The Birmingham age-herald., 1902-10-31
STOCK MARKET
 WAS AGAIN DULL Call Money Worked as High as
 6 Per Cent LONDON MORE FRIENDLY
No News to Account for the General Improvement Other Than Traders Seemed to Think the Mar
 ket Had Been oversold.

New York. October so.-4rhe stock times there were indications of a some what better feeling. This may have been due to !. the. slight decline in demand sterling, which lessened the probability of carly gold exports. Other favorable features included some good reports of railroad earnings and London"s more friendly attitude, though that center dealt moderately in this market and sold quite as much as 1t bought The opening quotations were generally a fraction better than the previous days close.
 The feature in the early trading in- cluded St. Paul, Southern Pacific, sugar and amalgamated copper. Among the stocks that registered declines at the same time were Reading, L. & N. and T. s. steel A further tendency towards better prices was soon shown and Nor folk and Western, Missouri Pacific and Manhattan were quoted at improved prices. There was no news to account for the general improvement other than traders seemed to think that the market had been oversold. The Gould stocks de- veloped increased strength under the lead of Missouri, Pacific and there was a moderate demand for Texas Pacific. The trading in Pennsylvania, B. & o.. Canadian Pacific, Illinois Central Della ware and Hudson, New York Central md Wabash seemed to have some foun- dation. Northwestern was sensitive and declined on some dealings but later made partial recovery In the special class American cotton oil made further gain, but Colorado fuel and iron was distinctly heavy. U. s. realty shares were dealt in for the first time, the pre- serred making a one point advance. Speculation became rather irregular and reactionary toward noon and business iwindled to the smallest proportion.
 While inside support was not altogether lacking, 1t was clear that attempts in the Erection of activity and higher level were met with offerings of long stock The list held barely firm during the ear y afternoon, though the reactions were ,hiehy due to room trading. St. Paul developed unusual strength in the last hour making a maximum rise of 3A points, but profit-taking and the failure of the directors to take action on the proposed issue of extra stock, caused general selling. The remainder of the list went off in sympathy and the clos Ing, while easy, was dull Demand ster- ing was quoted at 4S6.S0@4S6.S5. The rate for exchange hardened in Berlin and signs of a recovery in Paris exchange on London was lacking. Call money work ed as high as per cent in the final hour, but most of the days loans were made between Az and per cent. The advance n demand loans was probably due in a measure to the final payment on Satur- lay of $27,0O0.0O0 for account of the re- cent bond increase of the Pennsylvania railroad Arrangements to meet this payment were effected some days ago, i however, and 1t is more than likely that the advance in call money was largely Influenced by the belief that gold ex- ports must come The recent loss of the banks to the sub-treasury has been more han made up and the local institutions low show gain of about $1,500,000.
 Among the traffic returns reported was that of Union Pacific system, showing a let increase for September of $2340O0.
 The bond market continued very dull put prices were well maintained. Total tales, par value, $1,760,000
 United States 3's coupons, advanced 4 per cent on the last call.