The Birmingham age-herald., 1902-10-03
STOCK MARKET
 -STAGNANT Calm Follows the Storm of the
 Past Few Days SPECULATION WAS FLAT There Was an Obvious Readiness 
There Was an Obvious Readiness Backed by Powerful Resources to Support Market at First
 indication of Break.

New York, October 2-There was an ir- rreasing tendency to dullness in the stock market today and the conditions became semi-stagnant at times. There was an ob vious readiness backed by powerful re- sources to support the market at any in- dication of break in prices, such as oc- cured at the opening, but there was an equally obvious disposition to keep ad- vances within moderate limits, and not induce any renewed outbreak of extensive speculation.
 The adoption of this policy in stock market operations by well-equipped forces served to reinforce the admonishing pol Icy of the banks to restrict the specula- tive employment of funds until after the money outlook has cleared up entirely. The desire to await the result of .<llor- rows conference of coal operators and miners representatives with President Roosevelt, was also a restraining inhu- ence on speculation. As a consequence speculation hattened out almost complete ly, and this development was regarded with genuine relief and satisfaction by the best opinion in the financial world. It is realized that the relief offered to the money market by Secretary Shaw's action averted crisis that promised to bccomt dangerous, and the determination is man. Hest not to allow the resources thus pro- vided to be prodigally used for the pur- pose of Lew speculative imitation of se- curities. There are various developments to show also that there are abundant de- mands yet to be met on money in New York.
 There was a deposit at the sub-treasury of $450,000 for telegraphic transfer to New Orleans and the movement of currency by express is against New York on bal lnee. Today's advance in the Bank of England minimum discount rate and the weekly exhibit of that institution and of the Bank of France are clear indications that no gold Is likely to be spared by either of those institutions at present tor shipment to New York. Sterling ex- change advanced sharply here and a la- ter decline was due purely to the fact of the postponement of the sailing of to- morrow's steamship for Liverpool. The loss in gold by the Bank of England this week reached over $7540,000 and that of ihe Bank of France $4, 0000. The Eng fish institution expanded its loan account s27675,000, bringing the proportion of re- serve to liability down to A. .63 per cent, compared with 53.S7 per cent last week while the French bank increased its note Issue SPA 4120,000 and it's loans S34, 165, GOO Such movement as there was today in the market was confined to a few stocks An advance in Norfolk and Western or expectation of an increased dividend caused a sympathetic response in the Pennsylvania group, and rise in Colo rado Fuel was ostensibly based upor Ehe decree of Colorado court providing Tor the holding of the annual election Some of the independent steel stocks fol lowed this movement. The few gains were much curtailed and the last prices ,howed mixed net changes.
 The course of the bond market was halting and irregular. Total sales, pal value, $3, 552, ,0OO United States new As de- .ined 14 per cent on the last call.