The Birmingham age-herald., 1905-09-24

of speculative pools Is notorious, or Tn stocks which are readily susceptible to manipulation by reason of small floating supply in the market. This has given the impression that the participation In the dealings was that of professional op- orators to a large extent. Commission houses in fact continue to complain of light business, and that the general pub lie persists In holding aloof.
 The future of the money market causes anxiety and induces conservatism In stock market operations. Undue exten- sion of speculative commitments on bor- rowed capital is feared as leaving open a position vulnerable to any forced con- traction of credits such as is clearly pos sible before the demands upon the 1all money markets are met. The principal factor in the relaxation of this week drain upon New York bank reserves is the turn in the tide of sub-treasury opera tions which yielded again to the banks in contrast to the heavy withdrawals or the past few weeks.
 The mid-month payment of pensions, or purchase of foreign exchange by the post office department have figured in this result The first parcel of gold imported from abroad arrived during the week and has gone into the bank cash item. Addi- tionai engagements were made of N,75o,- GOO which may be expected to arrive In time to figure in next weeks bank state ment.
 Expressions of opinion by officials or the Bank of France and Paris bankers cabled to the Associated Press were or reassuring effect as pointing to a further flow of gold from Paris to New York out of the ample gold reserves of the Bank of France unobstructed by requirements for the forthcoming Russian loan which were declared as unlikely to prove an op- stacle. The report of the comptroller or the currency on the condition Of national banks throughout the country on August 25 was given careful consideration on ac- count of the vast loan expansion for the year there disclosed. The increase In loans over that for September Of last year is found to amount to S272,357, ,7o4, while the augmentation in cash reserves amounts to only a little over A,0OO,ooo The normal outflow of funds to the in- terior must be expected to continue for several weeks from the present oate. Meantime several notable demands are to be met in the money market. From September 25 to September 30 there be- comes payable 90 per cent Of subscrip- tions to s100, ,000,0 900 of Pennsylvania con- vertible bonds. On September 30 an in- stallment of s12,000.000 subscriptions Is due on Atchison convertible bonds. On octo- Der 16 the final installment will become due to subscriptions to the last issue Of Japanese 4Da per cent bonds which 1t Is estimated will call for about $30,0OO,OOO.
 The money situation remains the only drawback In the general outlook. Ad- vices from all other sources are of extra ordinary prosperity. Railroad traffic Is of unparalleled colume. "A buying rush is the terms used to describe the iron situation. Railroads are placing enor- nous orders for equipment The anthra- cite trade is enjoying high degree or nrosnoritv The course of the week has resulted in nothing unfavo.able to the progress of crops. The firm undertone or the stock is abundantly explained by this situation.
 The bond market has been dull but has shared the firm undertone of stocks United States 2s have declined "a per cent during the week