The Birmingham age-herald., 1902-10-27
TOCK MARKET
 SHOWS ACTIVITY
Prices Were Generally Higher
 at the Opening
RELAPSE CAME LAYER ON
Only the Most Favorable Comment Was Heard Regarding the Bank Statement and Traders Were
 at Lose to Account for It.

New York, October 25.-The stock mar ket was active and generally higher at todays opening, but later relapsed into extreme dullness and failed to make any response to the very favorable bank statement. In the early operations ad- vances were scored by Baltimore and Ohio. Atchison, St. Paul. Reading, Nor folk and Western, Union Pacific and Southern Pacific as well as by Colorado Fuel and Iron and Amalgamated Cop per. Elsewhere the list displayed little animation and no material changes The Gould stocks later became a feature by reason of their strength and there was some good buying of Texas Pacific. Wa bash common and St Louis Southwest ern. The dealings in Colorado Fuel gave rise to reports of competitive buying and that stock was again the feature ot the day in point of activity. though It closed with a fractional loss. improvement showed by Canadian Pacific was que 10 increased earnings and Chesapeake ana Ohio held steady in spite of an adverse showing.
 The strength of cotton oil resulted in the belief that a consolidation with any kindred company would be of great pen- eft to It. Only the most favorable com ment was heard regarding the bank statement and traders were at loss to account for the selling movement whlch set in with it's publication. The state ment was regarded as a very correct ex- position of local financial conditions. The gain in cash was fully up to expecta- tlons, but the loan increase came as surprise and was doubtless due to some of the weeks syndicate operations. Ine increase of over $12,000 10000 is surplus re- .ss.II. erraft fxff a. bilities of the associated banks proved to be within S1 ,000,000 of their resurces. The market closed somewhat unsettled and very dull. Net changes showed lm- provement over the previous day, but with the exception of the movements Tn the special class this including Colorado puel Consolidated Gas, North American and New York Air Brake, gains were chify fractional. The days business was 7 barely in excess of 200, GOO shares. Ster- ling exchange was quoted at a slightly higher figure, but no importance was attached to this feature The nomlnal rate for call money was 215 per cent Ihe sub-treasury paid out $100000 for account of San Francisco and received the amount for transfer to New Orleans.
 During the week it WAS reported that two of the hard coal roads. ono or them ' an important line, were contemplatlhs increased stock issues. With one 'x- ception London was seller on thls mar ket all through the week and IL Is re- garded as very significant that sucn thing as inve stment brylng Tor London for other European account in any vol i ume have been unknown for some weeks. From all accounts this oountry's deot to the continent g far too heavy to De oi1- set by our exports of bread stufls ana commodities and, it is freely predicted that an indefinite extension of tune Will : have to be granted for the adjustment oi our obligations. Some such extension were made this week is well known Tn ex- change circuits The financial situations nresents no really unfavorable aspects. rhe rate for demand money ruled easy. rbe drain on the local banks has been , heavier tl4an reported a considerable amount of money going to the interior bv express On the other hand, the sub treasury paid out large sums against Ilondike and Australian gold deposited a4 San Francisco and disbursed about s2OOOO 900 for bonds, this series or trans actions being clearly reflected in the banls statement. The latest treasury statement shows an increase of most $l2,- ooo 00o of receipts over expenditures. There was much gossip dealing With va rious phases of the railroad sltuauon. Some of this had to do with the St. Paul road and it is doubtless true that that svstem has increased its prestige recent " Nothing official has yet been hearo respecting the issue of S25OOO'ooo extra stock authorized by the roads stoek- 1,o,ders Reports that the Norfolk and svestern dividend is to be increased from to 4 per cent was received with some reservation. ,.zz
 Railroad bonds were considerably less active and showed decided irregularlty throughout. |,
 limited States 2s and Ss advanced ner cens and the new As declined A per cent as compared with the closing caii of last week.