The Birmingham age-herald., 1906-11-21
DEMAND IS HALTED BY HIGH CALL MONEY Recent Sudden Advances Have
 Bracing Effect. STIFF SPECIAL MOVEMENTS illinois Central Jumps Points-Sev- erals lndustrials Made Similar
 Spurts-Low State of Re-
 serve in Interior Banks.
STIFF SPECIAL MOVEMENT IS

New York, November 2O.-The restraint of the stiff rates for call loans was man. ifest in the days stock market. Its ac- tion suggested that the speculative de- mand would have halted more complete ly had it not been for the bracng effect of the sudden and violent advances which occurred at different times dur ing the day In different stocks.
 These special movements were unex- plained by authoritative news, but there were plenty of rumors of a more or less plausible seeming. The six point jump in Illinois Central was the most conspicuous example in this class.
 The rumors had to do with the sup posed relation of the property to the project working out in regard to St. Paul It was alleged on the one hand that St. Paul and Southern Pacific were to be brought into more intimate rela- tions by an interchange of stockholdings, and that Illinois Central was to figure as the holding company for the merged property
 Another rumor was that urgent buying to perfect the control of Illinois Central in view of the internal differences in the company was responsible for the upward shoot in the price. The movement in Louisville and Nashville owed something to sympathy on account of the analogus conditions, and territory of the two roads.
 There were also surmises on the poss- blity of a dividend increase for Louis vile and Nashville and it's subsidiary companies shared in the strength. Rock Island was the subject of stories of an acquisition of control of Colorado and Southern which met with official dis chalmers. St. Paul was feverish and ir- regular reacting constantly from its wig orous advances
 One or two of the industrial specialties made similar spurts, notably General Electric and Peoples Gas. The manner 1n which these movements were conducted proved rather convincing to sentiment, and their lack of influence in sustaining the market became more marked as their number grew, and the absence of intellgible ground for the movements be- came evident.
 It was noticed soon after the money market opened that the tightness of yes- terday was aggravated rather than all leyated. The opening rate of per cent soon gave way to per cent, and yes terday's maximum of per cent was touched and passed early in the after noon. As known conditions seem to be moving in favor of the banking position. this sensitiveness of the market to the demands for the speculation proved dis turbing.
 New York exchange at Chicago rose to. 20c premium per S000 marking the continued How of funds towards this cen cer aas --.i s- aea-s
 The reports of conditions of the banks in interior cities in response to the comp frollers call as of November ? are pc rused with interest and tend to show the general expansion of credits and low state of reserves sustained in comparison with the showing under the previous call in August. Ne
 bad impression was caused by the engagement of upwards of $2S00,0O0 in London to be withdrawn from the Bank of England for shipment to Brazil and Argentine. The demand from Brazil is due to prospective monetary legislation dealing with the exchange value of the currency.
 Hopes have been expressed that London would be able to escape this require ment, which was not, however. entirely unforeseen The matter constitutes one of the numerous influences in the delicate balance of factors on which depends the ability of the Bank of England to get through to the new year without ad- vancing it's discount rate. Sterling ex- . change was easier here in response to