The Birmingham age-herald., 1903-02-14
STOCKS ADVANCED
 ON SELLING SIDE Support Was Evident in All
 the Railroads MUCH TRADING IN ERIE Sympathetic Effect on the General List Was Strong and Speculative Traders Were Point or So
 Below Wednesdays Level.
MUCH TRADING IN ERIE

New York. February 13.-The Increase III busipess on the stock exchange today was mostly on the selling side, and caused fnrtber recession in the level of prices. The marketing of stock was pretty eoh- stant until a supporting movement III the Fries during the final hour Support was evident at the same time in some or the ,.,ar Morgan stocks, notably Reading and southern railway, the latter rising fraction over Wednesday. The sentiment tai effect of this support is little more than to check the selling elsewhere. The buving of the Fries themselves was fol- lowed up. and the closing was dull and heavy. The selling of the Fries was on a very large scale from the outset, London joining in the movement. Extreme de clines were effected in the common stock of PA in the first preferred of 2as and in the second preferred 32s The terms Of the new issue of bonds were disappoint- ing, but there was also selling by spec ulative holders, who had bought with the idea that some new disposition of the whole property was involved. Some sort of new capital issue by the Erie has been understood to be on the programme for several years past. The prospect of
  lay of the possible rights to subscription by stockholders at the issue price of STA did not prove sufficiently attractive to prevent very heavy realizing on the re- cent advance. The stock was very par ticularly unsupported until the last hour. The sympathetic effect on the general list was considerable, and the active speculative leaders were generally point or so below Wednesdays level at one time during the day.
 The concentrated selling of some of the recent speculative favorites pointed to enormous realizing on the part of some of the speculative pools. There were some evidences also of bearish manipulation. especially in the circulation Of rumors of ithes serious illness of a prominent ope- rator who is supposed to have important market interests committed to his guard;- anship The rally in the last hour was helped by the preliminary figures of the weeks currency movement, which indi- cates a net gain in cash by the banks during the week up to Wednesday night of over a million dollars. Earlier in the day the sentiment over the money situa- tion was dominated by the further con- siderable rise in sterling exchange prac- tically to the gold export point, allowing for yesterdays reaction of sterling at Paris. Exchange authorities affirm that if fast steamship were sailing for Eu- rope she would carry a consignment of gold. There will be no fast ship to sail until next week, but a probability of gold exports is indicated. Money Is growing tigher in London and the selling of stocks here today for that account was large and was a material factor in the strength ening of exchange. The weeks exports, both of wheat and corn, also fell off ma- terially from those of last week, while the weeks imports of dry goods shows the inward movement of merchandise still maintained at a high level. The January exports of domestic products showed the expected increase by large outward movement of corn, but decrease in cot ton was disappointing. and the present high price of that staple. it Is feared, still discourages the export demand.
 The Central of Georgia income bonds rose sharply, but the movement of prices generally in the bond market was :rregu- lar Total sales, par value. &, 2,350,O00
 United States 2s declined A and the old As # per cent on the last call.