The Birmingham age-herald., 1902-11-02
STOCK MARKET
 RULES DULLER Moderate Inactivity and Sligh ht y Higher Prices Shown COMING HOLIDAY EFFECT Buying of Colorado, Which Was Only Feature of Industrial Class, Was
 Attributed to Two Widely
 Separated Interests.
COMING HOLIDAY EFFECT

New York, November With the hon- day in London and the coming holiday here, the local market ruled even duller and more narrow today. Moderate inae- tivity and slightly higher prices were shown at the opening, though there was an undertone of irregularity. The great est gains at the opening were in Man haitian, St. Louis and San Francisco and Colorado Fuel and Iron. Apparently cov ering of Reading brought a fractional advance in that stock, and 1t was re- ported one firm of brokers had bid CHA for any part of 100000 shares of the com mon. Other points of early strength were Rock Island and Canadian Pacific. The special class was most prominent but fluctuations were insignificant. Many of the standard issues were neglected, Kansas City, Fort Scott and Memphis. which opened with a one point advance lost all it's gain and more on moderate transactions. The buying of Colorado Fuel was attributed to two widely sep arated interests and was the only feature of the indu. trial class. Manhattans s strength was not sustained, the stock making a net loss on comparatively heavy transactions of over point. The bank statement had not entered very seriously into the calculations of traders, yet 1t was rather better than many look ed for, and the selling which followed its publication lacked explanation The closing was dull and weak The surpris- ing feature of the bank statement showed that three of the large banks carried heavy surplusses, and it is assumed that these institutions put their holdings into the loan market this week The large gain in cash was due chiefly to last weeks payments for government bonds, some of which were purchased too late to figure in the statement of that week. The further increase of circulation indi- cates that the banks have been acting on Secretary Shaw's instructions to strengthen their positions in this partie- ular. For a Saturday there was unusual activity in foreign exchanges. Demand bills were quoted at 4S6S0 to 4.S6.S5 with a fairly good inquiry for remittance by the coming weeks steamers There was some talk of special gold shipments to Australia, but details were not obtain able.
 Impartial observers were of opinion that the dulness of the week was due to causes far removed from political con alterations. The real reasons they be- lieve are more important and deep rooted. The fact that this country has changed from a creditor to a debtor nation and that it's obligations abroad are not like ly to be liquidated without some strain, has unquestionably excited concern in conservative quarters. It has created situation which those who ought to know believe must result in drain upon the country's gold reserve before the end of the year. Foreign advices agree that England and France, particu- ho lot her internal troubles soon will demand goodly instalments of the sums due them. The movements in foreign ex- change during the week, indicated that England's debt to France could easily be arranged by direct shipments of gold from New York to Paris. The labor problem also developed interestingly. There were fresh demands by various bodies of trainmen in the west and the situation on the Pacific coast became rather more acute The attitude of the eoal miners in their relations toward the Independent operators was also regarded as unfavorable circumstance. Of the stock market there is little to say, ex- rept that a slightly better tone prevailed In the last half of the week. The activ- lty and improvement shown in certain Issues, resulted largely from aggressive buying by pool operators, though not a few traders reversed their position in the 
 course The professional element was dominant throughout however, and there was next to no public or investment buy Ing. The matter of dividends entered largely into the movements of two active railroad stocks, L. & N. and N. & w. Trustworthy information has it that there will be no advance in the dividend rates of these stocks in the near future and in the case of l.. & N. there exists also some doubt as to how the outside inter ast will fare at the hands of the Atlantic Coast Line. Realizing in l.. X N. and N. & W. was among the few noteworthy market features of the week. There was considerable speculation and activity in St. Paul on Thursday in the expectation that an announcement of extra stock with rights would be made.
 Trading in bonds was in small volume during the week and the movement was on a narrow range United States 2s declined A per cent as compared with the closing call of last week.
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