The Birmingham age-herald., 1904-11-19
EXCITED FURRY
 DURING FIRST HOUR AmaIgamated Copper and len
 nesSee Have Relapse WILD MOVEMENT IN SUGAR Secretary shaw's Call on National Banks Has Relieved Uncertainty
 and the Operation Causes
 Little Apprehension.
WILD MOVEMENT IN SUGAR

New York November 1S.-There was an excited furry during the first hour of today's stock market, principally due to the continuance of the wild movement in Sugar and Amalgamated Copper, with which last nights market closed. But the edge was taken off the movement by the successive setbacks to Sugars efforts to get up by the relapse in Amalgamated Copper and Tennessee Iron to a point under last night and to the yielding of Union Pacific to the extent of a point
 As these stocks formed the main force of yesterdays late advance, their ex- haustion had a strong sympathetic effect on the general market. There were no other movements of sufficient importance in an upward direction to offset this in- fluence. There was also resumption of violent advances in some of the obscure quarters of the list, which has grown to have a distinctly unfavorable effect on the general market The days news of actual conditions was not unsatisfactory.
 The engagement of $500,0OO additional gold for Paris tomorrow and the promise of a reflection in tomorrow's bank state ment of the heavy withdrawals of gold for export were without influence, as money on call was easy and banks which held out for the 21s per cent rate had diff
 
 funds. The reports by the banks of the weeks currency movement by express showed a considerable balance in favor of this center and the mid-month tide of pension payments is modifying the sub treasury requirements on the banks. The strong condition of the Chicago national banks on November 10, in accordance with the call of the controller, attracted favor able comment and it was alleged that Chicago institutions were seeking to place many millions of loans in Wall street.
 Secretary Shaw's call upon national banks for return of government deposits set a definite period for that operation and thus relieved the uncertainty regard ing it which has been weighing upon the money market to some extent. With re- quirement for 10 per cent of deposits held deferred to January 16, and calling for but $100O0,0 900, and the remainder of the s25,000000, or 9 per cent of holdings left to as late as March 15, the operation causes little apprehension. The return of funds from the exterior is expected to have set in to meet the first installment, and the normal ease of the spring money markets is looked to to provide for the second installment.
 A good impression was caused by the reports of the large number of railroad employees who are being restored to their places after having been laid off during the period of retrenchment. Railroad gross earnings SO far reported for the first week in November were estimated to show an increase considerably exceeding % per cent compared with the corresponding week of last year, and the second week earnings received today showed the high CT level well maintained. But the pres sure to take profits was persistent in the market and carried prices backwards re- peatedly. The result was a general show ing of losses at the last. even in stocks that had been strong. The market closed weak on an active selling movement
 Bonds were active and irregular Total sales, par value, $10,3SO,000. United States bonds were unchanged on call.