The Birmingham age-herald., 1903-11-17
PRICES TRAVERSE
 SPACIOUS RANGE Downward Tendency Followed by a Vigorous Recovery PENNSYLVANIA IS ACTIVE Selling centers in the Stock and Mar ket Moves in Sympathy With the
 Decline-Money situation
 Is Hopeful.

New York. November 16.-Prices tra- yersed a considerable rangs in the stock market today, but the net changes from last weeks closing are small and insis- nificant outside of a few cases. The early tendency was downward, followed by a vigorous recovery which was not fully held, but the closing was steady. The professional traders argued that the poor response on Saturday to the very favora- ble bank statement, indicated weak con- ditions and they sold the market with some confidence at the opening
 The selling centered upon Pennsylvania in which another days enormous busi- ness was done. About 100000 shares of this stock were traded in during the first hour carrying 1t down to Ill, or A above last weeks low level. United States Steel preferred was also under pressure and failed to share to any extent in the re- covery. The market moved in sympathy with Pennsylvania. There was an or ganized bull movement in the local trac- ton stocks accompanied by vague ru- mors of comprehensive merger. Con solidated gas moved downwards away from the group on account of the pub lished assertions that it's franchises were defective. The upward movement in Chi cago and Alton continued, and there were unexplained advances in the Toledo, St. Louis and Western securities. Sugar en- joyed the benefit of the immediate im- proved prospect for the Cuban treaty. The upward movement had for sub stantial basis the prospect of improved conditions in the money market, which led to some sanguine estimates of the coming abundance of funds. The show Ing of last weeks currency movement was accepted as evidence that the interior requirements have been practically satis- fled. The fact that the urgent needs which have been met on account of the disturbances at St. Louis and Baltimore and on account of the high price of cot ton have failed to cause any serious dis surbance' here. is itself an assuring cir cumstance. With the relux of funds to New York definitely in sight, the relief to sentiment is great.
 But the foreign trade statement for October shows even safer ground for op- timism over the money market. The value Of the months exports which rose to above $780, 000,000 is higher than for any month since October of 1900, and the ex- cess value of the exports over the imports of $7S,439000 is also greater than for any month since OctODer, lyuO. This strong showing is due to the profitable market of the staple products of the soil, the val ue of exports and of manufacture being practically stationary It Is commonly expected, however, that the value of iron and steel exports will shortly increase. I Last months imports fell $6.500,o00 below those for October of last year. and this tendency also is expected to grow, in view of the decline of prices in our do- m nm fa arfy1 rN1 fff,v, of the current inward movement of gold Is thus made very clear. Today's engage ments for import reached 2,500, 900. and it Is believed that the movement has not yet exhausted itself. The rise in call money rates today was probably connect ed with the arrangements for paying the dividend on the United States steel pre- ferred stock.
 The bond market was dull and rather irregular. Total sales, par value $l,S12 600.
 United States old As declined h per cent on the last call.