The Birmingham age-herald., 1902-11-08
STOCK MARKET IS
 STILL IRREGULAR
Advances Were Exceedingly
 Apathy During the Day
EFFORTS TO TAKE PROFITS
Dealings Were Smaller Than Yester- day and Were Even More Strictly Professional-suear Was a
 Drag During the Session.

New York. November 1.-The irregular tone of the stock market continued to- day. The level of prices was above last night for the greater part of the day, but he advances were exceedingly spotty and were not maintained. In the late deal ing, as was the case yesterday, the efforts of professional operators to realize profits on the early advance. wiped out the ad- vance, and the market closed with net less losses noticed all through the list. No important gains were left at the close. The dealings were smaller than yester- day, and were even nor strictly profes- sional. Operations could not be sald to represent any conviction on the specu- lative outlook, but were simply the result of effcrts ot professional traders to ma a current of prices for the purpose or making a turn. There were evidences ol a resumption of activity by one or two of the pools, which have made perlooleai efforts recently to advance prices, put the stocks in which they operated sulereo In common with the rest of the list at the last moment. Sugar was a drag on the market throughout and its final dip or Mc was an Influence of the greater weak ness. The stiffening of the call money rate at the last, and the promise or a poor bank statement, were contributary Factors to the reaction. decline in bank reserves for the weep of upwards of SS'- poo GOO is indicated Most of this was transferred to the interior by express and through the sub-treasury for the purpose of circulation. Payments on account or gold at the sub-treasury largely offset the heavy receipts for customs. The col lection for this account during the week has reached about $3,0OO,OOO
 The announcement from Washington that no further deposits of government funds would be made with the national banks therefore had some effect on sell timent, although the deposit of bonds with the treasury department for thls purpose has been very slight for some time. The strength of sterling exchange was an additional threatening factor 10 the money market, although further advance in sterling exchange at Paris lifted somewhat the point of profit for gold exports. On the other hand there were reports that Chicago was receiving some returns of currency from points further west, and New York exchange at Chicago rose 10 cents to 20 cents dis count. Additional reports of a decreasing tendency in the net earnings of rail roads had to be faced. Among the early points of strength the soft coalers were conspicuous Todays meeting of Norfolk and Western directors was expected to advance the dividend rate, and when they adjourned without action prices of the group ran off.
 The weakness of Hooking Valley was due to reports of a competing line from Columbus to Toledo to be operated in the Pennsylvania interests. The anthracite coalers were in some demand on account of the agreement of the independent op- orators to abide by the strike arbitra- tion. The advances among the corn and cotton roads may have been due to crop prospects, but they were generally att tributed to pool manipulation and did nol hold
 The bond market was steady on a small volume of business. Total sales, par value $l,5OO,000
 United tsates 2s declined 4 per cent on the last call.