The Birmingham age-herald., 1905-10-01

in the bank statement until next week. Confusion in the loan item after great transactions Is explainable when the period of settlement comes in the middle of the week, owing to the working or the average system.
 But with the settlement coming at the end of the bank week, the full effect of the loan operation would be expected to be reflected in the bank statement. The speculative operators in stocks accepted the statement at its face value. Feeling among them was confident also that the maximum effect of the October first set dement's was shown In yesterdays money market and that easier conditions would follow next week. The heavy adjustment being made was reflected in the days record clearing house balances which amounted to $33,995, 793, exceeding the greatest previous record by more than 8, ,0000O0. Yesterdays increase in the railway steel spring dividend stimulated a number of lowpriced industrifSs. The principal movement otherwise was that in the Reading stocks.
 Total sales of bonds, par value, N,- 145, 900.
 The volume of dealing in stocks this week has shown a progressive shrinkage from day to day under the constraning influence of diminishing supplies in the money market. A moderate effect was produced all around, but the decline was not steadily pursued, and strength from time to time in Special stocks served as sustaining influence on the geenral list. The payment of subscriptions to the Pennsylvania and Atchison convertible bond issues have been the special opera tions making the largest demands which are to be met Monday, and an extensive shifting of loans has gone on during the week in preparation for their payments, ha npfnhaf frcf tarlxy yof- dement's, which are unusually large Aside from these special requirements the demands upon bank reserves have con- tinued large with every prospect of per sisting for some time. The course of money rates has been upwards throughout the worlds money centers and some large credit requirements are to be met by the New York money market in the immediate future.
 The advance of a full per cent in the Bank of England official discount rate was a proclamation of the shrinkage of, banking resources, and that rate has not been touched by the Bank of England for over two years.
 policy of recuperation Is thus clear ly foreshadowed, which had its immediate effect on the continental exchanges oa London.
 The problem of New Yorks ability to draw further gold from Europe for it's own relief Is thus made immediately prominent. The forthcoming Russian loan has come up for renewed consideration and reports from abroad have stated the intended amount to be $l75,OO0,O0O to bs apportioned to Paris and Belin. It Is the general expectation that there will be a New York participation in the suoScrip- tions also. Foreign exchange in New York went higher under the influence of hard ening foreign money markets. Some cf .l- t..tI. ed to a demand from short interests to cover sales made against earlier borrow ing abroad, and against the imports of gold. There has been complaint of a scarcity of grain and cotton bills, foreign demand for cotton having been curtailed by the speculative level to which the price of that commodity has been lifted. The break in the cotton market after the middle of the week brought some re- vival of foreign buying and the foreign exchange rate was affected by that and the rise in our money rate.
 The sub-treasury Is taking very large sums from the New York money market principally in the form of customs pay ments which the large importation Of merchandise make unusually heavy. The resumption of government refunding oper- ations announced on Wednesday, is call culated to offer only a slight relief to the drain of revenue payments. Heavy currency shipments from Chicago to the agricultural sections have been resumed, and the decline of the New York ex- change gives warning of a corresponding demand upon New York from that point Next week the payment of New York taxes will call for many millions of dol lars. and previous experience shows that this Is not without effect on the money market. Beyond is the Japanese loan sub scription, on October Is. which it Is esti mated will call for some $30. COG, coo The conviction has grown up that nothing like early return of ease In the money, market Is to be looked for, and specu- lators dread the possibilities of flurries in the call money market, such as almost invariably bring a spilling out of stocks in nasty liquidation. The consideration of the money outlook has been to the prac- tical exclusion of all others in the stock market. The undertaking character of re- ports of business, industrial and agricul- tural prosperity, however, has been an underlying influence. and has constituted A passive power of resistance to the de- pressing influence of the growing constric- tion of the money market.
 Bonds have been dull and only slightly affected by the heavy tone of stocks. Uni- fed States old As advanced ss per cent while the 2s declined 1a, and the Ss H