The Birmingham age-herald., 1902-11-03
STOCK MARKET
 RULES DULLER Moderate Inactivity and Slight Iy. Higher Prices Shown COMING HOLIDAY EFFECT Buying of Colorado, Which Was Only Feature of Industrial Glass, Was
 Attributed to Two Widely
 Separated interests.
COMING HOLIDAY EFFECT

New York, November 1.-With the holi- day in London and the coming holiday here, the local market ruled even duller and more narrow today. Moderate inac- tiyity 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 fractional advance in that stock, and 1t was re- ported one firm of brokers had bid bfA for any part of 900 shares of the com mon. Other points of early strength were Rock Island and Canadian Pacinc. 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 its 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 industrial class. Manhattan 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 it was rather better than many look ed for, and the selling which followed It's 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 nd fa a 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 Shaws instructions to strengthen their positions in this partic- ular. For a Saturday there was unusual activity in foreign exchanges. Demand bills were quoted at 4,86.SO 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 dullness of the week was due to causes far removed from political con
 
 ieve are more important and deep rooted. The fact that this country has changed from a creditor to debtor nation and that its obligations abroad are not like " to be liquidated without some strain, aas 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- arly the latter country, by reason of her int ernal troubles, soon will demand goodly installments of the sums due them. The movements in foreign eX- change during the week, indicated that Englands 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 coal miners in their relations toward the ndependent operators was also regarded ss unfayorable circumstance. Of the .tock market there is little to say, ex- .ept that a slightly better tone prevailed n the last half of the week. The activ- tv and improvement shown in certain ssues. resulted largely from aggressive
 
 lew traders reversed their position in the belief that the liquidation had run it's 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- est will fare at the hands of the Atlantic Coast Line. Realizing in L. & 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 bonos was in small volume Turing the week and the movement was on narrow range. United States 2s leclined 4 per cent as compared with the dosing call of last week.