The Birmingham age-herald., 1906-12-04
STOCKS DULL BUT DECIDEDLY STRONG Stiff Rates Prevail for Call CHEAP STOCKS UP MOST It Is Thought the Presidents Message, Which Will Go to Congress To-
 day, Has Been Dis
 counted.
CHEAP STOCKS UP MOST

New York, December 3.-The only eff feet perceptible from the stiff. prevailing rate for call loans today was a small volume of dealings in the market. There was no apparent inclination to sell stocks and the small buying was, therefore, ef- fective in advancing prices. The market had an appearance of decided strength throughout, in spite of the dullness.
 The strength was in evidence in the outset, notwithstanding some degree of apprehension over the threatening condi tions in the outside markets. The re- nouncing of the option on 100000 shares of Nipissing, which was announced by the Guggenheims on Saturday. after tho market closed, aroused fears of panicky conditions in view of the active specula- tion which had been in progress In mia ing shares.
 After the first downward plunge of Nipissing, it's rebound and the develop ment of actual strength in the outside markets removed the fears or reflected damage from that source.
 The notable price movements in the class of low priced stocks. both in the
 
 vices in these came in relays md the constant rotation of the demand kept up the appearance of strength in the market, even when the large portion of the list was practically suspended and motionless.
 High-prced stocks were firmly held and there were strong examples amongst them as well. Some of the days move- ments were associated with reports of special developments effecting the stocks, but others were without special explana- lion. There were rumors of coming sub scription rights to the new Canadian Pa ciflc stock.
 Chesapeake and Ohio was influenced by reports that Pennsylvania holding of the stock were to be taken over for addition to the holding in the Wander bilt in this. number of minor iron industrials were also prominent.
 Erie was helped by the report of net earnings for October, which showed d larger proportion of the gross increased conserved for the net than the current average in other cases.
 It was generally understood that the Presidents message would not go to Con gross until tomorrow There was a vide ly current assumption that the market had more than discounted any unfavor- able effect from portions of the message that might reinforce previously expressed views which have been regarded as un- favorable factors in the market, and that it's actual publication might result in some influx of demand into the market The copper stocks. led by Smelling. be- came an effective feature in the strength of the market. The ruling rate for money was higher throughout than on Friday although the 27 per cent maximum of Friday was not touched. The ub-treasury shows an absorption of nearly S2,OO0,O0O already to figure in the new bank state ment this week.
 The government institution also was ae- credited at the clearing house this morn ing for over half a millioa dollars The suppostion is general that it will be sev- eral days before the money market feels the relaxing effect of the return of funds employed in the December 1st settle ment. Very heavy requirements also lie ahead of the market for December 15. to which was added today the announce ment of offerings of s9.sOo00O New York City bonds
 The Bank of England rose further on heavy accretion of bullion, but the down ward course of discounts in London was halted. The cash demands on the cen tral bank from the English provinces is looked for this week to be maintained up to the end of the year. Sterling exchange