The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-11-20
CLOSING IN STOCKS
WAS BELOW BEST
Bank Statement Seemed TO Re
assure Sentiment
DECLINE IN Cash LARGE
Week Has Made Large Enoroachment'
on the Available Supply of Loan
able MateriaI-some Traces
of Hesitation.

New York, November 1s.-Today's stock
market contested the reactionary tendency
which developed yesterday, but prices
showed reluctance to advance. There was
a snrightly upward movement after the
appearance of the bank statement, but 1t
was not held and the closing was irreg-
MAR and generally below the best.
During the first hour many prominent
stocks went below last nights level.
The bank statement seemed to reassure
sentiment to some extent. The decline
in cash was rather larger than indicated
by the weeks currency movement, but
the loan contraction reduced the deposits,
and the reserve requirement SO as to
raise the surplus slightly. But some mis-
giving over the money outlook was re-
flected in the late renewal of the pressure
TO SELL
The bank statement reflects this week s
gold outgo to France only in part owing
to the average system of computation.
Today's shipments both to Paris and to
Cuba are not reflected at all. and go over
to next weeks statement. The bespealx-
ing Of all the available gold bars at the
assay office for export to France next
week shows the unsatisfied requirement
from that source. and the $1,5oO.0OO ship
ment arranged for next week to Cuba
is also to be reckoned with. The loan
contraction was not unexpected, but only
because the effect Of trust company oper-
ations upon the loan account OF the bank
Is known from abundant precedent.
1t is obvious that the week has made
large Entertainments on the available
supply OF ioanable material. The dimin-
fishing supply of loanable funds gains et-
feet on speculative sentiment because of
the treasury call for 100000 of govern
ment deposits by January 15, and the
sl5,OO0,0O0 to be withdrawn by March Is.
The closing tone was irregular. Total
sales of bonds par value, s4,7S0,000.
The news Of the week has offered
much to confirm the expectations that
business and industry would be slim
uated by the passing of the election
contest. In tho stock market there have
been traces Of hesitation, based on the
coubt whether the extensive rise in prices
of securities which preceded the cleo
4ion had not been sufficient to cover the
enhancement Of values based on improve
ment In business. Very heavy selling
to take profits has caused apprehension,
nnd this has caused occasional irregular
ity and reaction But the absorption
power OF the market has been dissipat-
ing thU fears OF spectators TO a large
extent, and the latter part OF the week
showed a revival Of speculative conf
dence and soma sensational advances In
1.-THE market values an q consequence Of a
rush to buy certain stocks. The early
lfaff tim uua hur .
eff Of telegraph communication with out
side speculative centers by the great
storm OF last Sunday which isolated New
York from tho outside world The strug-
sgle reported to open communication dur
ing this period was testimony to the
keen interest Gedt In the affairs OF the
stock market
No Importance was atfachsd TO the
meeting of the steel rail pool and to the
renewed effort for its adjustment. Re
ports were current Of a difference OF
( pinion as TO whether steel rails should
or should not be reduced, and the share
Icf business to be allotted to an import
isnt producer was believed to be still held
in abeyanoa Tho large gold outgo &c
Paris and Cuba, and a prospect of its
continuance, led to an advance on Tues.
day in tho call loan rate OF per cent
,ander large offerings and the confidence
in the resources Of the money to sustain
the speculative world. The sale of flfty
million Rock Island refunding bonds and
the free subscriptions to the thirty mill
lion of the Japanses loan accepted here
was Offered here to demonstrate the
abundance Of capital free for investment
Bonds were very active but business
was still largely in speculative issues
United States bonds were unchanged on
aca1I for the week