The Birmingham age-herald., 1903-11-14
MOVE ID COVER
 BY THE TRADERS Prices Carried Down in the
 late Stock Market ST. PAUL TAXES A TUMBLE Other Stocks Little Affected as a Re- suit of Onslaught By Profession
 als--u. s. Steel Loses Its
 Former Prominence.

New York. November 1S.--A movement to cover shorts among the professional traders developed in the late stock mar ket today and carried prices to a level substantially over last night This was after the failure of an attempt on the part of the organized party to drive prices to a lower level The activity of the party has been very apparent all through the weeks decline, but they found them selves practically alone in selling stocks today and finally gave up their policy.
 Their plan of operations seemed to be kind of rotation of stocks. Having sold United States steel preferred and Pennsylvania as far down as within their power, they picked out St. Paul today as the next leading stock upon which to center operations. The result was an extreme decline in St. Paul of 1ss. The rest of the market was very little affect ed in sympathy. As a result of the late covering movement St. Paul recovered all of it's loss and the most prominent active stocks gained between 1 and 2 points. Pennsylvania, especially, was in-
 
 pressIon. The volume of its dealings were about in proportion to its recent relative activity in the market, but the total sales in that stock and the aggregate sales of all stocks fell considerably below the recent average. Todays gain for Penn sylvania is full points. United States steel preferred, completely lost it's re- cent preemnence in the trading and fell lx.t ltotn nf affx at 1t shared well in the days strength.
 The trading semed confined to profes- sional sources, and there was no evi- dence of any large investment demand Neither was there any news to account fully for the advance in prices. The forecast of the weeks currency move ment indicated a marked falling off in the interior demand, and New York ex- change at Chicago recovered sharply.
 1t appears that the direct shipments on balance to the interior for the week are only a few hundred thousand dollars. The sub-treasury operations, which in- clude transfers of currency through that institution, have taken from the banks during the week $3.965,O00. Included in tffis is the payment for the first shipment of foreign gold, amounting to about s462, 900, but the shipment received today, amounting to about million dollars, is not lncluQeu
 The week in the stock market war rants an inference that the loan account of the banks has undergone some con- traction. The bank statement is expect ed therefore to be not entirely unfavora- ble. Reports that the railroads would concede a reduction on export freight rates for steel products may have strengthened the United States Steel pre- ferred, althought this news Is indicative of the general process of contraction in the trade. The local fractions were help ed by the large earnings indicated for the last quarter. The foreign trade state ment for October was considered grati- flying in its showing of an expansion in the value of our exports of domestic pro- ducts of $17,7S2,243 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 London for import and the tone of the foreign exchange market indicated that more can be paid as 1t is needed The market closed dull but decidedly strong.
 Bonds were rather dull but firm. Total sales, par value, $1,s67,00o. United States bonds were unchanged on the last call.