The Birmingham age-herald., 1902-11-13
EXCITEMENT IN
 
 STOCK MARKET
Transactions Ran Well Over a
 Mill on Shares
.P0WtRFULAGENTSAI WORK
Supporters of the Market Had a Stormy Time During the First Hours and Prices Kept Run
 hing Up and Down.

New York, November 2.ATransactions again today in a remarkably feverish and irregular market. The action of the market gave warrant for the presump- tion that powerful financial interests had set themselves the task of supporting the market and establishing a condition of equilibrium. It was assumed in Wall street that the selling of Stocks had taken on an indiscrfminate character that threatened serious results to substantial interests. There was a further threaten ing break this morning, which was not unnatural in view of the rapid decline in progress at the close of yesterdays mar ket The impairment thus caused in margins and the anxiety aroused among outside holders of stock who were not within immediate reach of their brokers yesterday afternoon brought heavy sell ing orders to commission houses this morning, as a result of which opening prices were from 1 to points lower for practically all the leading stocks. These prices were the lowest of the day, all though the level was approached on one Tor two subsequent dips.
 It became quickly manifest that buyers of unlimited resources were In the mar ket and the heaviest offerings were quick ly absorbed and prices were vigorously bid up through floods of selling orders The supporters of the market had a stormy time during the first hour and prices kept running up and down a con siderable scale in a lively and confusing manner, but by the end of the first hour the selling had been brought almost to a standstill and substantial recoveries were established all through the list. The SUD- port centered in St. Paul, Amalgamated copper and the United States steel stocks The buying of these stocks had notable effect in reassuring speculative senti- ment, just as they unsettled conditions in the early part of the week.
 There were special influences which helped to encourage sentiment. Chicago and Northwestern, after a drop of three points, recovered to over last night on the action of the directors in favor of issuing new stock with rights to stock holders to subscribe at par. The issue of a circular to the Colorado Fuel stock holders asking for proxies on behalf of the interest controlling the principal Col orado railroad system, disclosed new contest for control of that property which resulted in a sharp advance in its price. A Manhattan was benefited by the publica-
  Aside from these developments in regard to individual properties, there was very little news to account for the movement of prices. Upon the first recovery after a temporary pause attempts were made to renew the advance, but the selling in creased at the higher level and prices fell back again. Throughout the day, whenever prices declined, effective sup port was forthcoming and. on the other hand, any considerable advance, invited renewed selling. The closing was firm, however, and about the top level Mis- souri Pacific offered effective resistance g to reaction throughout the day.
 Money showed rather easier tone, owing to partly no doubt to the extended lqui- dation and New York exchange at Chi cago rose again to par; but sterling ex- change was firmly held again and it was considered possible, up to late in the day, that gold might go out on tomorrows s steamer for France The market closed weak on the announcement of gold en- agreements.
 Bonds were not as well supported as stocks and were rather week throughout. Total sales, par value, $4,4S0,0O0 United States bonds were all unchanged on the last call