The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-10-25
CONTRACTION IN
STOCK DEALINGS
Movement of Prices is Very
Sluggish
LONDON Is AGAIN SELLING
Confidence Is Renewed In Effective
ness of the Treasury Measure for
Stimulating the Bank Note Is
sues in Relieving Money.

New York, October A-There was a
marked contraction in the volume OF
transactions at the stock exchange today,
and a corresponding sluggishness in the
movement of prices. There was general
assumption that bankers and strong finan-
cers felt opposed to active speculation at
this time and stood prepared to offer
measures to obstruct any effoFs to stim-
Mlate it. The understanding in itself went
a long way toward discouraging any ag-
gressive market opera lions, so that active
measures to obstruct them were not called
for to a large extent. The smaller pro-
fessional traders had the market entirely
to themselves and their moderate transac-
Mons had little effect on prices.
The beginning of the London settlement
was watched with keen attention owing
TO the fears that has been felt that an
ever extended account in American Sc
'curities would be disclosed there, and
would be forced out by last weeks rise
in the Bank of England rate. The rates
for carrying over holdings into the next
account were stiffened according to Lon
don reports rising from to 9 per cent on
demand for cable transfers in the New
York exchange market in connection with
the settlement which made II evident that
the account in Americans was being large
" reduced. London's settlement continues
until Friday. which is pay day and the
waiting attitude of the New York mar
ket is partly based on the desire to see
the outcome
There was some selling of stocks here
again for London account. Developments
in the money and exchange markets were
rather mixed Money on call was easier
here again. There was more confidence in
the effectiveness of the treasury meas
ure for stimulating the bank note issues
in relieving the money market The sub
treasury account shows a considerable
Withdrawal from the banks since the last
bank statement but this is on account
of the return of gold received from abroad
which had been advanced to the banks
while in transit. Transfer was made
to New Orleans through the sub-treas-
ury of 100000, and New York exchange
fell to 80 cents discount at Chicago again.
On the other hand $150OO.COO in gold was
received from Canada particularly the
return of part of the amount sent to meet
the banking emergency in Toronto and
thus marking the subsistence of the crisis
there. The Bank of England raised its
bid for gold In order to secure 900 ar
irving in the open market, while the
withdrawal of $l,5O0,OO0 for shipment ia
Constantinople showed the continuance OF
net outgo of bullion from the banks re-
serve in spite ofsits low level and the
drastic measure of last week to stop the
drain.
Discounts hardened in London, and there
was a sharp drop in sterling exchange at
Paris as If from a subsistence of pressure
for remittance to London. Foreign ex-
change here continued to work higher.
Occasional upward movements of special
stocks met with selling, and the under
tone of the market was dull and heavy.
The western storm and reports of con-
certed demands on the railroads by switch
men, were of some effect in the depres-
sion The announcement of the increase
in the n. and w. dividend was taken