The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-11-24
STOCK MARKET
STILL IMPROVES
News Regarding the Coal Strike
a Contributing Factor
SUGAR AND STEEL IN FRONT
Developments of the Week Include
Relaxation of the Rate for Time
Money-LIberaI Lending
BY the Banks.
SUGAR AND STEEL IN FRONT

New York, November 22.-Further I'M
proyement was shown by the stock mar
Ket at the opening, number of active
issues rising to a higher level The lat
est news regarding the coal strike situa-
ton was doubtless a contributing factor
Business was active and fairly well dis
tributed with more covering by the short
interest. Commission houses were prom
inent throughout the session. Moderate
buying was reported for out of town ac-
counts. st. Paul. the feature OF yester-
days market made an advance on heavy
trading, and the Gould stocks were nigh
er, with a 1 per cent advance in Denver
and Rio Grande. Reading was active ana
strong, while a better tone was SHOWN
by New York Central, Illinois central
Southern Pacific and Pennsylvania
Gaines of 9 and sss points were registered
by Delaware and Hudson and Illinois
Central Rock Island was firm on buying
orders Sugar and the steel stocks were
the conspicuous industrials Realizing in
large volume wiped out some Of the early
gains. st. Paul and Illinois Central max
ing material declines, as did also ANAL
gamated copper and several other issues.
The list as a whole was fairly strong,
especially the hard coal group and the
Gould stocks. There was also smart
advance In Minneapolis, ST. Paul and
Sault Ste Marie preferred. Comparative
ly little was done in Manhattan and the
other local fractions. For no apparent
reason the market went off on the publi-
Lad ID 70 irI
good bank statement and the closing
was generally below yesterdays final
prices. Save in the matter of loans where
a greater decrease was looked for, the
bank statement about met popular ex-
pectation.
The comparatively small contraction of
loans was due it is thought to the fact
that much of the money called in by the
banks during the early week was reloaned
later. The aggregate of loans now out
standing is 1858, 900 900, or about 100000 900
less than when the last slump in the
market begun. The sub-treasury made
another transfer of $4,000, 900 to San Fran
cisco and $3.50, 100000 to New Orleans.
Developments of the week, aside from
the latest turn in the coal strike stua-
ton, include a relaxation of the rate for
time money a sharp upward movement in
Manhattan and almost a total cessation
of liquidation which began six weeks ago,
since which time there has been an aver
age decline of over is points in great
number of active issues The greater
use of time money is the result of liberal
lending by the prominent banking in
terests with foreign houses. 1t is to be
noted, however, that Europe is still very
bearish in its attitude toward this mar
ket, as was shown by steady sales for
continental accounts. Much of the i'm
proVement shown in the latter part of
the week was due TO high class buying
of certain stocks, notably st. Paul, some
of the Pacifics, Gould stocks and ANAL
gamated copper but there was heavy
covering by the short interest and many
room traders took the long side.
The bond market followed closely the
movement of stocks, but fluctuations were
not so pronounced either way. Most of
the business was concentrated in the
semi-speculatiye issues and the rise In the
closing days impaired stronger tone
to the market.
United States old and new 4s declined "
per cent as compared with last weeks
closing call.