The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-01-22
! CHANGES CONFINED
TO A FEW STOCKS
Northern Securities Make,Jump.
on the Curb
GENERAL LEVEL GAVE WAY
Appearance of Bank Statement Dis
closed Unexpected Loan Expan-
slon of $s4,474,7oo-It Is
Greater Than Ever. +

New York, January 2-There was
good deal of commotion and some con-
fusion in the active two hours trading
of todays stock market, but the impor-
tant changes of the day were confined
to few stocks. The further buoyant rise
In the Northwestern grangers was in con-
neetion with another jump in Northern
securities on. the curb.
That stock was shot up to a new high
record at 149 and 1t was accompanied as
or its previous advance by marlborough
Rapid transit which made a sensational
squirt to 1879. The latter movement awak-
ened little response on the stock ex-
kange, but the Northern securities move
Lent was evidently responsible for the
rise in st. Paul Northwestern and its
subsidiary stock. A number of dormant
investment shares rose many points on
single transactions The general level of
prices, however, was maintained with diff
fieulty and gave way entirely on the APP
pearance of the bank statement, discpbs-
ing an unexpected loan expansion of $34,-
700. This is far In excess of any pre-
vious weeks increase in the loan item
during the history of the clearing house,
and it was further notable for the fact
that the increase in loans has been made
by the three or four largest banks in
the clearing house in which, as usually,
concentrated the great financial and syn
dieate operations of the country's most
powerful financial groups. Nothing has
appeared on the surface to indicate into
-
credits may be turned.
There have been several bond sales
during the week, but not sufficient to
account for the proportions of the loan
expansion. Some part of the resources
thus expended may have gone for the
payment of maturing railroad notes and
bonds held by European investors which
are to fall due in short time. But there
will be room still for supposition that
some great project of corporation fl
nance is in process of being worked out.
Compared with this weeks great loan
increase, that for the week ending jan
uary % last year comes nearest TO an
equal amount, when the bank loans in
creased $50, SIS, 3O0 The only other parallel
occurred during the spring of 1901 pre-
cedng the great fiotation era when for
several weeks the clearing house banks
made increases in the neighborhood OF
S31.uUD,UUU IN InelT iOdiiS. L IO bohlSNAiAC
and Nashville purchase and the placing
of large issues of short-time railroad
notes caused the last January's great
loan expansion. Today's stock market
closed active and easy.
Total sales Of bonds, par value, s5,-
100000.
Dealings at the stock exchange this
week have expanded to an average OF
over a million shares day, and the
L. bo Of h01d dealings
has been even more notable with an in
creased health in the demand for invest
ment issues along with the continued ac-
tivity in the more speculative bonds, but
the tone of the stock market has shown
much irregularity and unsettlement. The
public share in the operations, tending to
a distribution Of holdings in investment