The Birmingham age-herald., 1911-11-03
STOCKS SHOW A FURTHER ADVANCE Reaction of Prices Some what Expected By
 Bull Party

New York, November 2.-The advance in stocks which proceeded vigorously yes- terday was continued during the greater part of today's trading. Buying for. the long account was resumed in an aggres- sive way and there was further extensive covering of short contracts. Prices of most of the, active stocks were elevated to point or two after an early period of hesitation.
 The range of quotations thus estahlish- ed, however, represented such an unusual gs in in the last two days and the profits to be had were so alluring to bull traders that realizing sales were conducted cn a heavy scale. The market wavered and then late in the afternoon broke, losing the greater part of the sessions gains.
 Some of the active issues, including United States Steel, Amalgamated Copper, St. Paul. the Hill stocks, Reading and Canadian Pacific closed with small net losses
 The reaction from the top prices of the day was regarded as only natural move ment after the rapid rise and apparently did not shake the confidence of the pu'l party. The completeness of the change in tie character of the market nevertheless indicated that the buying had been largely of professional character so that the list was left without effective support when realizing was in progress. It was appar- ent that little public buying had resulted from the bullish demonstration.
 There was short selling on the decline by professional traders who regarded re-
 ,c+;G htyf rn- cent course of speculation. tfs sa
 American smeltng was the conspicu- orsly strong stock in the list. It rose s5s points to 6Sa4. On Monday this stock st1d at 59%. Demand for this stock was steady and heavy.
 Although it sold off with the market I1te in, the session, it quickly rebounded, The extensive resiiency in this issue seemed to be due largely to the rout Of the short interest, which is reported to have reached unusually large proportions.
 Trading in United States Steel was on a considerably smaller scale. The indus trials as a whole showed more instances of pronounced strength than did the rail- road list owing perhaps to the frequency s2of reports of improving trade conditions. These reports within the past few days have taken more definite form than for several months and nave aroused hopes fer general steady change for the bet ter. fes-E4
 The head of a large railway equipment comrsny was quoted as saying that there were good signs for an improvement in business for his corporation. Three steel plants In the Pittsburg district, 1t was announced, would resume operations Mon dcy.
 Gross earnings of 37 railroads for the third week of October showed an increase of PA per cent. Money rates were some what easier today. The banks thus far this week have lost s6.362,0 000. The Bank of England in its weekly statement re- ported a loss in gold of $5,000,000 and a slight failing off in its proportion of re- serves of liabilities, although in 15 years the Lcrcentage has not risen above that of 51 eS reported today, except in 1904 and 190s when the demand for money was abnormaly small.
 Bonds were firm. American Tobacco is- sues showed weakness for time, but Ihe 6s 1ster rose to above 115.
 Total sales, par value, $4,524,000. United States bonds declined 1s on call