The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-11-23
cT0rK MAlV[T
UIuUN lfI1IlhL !
STILL IMPROVES
News Regardingthe Coal Strike
a Contributing Factor
SUGAR AND STEEL IN FROM
Developments of the Week Include a
Relaxation Of the Rate for Time
Money-LiberaI Lending
BY the Banks.
SUGAR AND STEEL IN FROM

New York. November 22.-Further Inn
provement was shown by the stock mar
lset at the opening. a number of active
issues rising to higher level. The lat
est news regarding the coal strike situa-
ton was doubtless 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 high
er, with a 1 per cent advance in Denver
and Rio Grande. Reading was active and
strong, while a better tone was shown
by New York Central, Illinois Central,
Southern Pacific and Pennsylvania.
Gaines of 3 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 industriaIs 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 a 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 publ
-
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-
.apectatfon
The comparatively small contraction OF
s1oans was due 1t is thought to the fact
that much of the money called In by the
banks during the early week was reloaned
slater. The aggregate of loans now out
standing is $S6S, 900. or about $40, 600, COO
Hess than when the last slump in the
xmarket begun. The sub-treasury made
slRnother transfer of $25. 900 900 to San Fran
dcisco and $3.50, 100000 to New Orleans.
s. Developments of the week. aside from
THE latest turn in the coal strike situa-
ttion, include relaxation of the rate for
thine money, a sharp upward movement in
Manhattan and almost a total cessation
since which time there has been an aver
Esage decline of over Is points in a great
{number of active issues The greater
use of time money is the result of liberal
lending by the prominent banking in
I sterestss with foreign houses. 1t is to be
ssnoted, however, that Europe is still very
4bearish IN its attitude toward this mar
ket, as was shown by steady sales for
monumental accounts. Much of the inn
provement shown in the latter part of
the week was due to high class buying
of certain stocks, notably st. Paul. some
s3of the Pacifics, Gould stocks and ANAL
gamated copper, but there was heavy
covering by the short interest and many
xoom traders took the long side.
s. The bond market followed closely the
smovement OF stocks but fluctuations were
mot SO pronounced either way. Most of
1.-THE business was concentrated in the
semi-speculative issues and the rise in the
CLOSING days impaired stronger tone
4osthe market. 's
b United States old and new Is declined Y
sper cent as compared with last weeks
closing call.ea