The Birmingham age-herald., 1902-11-06
PRICES RECEED
 SEVERAL POINTS Scarcity of Gold and Not elec- ton Effects Stock Market. GOLD SHIPPED TO EUROPE Much Yellow Metal Comes In at the West and the Countries to
 the East Ask For
GOLD SHIPPED TO EUROPE

New York, November 5.-The hopes de Kerred of some of the large speculative holders of stocks made their influence felt in today's stock market. and the re- newed disappointment of these hopes was reflected in the lively selling move ment with which the market closed ana before which prices receded from to 4 points lower than Mondays closing level In the morning spurt fractional advances were very general and reached poihl or more in one or two prominent stocks This buying was clearly based on the Eupposition that the elections being oVer' active interest in the stock market was to be revived.
 There has been a well defined assump- tion amongst certain speculative class that the recent semi-stagnation In the market has been due to anxiety over the outcome of the elections. This class was made up mostly of the members of large speculative pools, which have constituted themselves the champions of various prominent stocks, of which they nave taken on heavy lines with the intention of pushing their prices to higher level and then selling out at a profit
 The history of the recent stock market has been made up of the letting go of successive parcels of these large hold tngs by the pools. The demonstrative buying at the opening this morning evi- dently came from these sources, and was Intended to signalize the supposed pass Ing of the period of depression. The liquidation, however, that met the ad- vanees was of a character to discourage all efforts to put up prices, and 1t was quickly demonstrated that the recent de- pression of the market was due to other causes than election uncertainties. These causes are of so general a character and have been so widely discussed as not to require enlarging upon here. AS to one Df the most important of them, the pros pect of gold exports, todays immediate development moved against export prob abilities
 Sterling exchange at Paris, which is the real center of the pressure for gold, advanced a fraction, and money and dis counts were easier in London. Call money was slightly firmer in New York. The consequence was that no engagements for export were made for shipment by tomorrow's steamer, as had been expect ed by good authorities but it is believed that the autumn's demand upon the great foreign banks for the needs of circula- ton of money for purposes of trade will ultimately result in withdrawing consid-
 
 fact that gold continues to come in from Australia to the Pacific coast, arrivals at that port last week amounting to $2- l)0,000 with $1, ,750,000 additional in transit, adds to the probability of outgo from New York, while insuring against serious evil effects of this outgo.
 The question of increasing labor cost, both in transportation and manufacture, which has been brought up by the an- thracite labor trouble, keeps attention closely fixed upon the problem of the eliminating point of the period of pros perity. When the rise in prices reaches a stage at which consumptive demand is checked, the eliminating period of indus trial activity is to be expected Specula- tive attention just now is keenly alive for symptoms of this condition.
 The pressure to sell was felt in the bond market, but in less degree than in active stocks. Total sales, par value, $1, ,990 000.
 United States bonds were all unchanged on the last call.