The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-11-21
Attention Focused Largely Upon
This One Issue
CALL MONEY WAS EASY
Demand for Stocks Came Chiefly From
shorts. and Was Confined ExcIu-
sIvely to Copper and Sugar.
Bonds Much ouieter.

New York. November 20.-T5xcept for a
few irregular and comparatively unim-
portant moves, todays stock market was
very much like that of preceding days
of this week, in the sense that attention
was focused very largely upon one issue
Manhattan. The increased strength OF
that stock added to the fast growing be-
lief that important events dealing with
the local transportation system are I'M
pending. Just what form these possible
events will take Is still matter of guess
work. Manhattan sold up TO d54% and
made net gain of 81h points on very
heavy transactions The remainder Of
the list, irregular for the first part of the
day, made some improvement in the Anal
hour and the closing was very easy
though below the best Considerable
strength was shown by the Gould STOCKS
as a group at various times and there
were spasmodic rallies elsewhere. inc
early strength of sugar was reported to
be due largely to short covering, and the
further gains. in the new Rock Island
issues resulted from what appeared to be
inside buying.
Fractional losses were recorded In the
early dealings by all the coal stocks as
well as by the more inactive industrials,
while the international group went be-
low London's quotations, though harden
ing somewhat later. The early reaction
was followed by substantial recoveries in
st. Paul, Iowa Central Minneapolis and
St Louis Louisville and Nashville, Illi-
nois Central and Texas and Pacific, while
Missouri Pacific was conspicuously
strong. So obviously professional were
operations at this time, however, that an
other reaction set In with material de-
clines IN some of the issues Louisville
and Nashville breaking sharply
Union Pacific and Southern Pacific were
then inclined to heaviness and Manhat-
tan sagged in the absence of confirma-
otry news. Metropolitan and Brooklyn
Transit sold off to the previous days
figures, but there was nothing like gen.
eral selling movement the bear element
showing some timidity. The further ad-
vance of Manhattan in the afternoon
stimulated the rest of the list and good
buying of Amalgamated Copper was re-
ported. The demand for stocks came
chiefly from the shorts and was confined
largely to Copper, Sugar, Reading, New
York Central and Manhattan. Advioes
from London reported a very bearish feel
ing there and sales for that account
amounted to about 10000 shares with lit
tie buying in return. Amsterdam and
other European financial circles also sold
this market moderately. Time money
conditions, while no more acute thar
they have been recently, continue to ex-
cite some apprehension. The demand to-
day was moderate, but tenders were still
holding off for a stiff rate. Call money
was easy and again In light request
There was practically no change in the
> foreign exchange situation. A small trans
fer to New Orleans was made by the
local banks to the sub-treasury. AS COM
pared with last week the banks have
lost only nominal sum to the sub
treasury.
The bond market was much quieter and
fluctuations were slight either way. To-
tai sales, par value $1,S55, 900.
United States bonds were all unchanged
on the last call