The Montgomery advertiser., 1903-11-14
WALL STREET REVIEW COVERING BY SHORTS UPLIFT
 TO PRICES. Movement Toward the Close, After Failure of an Attempt of the
 Bear Party to Drive Prices Downward.
-ProprietorS.

NEW YORK, Nov. l3.-A movement to cover shorts among the professional traders devel- oped in the late stock market today and car ried prices to a level substantially over last night. This was after the failure of an at tempt on the part of the organized bear party to drive prices to lower level. The activity of this party has been very apparent all through the weeks decline, but they found themselves practically alone in selling stocks today and finally gave up their policy. Their plan of operations seemed to be a kind of TO- tation of stocks. Having sold United States Steel preferred and Pennsylvania as far down as within their power. they picked out St Panl today the next leading stock upon which to center operations. The result was an extreme decline in St. Paul of l%. The rest of the market was very little affected fin sym pathy. As a result of the late covering move ment St. Paul recovered all of its loss and the most prominent active stocks gained between l and points. Pennsylvania especially was inclined to rally from its recent severe depres- sion. The volume of its dealings were about in proportion to its recent relative activity ir the market, but the total sales in that stock and the aggregate sales of all stocks fell con siderably below the recent average. Today'' gain for Pennsylvania Is full points. United States Steel preferred completely lost it's re cent pre-eminence in the trading and fel down in the list of active stocks, though Il shared well in the days strength The buying seemed confined to professional sourcs ant there was no evidence of any large investment demand. Neither was there any news to ac' count fully for the advance in prices. The forecast of the weeks currency movement in dicated a marked falling off in the interior demand and New York exchange at Chicago recovered sharply. It appears that the direct shipment on balance to the interior for the week are only a few hundred thousand dollars The sub-treasury operations, which include transfers of currency through that institu' kion, have taken from the banks during the week S3 965, 900. Included in this is the pay ment for the first shipment of foreign gold received amounting to about S462. 900, but the shipment received today. amounting tc about a million dollars is not Included. The week in the stock market warrants an infer snce that the loan accounts of the banks have undergone some contraction. The bank state ment is expected. therefore, to be not entirely nnfavorable. Reports that the railroads would roncede a reduction on export freight rates foi steel products may have strengthened the United States preferred, although this news is indicative of the general process of contrac- tion in the trade. The local fractions were helped by the large earnings indicated for the last quarter. The foreign trade statement fol October considered gratifying in Its show ing of an expansion in the value of exports of domestic products of Sl7.7S2, ,243 compared with last year, which is more than accounted for by the increased value of cotton exports Some small lots of gold were engaged in Lon don for import and the tone of the freeign ex- change market indicated that more can be paid as 1t is needed. The market closed dull
 but decidedly strong
 Bonds rather dull, but firm. Total sales (par value) were $l ,867. 900 United States bonds were unchanged on the last call.