The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-11-09
DULLNESS RULES
IN STOCK MARKET
Furry in Money Market an
important Factor
HILL STOCKS ABSORBED
Pullman Was Affected BY Reports of
an Intended Extra Distribution of
Stock Out of Accumu-
lated Surplus.
HILL STOCKS ABSORBED

New York, November S.-The rate of
activity in the stock market receded again
today in a midsummer level of dullness.
The effect on prices was slight, until
the furry in money to 10 per cent was
reached, but the sagging tendency newt
able in neglected market was percepti-
BILE. A few individual stocks furnished the
features of the days market, and their
movements were due to special causes.
The Hill stocks were again absorbed
ON an impressive scale, and repeated as
sertions We're renewed of an early ar
rangement for disbursement to stock
holders of the benefits of the ore lands
deal in some negotiable form. Pullman
was affected by reports of an intended
extra distribution on the stock out of &C.
cumulated surplus.
Brooklyn Transit was hurt by the poor
showing of net earnings for the quarter
ending september 3d. and was probably
affected also by the fact that Governor
Elect Hughes made public pronouncement
during his campaign in favor of vigorous
action towards this public service cor
poration
Outside of such special movements,
Reading was the most conspicuous figure,
and was alternately weak and strong,
as tho room traders operations in the
stocks shifted. The intense dullness of the
market as a whole was obviously due to
the exigencies of the money situation,
which exercises repressive influence on
speculative activity. Growing importance
is attached to the diversion of specula-
tive activity to the mining stocks dealt
in outside the stock exchange. Apprehen-
sions that the Bank of England would
advance its discount rate today, proved
unfounded, but any good effect on the
New York market that might have re-
suited was forestalled by the decline in
American securities in London, before
loading began here.
The weekly report of the bank dis
closed that replenishment of its bullion
holdings had at last set in, the weeks
gain amounting to over 100000. while
a reduction of $4,335,0O0 in outstanding
loans also contributed to the rise in the
proportion of reserve to liability. There
We're additional heavy repayments to the
bank in London today. The necessity OF
an advance in it's discount rate. there
fore, is postponed if not averted.
The demand for sterling exchange in
this market was evidence of a process
of reduction of the outstanding indebted
ness of this market to London. Great
interest attaches to the question of how
far this process must be carried before
the next stock market settlement in Lon
don, which occurs next week.
There was a resumption today of trans
fers of currency through the sub-treasury
100000 going to New Orleans by tele-
graph.
Rates for time money were strongly
held and reports of some large loans for
a period of six months at prevailing rates
were the ground for a belief that no early
relief from the tightness of money was
to be looked for. Brokers occupied them
selves with discussion Of the likelihood
of treasury measures of relief for the
money market, instead of dealing in
stocks.
The closing was weak under the in
f1uence of the furry in money, and there
was no great increase of activity.
Bonds were heavy. Total sales, par
value $i720000
United States new As advanced Is per
cent on call.