The age-herald., 1901-10-26
BULLS WORK HARD ID HOLD MARKET Heavy Realizing Has Been in
 Progress THE MARKET CLOSES HEAVY Jump In Foreign Exchange Has Dis turblne Effect on Sentiment.
 Paris Takes $1,ooo,ooo
 From London.
THE MARKET CLOSES HEAVY

New York, October 25-The bulls had hard work to sustain the market tooay and the efforts to continue the advance were frustrated by the realizing encoun- tered. The coalers continued to move upwards this morning and there was revival of the bull movement in St. Paul but the heavy realizing which had been in progress during the week under cover of the new points of strength had aroused suspicion that the whole move ment was manipulative and designed to unload stocks. A number of special weak points added to the difficulties of the bulls and the money and exchange situation showed the necessity of caution for those depending on call loans. The whole market turned heavy before the closing and was in that condition at the last.
 The days net changes were reduced for the most part to insignificant proportions St. Paul rose at one time 3 points but its net gain is only IA. Peoples Gas fell an extreme 2ss on the continued selling in- duced by the franchise tax decision of the Illinois Supreme Court allowing taxation on the market valuation. The stock re- ceived inside support and responded to the argument offered by it's supporters that increased appraisement would be likely to lower the tax rate. The stock s net loss was only %c. The New York municipal stocks broke sharply, appar- ently in sympathy with the Chicago stocks declines, running from 1A to 33s Amalgamated Copper was rather dull but ruled below last nights price in spite of tho firmer market for raw copper in ; .0n ha had show as gains at the close of the day, and the changes in the general list are very irregular.
 Another jump in foreign exchange had disturbing effect on sentiment, as rates are now brought to level near to the gold export point for Berlin and Paris. Exchange experts affirm that no loss would occur on a shipment at today s rate. It is obvious also that the require ments of those centers are not yet satis- fled.
 Paris took another $1, ,000, 900 from Lon don today and the rate at Berlin fell again. The London discount rate was pulled up to near the bank rate which would give opport unity for an advance In the bank rate to be effective in restrain ing the outgo of gold. Conditions thus promise additional pressure on New York. The preliminary statement of the cash movement by the banks forshadows weak bank statement tomorrow. In spite of the payments by the sub-treasury on account of gold deposited at Pacific coast points, amounting to $2, 900, that institution has taken from the banks a net balance of s1,64S,0O0. The net loss to the interior in the direct export move ment Is estimated at less than a million, Including shipment of nearly s20OO,0OO to Philadelphia on account of the pay ment by the banks of outstanding &C., counts. But at least one of the leading banks has been a heavy lender on call on the stock exchange, reversing It's re- gently prevailing policy.
 Railroad bonds were less active in sym pathy with st ocks. and the speculative is- sues were inclined to react. Total sales, par value, $2,325,000. United States 3s coupon advanced A per cent on the last call.
 New York Stock Market.
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