The Birmingham age-herald., 1902-10-19
STOCK MARKET
 REMAINS FIRM
Partial Renewal of Operations
 in the Railroads
UPWARD MOVE AT CLOSE
To the Conservative Element the Bank statement, Which Was Favor ably Regarded, Brought Re
 sumption of Activity.

New York, October 1s-The market op- ened with partial renewal of yesterdays pool operations in the railroad stocks. Baltimore and Ohio made a wide opening. advancing about l per cent. Pennsyl- vania was active though selling frac- 1ionally lewer, as did also Norfolk and Western. The reaction in the latter stock was ascribed to heavy selling by those who believe that any increase in the semi-annual dividend will not be more than one-half of 1 per cent, putting the stock on a per cent basis. Extreme weakness was shown by New York Gen. tral and Union Pacific. and St. Paul also sold below yesterdays close. Baltimore and Ohio made a further advance, but the southwestern group, under the lead of Missouri Pacific showed somewhat heavy. In the industrial class, Tennessee Coal and Iron and the United States steel stocks were the features in point oI strength while sugar and amalgamated copper were lower. than at the previous days close. The list showed some further realizing, due to heavy selling for Lon don and proflt-taking by local traders.
 Prices showed a tendency to sag in the second hour. but the publication of the bank statement, which was favorably re- garded, brought a resumption of the early activity with better prices. In the final trading however, there came another realizing movement, and the closing was weak, with lowest prices of the day for many of the more active issues. To the conservative element the bank statement fat namely the decrease in the loan account, the increase of almost $1S00,00O in er- culation, the gain in cash, and the in- crease of reserve on all deposits which now places the surplus reserve about s. 000,000 above the legal requirements At tempts were made to revive interest in gold import movement, but they met with little success. In the opinion of experts any serious efforts to bring in gold before the middle or end of next month will be wholly artificial and profitiess.
 The week was one of the most memor- able in the recent history of Wall street It began with further liquidation of stocks, this movement being largely in- duced by the previous weeks disappoint- ing bank statement, a further contrac- tion of loans by the local banks and fears of higher money. That this latter feel ing was justified was shown before noon of the first day when the rate for call money advanced to IS per cent. In the early afternoon reversal of these con ditions set in on authoritative news that a settlement of the coal strike was at last under way. The selling movement was checked all around and the list made net gains and with few exceptions in- creased it's advantage as the week wore oii, advances in some instances extending to more than 10 per cent Other causes that contributed to the general impor- tance was the large purchases of bonds by the treasury, releasing about $2O,- 100000 practically insuring easier rates both for call and time money, and the foreign trade statement showing a large increase in exports Sterling exchange weakened to a degree and was accom- panied by reports of probable gold im- ports but no engagements were an nounced Total receipts of the treasury for the fiscal year to date aggregate Sl15.- 609514 and total expenditures SlbS,Sol'9fo' leaving an excess of intake over outgo of over S11, TOO, GOO. Trading in the latter mart of the week was conspicuous for a series of upward drives in the securities controlled by the various pools. Such stocks as St Paul, Union Pacific, Balti- more and Ohio. Norfolk and Western and the soft coalers as whole were bought in large volume and closed with heavy gains.
 .ived runors of an increase in the divi- dend of that stock, but no off1clal an nouncement on that point was made. It was generally admitted that better un- derstanding exists between the St. Paul and Union Pacific interests, under the terms of which the first named system is expected to reap material benefits, but the exact terms of the deal have not been disclosed. There appears, however, to be little foundation for the report that a St. Paul-Union Pacific alliance has been made at the expense of the Missouri Pa eific road.
 Nowhere has the virtual settlement Of the coal controversy been received with greater satisfaction than in London, and that center was a factor in this market Throughout the week, lending encourage rnent by heavy purchases of the inter national list, a part of which was resold to this market later in the week. Taking the stock list as a whole, prices still average 10 points below the high level reached a few weeks ago. In fine, it has recovered only about one-third of the loss which began with the heavy liauida- ton about two weeks ago. Trading during the present week was widely distributed and commission houses were active on the buying side, but there was much profit taking. ( Trading In bonds was on large scale and there were many substantial ad- .vances in the speculative list. United States 4s advanced 4 per cent as com pared with the closing call of last week.