The Birmingham age-herald., 1902-10-30
LIQUIDATION IN
 STOCK MARKET Another Increase in Foreign Exchange Causes Trouble BEARS MAKE MANY RAIDS Opening Prices for Stocks Were a TrlHe Better and the Activity In
 Certain Isues Came Early,
 But Fell of.
BEARS MAKE MANY RAIDS

New York. October 29.-Another in- crease in foreign exchange to the highest point reached during the present move ment with attendant fears of gold ex- ports, brought further liquidation to the stock market today A great deal of selling was for account of the western speculative element and much of it was forced. Not few stop loss orders were uncovered, and room traders, emboldened by this show of weakness, made a series of drives which left the list generally lower with many sharp breaks. Exchange advanced to 4s6.9O. which, in the opinion of some bankers. was several points away from the basis at which gold could be used for remittances with profit. Some exchange firms believe, however, that en- agreements might be made with exchange only five points above today's level Such an advance is regarded as very likely, unless the market shifts materially and tenative negotiations with a view to ex- port are made. The fact that Paris ex- change on London remained at 25 francs, indicated that the irregular movement for shipping gold from this center in payment of London's obligations to Paris could be easily arranged
 Opening prices for stocks were a trifle better and the activity in such issues at Baltimore and Ohio and Norfolk and Western, seemed due to the aggressive ness of one of the leading operators. The advance in Southern Pacific was regarded more as a drive against one of the bear pools in that stock, while the weakness of Colorado fuel suggested inside selling. All through the morning session dealings continued professional and insignificant, and at times the market was completely stagnant.
 The only strong features during this period were Texas and Pacific, Mime apolis, St. Paul and Sault Etc Marie, Kansas and Texas preferred and Illinois Central Elsewhere in the standard class fluctuations were extremely narrow Col orado Fuel made further decline but the rubber goods issues were strong at Improved prices. One of the redeeming features was the buying for London ac- count to the extent of about 25,000 shares but these treansactions were negative in- asmuch as they really represented New York buying, and were incidental to the change of accounts between the two markets. A sale of 5000 shares of Colora- do Fuel by one firm sent the price off to SS1a and that stock made a net loss of another point. The real liquidation occurred in the late afternoon.
 Stocks that sustained the greater de- cline included Delaware and Hudson, which made a net loss of six points and St. Paul, Missouri Pacific, Illinois Gen. tral. Louisville and Nashville, Baltimore and OLio, N. & w., Reading and Colo rado Fuel, and iron declines extending from ? to s1z points, In spite of the United States steel decision, those stocks held comparatively firm. The closing was weak The sub-treasury disbursed $2,- e10000 for Australian and other gold de- posited at San Francisco and $257900 prin- nipal and interest for government bonds.
 Railroad bonds were irregular with the active issues showing heaviness in sym pathy with stocks Total sales, par value, 2,260000 United States bonds were all unchanged on the last call.