The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-11-22
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INIP KUVEMENl IN
STOCK EXCHANGE
--=
Due to Great Extent to Ease of
Time Money
FLOW OF MONEY AT END
FOR the First Time During the Week
Manhattan Was overshadowed
BY That of Another Stock,
ST. Paul.
FLOW OF MONEY AT END

New York, November 2.-The marked
Improvement shown by today's stock
market was doubtless due in great
measure to the greater ease of time
money. There was no apparent reduction
On the rate, but the willingness of certain
large banking interests to lend for long
periods was accepted as proof that tinan-
cial Conditions hereabouts have once more
been placed on a substantial foundation.
There were indications also that the now
of money to interior points is at an END.
Although another transfer was made to
San Francisco this was more than offset
by returns from western and southern
points and the preliminary statement OF
money movements show material loss 10
the sub-treasury with resultant gains 10
local banks. While much of today's pusl-
ness was really in the nature OF snort
covering, there is little doubt that the
solid interests were heavy buyers For
the first time this week the movement IN
Manhattan was overshadowed by that of
another stock, namely, St. Paul That
stock, which was dealt in today to the
extent of over 100000 shares, advanced TO
$50 and closed at that figure, making
net gain of 51k points. No plausible ex-
PLANTATION for the rise was advanced other
than that an early announcement Of an
extra stock issue may be made. Inc
opening was again irregular with Man
haitian in the lead, though the other
transactions were lower. st. Paul made
early Improvement and Louisville and
Nashville was also strong. The reported
deal in Manhattan, while still lacking Oh
fetal confirmation but Is generally be-
lieved, doubtless exerted some influence
on the buying side, although Manhattan
moved irregularly throughout the day
and scored a net loss of III points.
The movement in the railroad shares
gathered greater force before the end OF
the first hour, st. Paul, Rock Island Mis-
souri, Pacific, Kansas City Southern, To-
ledo, st. Louis and Western and more
obscure issues all making substantial I'M
provement. In the industrial group Sugar,
Amalgamated Copper, Tennessee Coal
and Iron and United States Realty issues
being the principal features. 1t was clear
that the shorts were running to cover,
especially in copper. The heaviness OF
Manhattan was probably due in part to
profit taking by one or more people. The
Improvement shown during the morning
session was more than sustained later,
and with st. Paul still the leader the gen.
eral list continued to move upward until
at times the movement was almost buoy
ant. Buying of such stocks as st. Paul.
Louisville and Nashville, some OF the Pa
Cities, Baltimore and Ohio, Pennsylvania
Resd ding and copper was reported to be
of the very best character and board room
sentiment was more cheerful than for
some days. The closing was very strong
and active, with prices very generally at
the best. London was heavy seller and
bought very little on the rise. Sentiment
in London and elsewhere on the conti-
nent continues rather bearish. Sterling
exchange experienced another sharp adj
vance, due in part to further sales for
European accounts in this market. The
price vas fully 10 points above yesterday,
hut as sterling at Paris also rose l Gen.
time. The markets were about in the same
position, as far as the export of gold was
concerned.
Bonds sympathized with the rise in
stocks, but only to slight extent outside
of Wabash debenture Bs Total sales, par
value. ST. go 900. United States new As de-
clined Y and the IS u.