par value, s. 3S0 000 United States bonds were unchanged on call.