The Birmingham age-herald., 1905-11-05

banks of $16, ,45S, ,O00 was attributed for the most part to the speculation of the week in the stock market, and bankers made little disguise of their situation with a check administered to the stock market value.
 Total sales of bonds par value, $2,Io,- eco.
 The waverng and irregular upward movement of prices of stocks this week has been responsive to the development of events in Russia. Periods when the disorders in that country assumed more threatening aspect was the occasion Tor advances in the speculative movements in the worlds markets. For the most part, however, those markets have re- flected a feeling of relief and encourage ment over the promise of a settlement of Russla's discontent, and the hope that order and the resumption of industrial activities will be the result. 1t is this economic side of the future naturally with which the worlds markets concern themselves, and the most direct reflection in our own affairs has been through the wheat market.
 The price of wheat was inclined to yield with the promise of the opening of transportation in Russia, and the re- lease of grain shipments for export. The effect on markets for securities and mo- ney was transmitted for the most part through the Paris markets owing to the enormous headings of French capitalists in Russian governments and industrial securities. The manifesto by the Emperor of Russia abdicating autocratic powers. caused a quick relaxation in the tension of foreign money markets owing to belief that the precautionary picking up of bank reserves in Paris would be discontinued. The rise in sterling exchange at Paris was the indication of this tendency and was accompanied by a running off of for eign exchange in New York This had the effect of wiping out the margin of profit on shipments of gold from Paris and averted the expected outward movement of gold.
 The expansion of dealings in the stock market was largely due to furious spec ulatiye movements in a number of spec ialties of various grades both along steam roads and industrials, which had some disturbing effect in it's most violent stages especially in Reading. The vola- tile rise in that stock was not clearly ex- plained and was attributed variously to active developments regarding the prop erty and to the difficulties of dis tressed short interest.
 The companion movement in other stocks, especially in Lehigh valley and Philadelphia was the basis for surmises of further projects of consolidation of 
 the speculation also of reported state ment by the head of the mine workers against the probability of strike next spring The sympathetic effect of the Reading movement on the general list was confused by the varying of these explana<<ons of it, with that of threat ened corner in the stock.
 A squeeze of shorts involves losses to that element in the process which neces- sitates speculative liquidation at other points in the market, and Wall street has too vivid a recollection of the dis astrous consequences of the Northern Pa cifc corner in May, 1901 not to be very sensitive to any suggestions of such an outcome. The working out of a speculative corner also involves other difficulties for the organizers themselves in the disposi- ton to a residue of holdings which have to be cut accumulated in maintaining the corner. A suspicion of such an operation therefore, causes feverish tone to spec ulation on all accounts The weeks move ments have carried not only Reading but American Smelling, American Locomotive and some other stocks to the highest prices of record. and rumors of mergers, and combinations, have been the current explanations of these excited movements.
 The conditions of general prosperity in the country have undergone no alteration and continue to underlie the strength of the stock market. The statement of earn ings of the United States Steel corpora ton for the September quarter was cepted as an important index of these conditions but was without immediate ef- feet on the securities of the corporation in the market.
 Bonds have moved narrowly in sym pathy with stocks.
 United States 2s declined 1s per cent on call on the week.