The Birmingham age-herald., 1902-11-01
HOPEFUL FEELING
 PERVADES MARKET ImprovementinStoc Exchange
 Continued Yesterday TRADING PROFESSIONAL Many Spectators Took the Long Side In the Belief That the Trend of
 Events Gives Promise of
 Better Things.
TRADING PROFESSIONAL

New York, October 31.-The improve ment noted in the stock market yester- day was continued today. and the list, while still comparatively dull and narrow, gave evidence of a more hopeful feeling. Trading was still largely professional and the activity. shown in a number of issues was clearly due to energetic pool buying. Todays business was not alto gether confined to operations of this character. however, many traders taking the long side in the belief that the trend of events gives promise. of better condi- tons. Advances were general at the opening, the gain in Manhattan being most noteworthy. Baltimore and Ohio was another strong issue and Erie, Mis- souri' Pacific, Canadian Pacific, Southern Pacific, Reading and St. Paul rose frac- stionally. St Louis. and San Francisco advanced point. Little was done in the industrial issues at any time during the day. steadiness was shown by a number of these stocks, however, among them the United States steel shares. Louisville and Nashville was weak at the outset and reflected more or less pressure which could not be explained on any ground other than that the minority hold lers may not, receive any of the benefits that are expected to accrue from the re- cent change of control On moderately large transactions the stock made a max lmum decline of over points, but more than recovered this loss, making a net ,gain of 1ss Reading was another stock against which considerable pressure was shown, but all offerings were freely taken and the stock made a gain equal to that of the Louisville and Nashville. Manhattan was the feature of the day both in respect to activity and strength The trading! amounted to 77oOO shares, and a net gain of 22s points was regis teFed.
 Some of the very substantial specula- tive interests were said to be back of the move in Manhattan and one of the arguments advanced in its support was that the company will show a great re- auction in operating expenses, as soon as it's electrical equipment is completed Much of lhe Manhattan buying came from interests that were prominent in the recent Missouri Pacific pool A re- newal of the demand for Colorado Fuel was accompanied by reports that inside differences had been settled. No confirms tion was obtainable, but observers of the market regarded it as significant that oth- CT stocks with which these apparently conflicting interests are said to be identi- lied, were fairly strong A further hard ening of prices was shown in the late session and more traders who sold on 2 yesterdays advance found 1t advisable to cover their contracts. Private wire houses had a fair supply of buying or 1ers. The sales of northwest was scat tering and as op the previous days of the week, appeared to be long stock. The final hour developed no new feature, though the tendency to further improve ment was checked in a measure by the advance to per cent in the rate for call money. Northwestern rallied on moder- ate transactions. The closing was firm, though dull. In view of the approaching holidays London took no active part in the days business, transactions for that ncconnt amount to 15,000 shares, with a balance of about 5000 shares on the pur . chascrs side. Sterling exchange was hard ly factor the quoted price for demand bills being 4S6.SO. Paris excnanged on London advanced 1ac and the private dis count rate was unchanged at 8 per cent The sub~treasury made further purchases of bonds to the amount of $405, ,00G
 firm undertone was shown by the bond market, but the demand continued small. Total sales, par value, $1, 450, GOO United States 2s declined A per cent on the last call.