The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-11-25
WALL STREET REVIEW
STRENGTH OF FOREIGN Elk.
CHANGE CAUSED IRREG-
ULARITIES.
-here Was Noticeable Lack Of Lon
don Buying Due to Fortnightly
Settlsment-Bonds Dull
and Irregular.

NEW YORK. Nov. "a Movements OF lead
ing stocks in today's market were irregular
in great measure to the increased strength
Of foreign exchange. Demand sterling was
quoted at 4s1h; the advance resulting largely
don. together with heavy purchases Of ex-
change by prominent international banking
. While the high rate puts this center nearer
the gold export point 1t is still the opinion
OF experts that pressure will be brougt to
bear to prevent an outflow of gold even should
exchange reach the level where transactions
OF that sort could be profitaby made. Never
layed much longer II London continued heavy
seller of securities here inasmuch as the local
market also has to provide for important
payments maturing this month.
Time money was comparatively easy most
loans for 90 days or longer being made at 81
per cent. 1t is known that considerable out
side money not held by local banks has been
loaned at this figure In the last few days
Receiving no announcement from London
and spiritless, opening prices were generally
lower, though a tendency to Improvement
was soon shown.
Trading in such stocks as Reading, Man
haitian. Metropolitan. St Paul, Sugar and
Colorado Fuel and other active issues was at
a lower level. but some OF these stocks; notably
st. Paul and Reading. soon recovered. Rock
Island issue smade early gains of l@2h per
cent for the common and preferred shares,
strength OF these stocks brought sharp
covery. but the list soon developed another
reactionary tendency. pressure being shown
Pacific. Reading and New York Central all
declining point or more with greater losses
in Canada Pacific and Hooking Valley. Louis
starting with i-point decline. ralying ~
and then declining almost as much. The
strength of the Rock Islam lis was meanwhile
well sustained.
During the early period there were few
movemnts of Importance in the in1ustrials.
Colorado Fuel displaying further heavness on
reports Of renewal Of the contest for con-
troll, but in the later transactions recovered
with a net gain Of points on moderate trans
actions.
In the special class Pressed Steel Car was
higher, while single sale of New York Air
Brake was recorded at decline of 81. points.
Trading continued duh and largely profess
sional until the afternoon. when new move
ment in Manhattan advanced that stock to | So.
from which II declined points, closing with
net gain of points on very large transac-
tons The great bulk of Manhattan buying
was by Gould brokers. The movement in Man
haitian stimulated buying in New York Cen
trail and Pennsylvania, but Metropolitan and
Brooklyn Rapid Transit were little affected
either way. The bear factors traded eau
tiously. but took courage from the absence Of
any news regarding the so-called Manhattan
deal and made a successful attack on that
and other stocks.
New York Central and St Paul were forced
Down while attempts to move Amalgamated
Copper met with Boston selling Short cover
ing in the final dealings was hardly OF suf-
cieht volume , TO p ore ono an esar eiose
about 5. 900 in the last four days anc bought
nothing The lack OF London bdying was at
tributed partly to the approaching fortnightly
settlement there.
Bonds were irregular and rather dull. Early
losses were largely recovered when the stock
market Developed strength. Total sales tpar
United States IS and the SIS declined 4
per cent. on the last call.