The Birmingham age-herald., 1908-11-28
ADVANCES MADE
 IN STOCK MARKET New Life Is Shown lnNGeneral
 Buying of Stocks MANY BEARS TURN BUYERS No Important Development Explains the Renewed Interest In the .Up- ward Movement and Market
 Closes Strong.
 
MANY BEARS TURN BUYERS

New York, November 27.-The decrease in the activity of the market for stocks today indicated the lapse into profess eional hands of most of the dealings and the subsiding general interest on the part of the general moneyed class. The price movement on the diminished scale of activity indicated a growth of con fldence on the part of professional in the stability of prices. Stocks which were sold out on the eve of Thanksgiving holiday on the chance of unfavoraole developments in the interval were re- purchased today. The renewed uneasl- ness over the situation in the Balkans which was causing depression in for eign centers when the dealings began here was without influence in checking the advancing tendencies. There was no important selling pressure and this opened the way to the success of the efforts of the room traders to lift prices along with their absorption of stocks.
 No important new development ex- plained the buying. The expected fnan- cial plan for Southern Pacific continued to play an important part in the motives of the professional buying but no pro gress was made in any authentic knowl- eds-a of what the plan is or of the actual existence of such a plan at all. Another motive for some of the notable movements was the expectation Of de- cisions in pending eases by the supreme court in Washington on Monday. Thls was the avowed explanation of the wide advance in the Consolidated Gas shares, the contest of that company against the SO-cent gas laws being in the hands of the court for decision The coalers are expected to be benefited by the eN- pected decision of the court in the case agreed upon to test the commodity clause of the Hepburn law.
 Another advance in the price of copper at the metal exchange and the London market dissipated the impression that the market price of that metal was declining owing to a falling off in the demand. Reports of large prospective orders for structural steel material and for steel rails had some stimulating effect on the shares of industrial corporations coil- nected with the iron and steel trade. Some Of tie indNidual advances were based on special causes, rumors of in7 tended dividend increases figuring in ono or two cases. An indicated decline for the week in the cash holdings of the banks m the neighborhood of two mil lions seemed to be viewed with equanim- ity besides the government operations. some demand for funds has affected this result. transfers having been made to San Francisco by deposit with the sub lFeASuiy.
 The Bank of France made strong re- turn and there was a shading of the discount there. The Bank of England authorities refrained from raising the minimum discount rate in spite of a considerable decline in the proportion Of reserve to liability, resort having been made to the credits of the institution during the week. An advance in the discount rate had been looked for and the open market discount rate in conse- ouence fell back to some extent. Viewed here the condition of the money market was not appreciably changed. the six months period, however, showing slight ly lower interest rate. The foreign ex- change market was firm but rates were not quotably changed. The most active trading of the day occurred just at the last and prices were then rising vigor- ously.
 Bonds were irregular Total sales, par value, $6,010 GOO. United States bonds were unchanged call.