The Birmingham age-herald., 1902-11-25
STOCK MOVEMENTS
 VERY IRREGULAR Due to Increased Strength in
 Foreign Exchange OPENING PRICES LOWER During the Early Period There Were Movements of Importance In the
 Industrlals, Colorado Fuel Dls- playing Further Heavlness.
OPENING PRICES LOWER

New York. November Achievements of leading stocks in todays market were ir- regular for the most part this condition being due in a great measure to the in creased strength of foreign exchange. De- mand sterling was quoted at 4.S7A. the advance resulting largely from further Helling of stocks here for London together with heavy purchases of exchange by prominent international banking houses While tho high rates put this center near CT the gold export point 1t Is still the opinion of experts that pressure would be brought to bear to prevent an outflow of gold even should exchange reach the level where transactions of that sort could be prof1tably made. Nevertheless 1t is doubted that exports can be delayed much longer if London continues heavy seller of securities here. inasmuch as me local market also has to provide Tor lru- portant payments maturing this month Time money was comparatively easy, most loans for ninety days or longer be- ling made at 51k per cent It is known that considerable outside money not held by local banks has been loaned at this figure in the last few days.
 ' Receiving no encouragement from Lon don, where the market for Americans was dull and spiritless. opening prices twere generally lower though a tendency to improvement was soon shown. Trading in such stocks as Reading. Manhattan, Metropolitan, St. Paul. Sugar. Colorado Fuel and other active Issues were at a low level, but some of these stocks, nota- . bly St. Paul and Reading. soon recovered Rock Island issues made early gains of IA OTy D.. ,.aA ferred shares, respectively, on heavy transactions. The strength of these stocks brought a sharp recovery, but the list soon developed another reactionary tendency, pressure being shown against St. Paul, Missouri Pacific, Southern Pa cific, Reading and New York Central, all 'ldeclining a point or more, with greater losses in Kansas and Hooking Valley Louisville and Nashville was decidedly cratic, starting with a 1-point decline. rallying 11 and then declining almost as much. The strength of the Rock Islands was meanwhile we'll sustained
 During the early period there were movements of importance in the indus trials, Colorado Fuel displaying further heaviness on reports of renewal of the contest for control but in the latter actions recovered with a net gain of 3 points on moderate transactions. In the special class Pressed Steel Car was high- CT, while single sale of New York Air g Brake was recorded at a decline of 31z points. Trading continued dull and large 1y professional until the afternoon when a new movement in Manhattan advanced that stock to 15S from which it declined several points, closing with net gain of points on very large transactions The N great bulk of Manhattan buying was by Gould brokers. The movement in Man. haitian stimulated buying in New York Central and Pennsylvania, but Metropoli- tan and Brooklyn Rapid Transit were lit tie affected either way The bear faction traded cautiously but took courage from s the absence of any news regarding the so-called Manhattan ''dea1' and made a successful attack on that and other stocks. St. Paul was forced down while attempts to move Amalgamated Copper met with Boston selling. Short covering in the final dealings was hardly of suf- ficient volume to prevent an irregular close. London sold fully 10000 shares, a total of about 115,0O in the last four days. and bought nothing. The lack of London t buying was attributed partly to the ap- preaching fortnightly settlement there.
 Bonds were irregular and rather dull Early losses were largely recovered when the stock market developed strength. To- t tai sales, par value 27,0O0,000 United States 2s and the 5s declined A per cent 2 on the last call.