The Birmingham age-herald., 1903-11-05
LIGHT INCREASE
 IN STOCK ACTIVITY A temporary Show of Strength
 Does Not Last WHOLE MOVEMENT TRIVIAL Reported Intention of Iron Manufas tursrs to Out the Price of Pig
 Iron Has Depressing Effect
 on the Market
WHOLE MOVEMENT TRIVIAL

New York, November 4--rhere was \ light increase of the rate of activity in stocks this morning, with some show of strength, but neither lasted the day out. The market had fallen back Into a profess sional rut by the afternoon and the level of prices was quite generally below Mon days closing. In few of the prom inent stocks the decline reached point, but the whole movement was trivial and the market insignificant. The profession- als who had the market to themselves bid up prices in the morning in the hope that some outside demand would be at- tracted by the engagement of gold for im- port. Their idea was that the possible buying had been restrained on Monday owing to the tendency of the holiday
 The stocks of New York corporations also shot up this morning under opera tions by professional traders, who based their transactions on expectations of pos- sible results of yesterdays election. The opening advances was in part manipu- lated, as was seen by the free selling to realize The movement in these stocks dates back to last week, when there was a light accumulation based on the com ing election. A batch of fairly favorable railroad earnings had some effect in help ing the opening advance, but the rail- roads were a minor feature of the mar ket all day The check to the advance began in the United States Steel secur- bo md 1rpferrp1 stocks sagged to within small fractions of the previous low record. The bonds also weakened sharply, and lost points on the early advance. The cause of the weakness and the source of the selling were not very clear, but much of the sell gave rise to some rumors of financial trouble in London which were not verified.
 The reported intention of iron manufac- turers to cut the price of pig iron still further had a depressing effect in the iron and steel group. It is feared tnat such cut may be followed by the reduc- ton in the prices of finished shapes, Cur rent reports of conditions in the trade were very discouragtng, and new orders were said to be at the minimum. The dOWnKard course or SternnB excndnBe was halted, and the price of gold was marked up in London. Money was report ed in good supply, however, leaving the question of an advance there in the bank rate tomorrow unsettled. The outgo of currency from here to the interior con tinued unabated, the total of s1, 100000 be- ing made up of a s7ooOOO shipment to New Orleans, and s400O00 to Chicago. This is without allowance for the loss by the banks to the sub-treasury since Fri day of 8, ,466, GOO. At the rate of outgo further import of gold will be looked to as an offset. The announcement that one of the smaller trust companies in St. Louis has decided to go into liquidation was without effect in the early market, and the disturbed conditions on the isth- mus of Panama also seemed to be ig- nored.
 The market closed dull and heavy. The early evidence of firmness in the bond market gave place to heavy tone. Total sales, par value, g, 535,00o.
 United States 3s and the old As de- cined A per cent on the last call.