The Birmingham age-herald., 1902-10-26
STOCK MARKET
 SHOWS ACTIVITY. Prices Were Generally Higher
 at tke Opening
RELAPSE CAME LATER ON
Only the Most Favorable Comment Was Heard Regarding the Bank Statement and Traders Were
 at Loss to Account for It.

 New York. October 25.-rhe stock mar ket was active and generally higher at today's opening, but later reiapsed into extreme duilness and failed to make any response to the very favorable bank statement. In the early operations ad- vances were scored by Baltimore and Ohio. Atchison, St. Paul, Reading, Nor folk and Western, Union Pacific and Southern Pacific as well as by Colorado Fuel and Iron and Amalgamated Cop per. Elsewhere the list dNsplayed little animation and no material changes The You'd stocks later became a feature by reason of their strength and there was some good buying of Texas Pacific, Wa bash common and St. Louis Southwest ern. The dealings in Colorado Fuel gave rise to reports of competitive buying and that stock was again the feature Of the day in point of activity, though 1t closed with a fractional loss Improvement showed by Canadian Pacific was due to increased earnings and Chesapeake and Ohio held steady in spite of an adverse showing.
 The strength of cotton oil resulted in the belief that a consolidation with any kindred company would be of great ben eft to it. Only the most favorable com ment was heard regarding the bank statement and traders were at a loss to account for the selling movement which set in with it's publication. The state ment was regarded as a very correct ex- position of local financial conditions. The gain in cash was fully up to expecta- tions, but the loan increase came as a surprise and was doubtless due to some of the weeks syndicate operations. The increase of over $12, GOO is surplus re- 7 serves was especially gratifying and lia- bilities of the associated banks proved Ito be within $1,0O0.0O0 of their resurces. The market closed somewhat unsettled and very dull. Net changes showed lm- provement over the previous day but with the exception of the movements In the special class this, including Colorado r uel Consolidated Cas- North American and New York Air Brake, gains were chifiy fractional. The days business was barely in excess of 200,0O shares. Ster- ling exchange was quoted at slightly higher figure, but no importance was attached to this feature. The nominal rate for call money was 21s per cent. The t sub@treasury paid out $l0O0OO for account of San Francisco and received the amount for transfer to New Orleans.
 During the week it was reported that two of the hard coal roads one or them an important line, were contemplating increased stock issues. With one 'x- reption London was seller on this mar ket all through the week and 1t Is re- garded as very significant that such a thing as inve stment buying Tor London for other European account In any vol time have been unknown for some weeks. From all accounts this country's debt to the continent s far too heavy to De oir- set by our exports of bread stuffs and ct5Illnodities and 1t Is freely predicted that an indefinite extension of time Will have to be granted for the adjustment of our obligations. Some such extension were made this week is well known In ex- change circuits. The financial situations presents no really unfavorable aspects The rate for demand money ruled easy Tbe drain on the local banks has been heavier than reported, a considerable amount of money going to the interior Inv express On the other hand. the suo- treasury paid out large sums againsl Klondike and Australian gold ueposlteo at San Francisco and disbursed about soo oOo. GOO for bonds, this series of trans actions being clearly reflected Tn the hank statement. The latest treasury statement shows an increase of most $l2,- 000. GOO Of reCe1pIS =ONci CAPShN' VI There was much gossip dealing with va- rious phases of the railroad situation. Some of this had to do with the St. Paul road and 1t is doubtless true that that system has increased it's prestige recent W. Nothing official has yet been heard respecting the issue of $25,OOooOo extra ] stock authorized by the roads stock- holders. Reports that the Norfolk ana Western dividend is to be increased rom p to per cent was received with some reservation.
 Railroad bonds were considerably less active and showed decided irregularity throughout. !, United States 2s and Ss advanced A per cent and the new As declined IA per cent as compared with the closing call of last week.