The Birmingham age-herald., 1902-10-24
FOREIGN EXCHANGE
 AROUSES INTEREST
little Gan be Said of the Stock
 Market
BONDS WERE VERY HEAVY
For the First Time Tn Over Week London Was a Buyer, But Even
 This Fact Failed to Awaken
 Enthusiasm in Spectators.

New Tor, October 23.-Foreign ex- change was again the governing feature of the stock market today. There was considerable speculation in exchange, be- cause of the slightly higher rate Tor sterling at Paris, and the resistance o1- fered by the local market to the volume of bankers bills, put out during the morn ing. These offerings, it was believed rep resent aecumulations of bills held in re- serve for such an emergency. Most or the days business was done at 4S6lo TOT oa' urday's steamer. Experts intimated tha' an outward gold movement soon might be inaugurated, although actual negotla- tions. it is not yet believed, nave peeii settled upon satisfactory basis.
 The demand for sterling broke t"o points. Little can be said for the slooA market which was duller and more nsr- row than on the previous days or the week. Some speculative activity was shown at the opening in> Baltimore ana Ohio. Reading, Erie, Atchison, Penhssl- vania, St Paul. Missouri Pacific ana the St. Joseph and Grand Island securities all of which scored slight advances. me rest of the list was fairly active with practically no demand for the indus trials. Further activity was shown dur ing the morning session, when Louisville and Nashville advanced two points put elsewhere the list made no materlal change. Operations continued almost al fosether professional and some traoers covered their short contracts on the the ory that the market had been oversold.
 The early gains, with few exceptions, were. soon lost, but such issues at Louis vile and Nashville, St. Paul. Illinois cen tral and Erie held steady. Sugar and international Power were about the only industrials dealt in up to this time, and transactions in the latter stock were pe- lieved to be for pool account Up 10 the final hour there was no decided pressure to sell, but in the late trading sucn stocks as Lackawanna, Baltimore ana Ohio, Kansas City Southern and few industrtls were hammered down to- eie lowest prices of the day.
 The liquidation in northwest was pe- lieved to have resulted from the untaYor able view taken by traders of the new relations of the uni Pacific road wlth St. Paul. Rock Island and illinois Cehtrai: As proof of the extreme tenderness oI the market sale of 800 shares of North 
 almost per cent The uncovering Of stop loss orders in the same stock caused a further decline of almost points with a net loss of 21s per cent, the stock re covering en buying orders at the close For tie first time ill over week Lon don was buyer on nalance, but even this fact, together with the ease of Paris sterling, and another Australian gold inn portation, failed to awaken any enthusi- asm.
 The close was weak and the days busi- ness was under 100000 shares One of the disturbing features was report of 1a- bor troubles on the Southern Pacific sys' term. Call money ruled at from 1 to 5ls per cent, most of the days loan being made at the higher figure. No change was report ed Tn time loan rates. Two impor- Ntant financial transactions will have to be met in this market within the next fortnight On Saturday the first payment for one-half on the Baltimore and Ohio roads increase of S42 500,00O caplral stock, falls due On November 1 the second in- stallment of about S27000,000 of the Penn sylvania roads stock increase will have to be met Some of the speculative issues In the bond market were heavy, but the movements were without importance ex- eept in the Wabash debenture. The gen eraI list was irregular and dull Total sales. par value. $1, ,795000. United States 2s and 3s advanced A, and the new As declined A per cent on the last call.