The age-herald., 1901-11-13
BUYING DEMAND
 LESS FOR STOCKS Sales to Take Profits in Late
 Dealings METROPOLITAN ADVANCES Sterling Exchange Strong In Spite of Easier Money Rates In London
 and BerIin-Large Bond Business Done.

New York, November 12.-There was rather less buying demand and rather more irregularity in the stock market from the outset today. The hesitation in the advance grew and turned to sharp reaction in the late dealings. Selling to take profits was joined to extensive short lines put out by the bear party on the argum ent that the rise in prices after en- during for so great length of time must have made the market vulnerable to attack, but there still were persistent points of strengh In the market, and al- though the extreme advances in the strong stocks were notably curtailed, many of them have considerable net gains to show for today.
 The local fractions were conspicuous examples. In Metropolitan the advance reached 3B at one time, and in Brooklyn Transit. %; while the net gains are 2A for Metropolitan Street Railway and 1ss for Brooklyn. The anthracite and soft coalers and carriers sold below par but leaped over this range to net gains. A disposition to take attractive profits af-
 
 which has occurred, was emphasized by the expectation that several millions of gold will go out this week on Thursday to Paris and on Saturday probably to London, as the rate of sterling exchange today advanced to a point which makes gold exports to London direct profitable. The strength of sterling here was noticed t., London and in Berlin and relaxation of the continental pressure upon London for gold. The necessity of a large move- ment of gold from New York at this time of the year calls renewed attention to the extent of the American borrowings in Europe early in the year with the expectation that our foreign trade bal ance would continue so favorable that these loans could be repaid at a profit out of the abundance of foreign exchange in New York.
 The fact that this expectation has not been realized and that exchange bills are scarce owing to the falling off in our export trade arouses some natural sur mise whether the higher prices of stocks reported earlier in the year did not also present undue expectations. It is to be recollected that the projects which stim-
 
 extent the actual manipulation of the market were furthered by the resources of these foreign borrowings. In the present movement more than one stock has reached a record price and all stocks are undeniably high priced. On the other hand the extraordinary railroad earnings and trade activity are natural incentives to speculation. Todays returns of gross earnings for the first week in November show such increases over last year as 53 per cent for Rio Grande Western, 22 per cent for Chicago Great Western, 31 per cent for Canadian Pacific, IT per cent for Wabash 15 per cent for Chicago and Eastern Illinois. and g per cent for St. Paul. The government estimate on the corn crop. although it offered no very unexpected information renewed the de- pressing influence of the heavy shortage in the crop and the corn carrying rail- roads in the West and Southwest were therefore most acutely affected by the profit taking. The cut in the price of Sugar especially affected that stock. The market closed weak. There was another large days business in bonds but the price movement was irregular. Total sales, par value, $5 290, GOO. United States bonds were all unchanged on the last call.
 New York Stock Market.
 Rv Private Wire to Murphy 4. Co