The Birmingham age-herald., 1906-10-16
DULL DAY PASSED
 IN STOCK MARKET Trading Almost Stagnant After
 the First Hour UNION PACIFIC A SELLER
Active Selling Was Attributed to the So-CaIed Western Party In the SpecuIation-Market Quits
 When They Quit.

New York. October 15.-Today's stock market was but. dull affair. There was a considerable number of shares sold dur ing the first hour but after that the trading became almost stagnant and the sluggish movements of prices was also imperceptible during the midday period The selling was most noticeable in Union Pacific and Reading. Its source and it's motive were not clearly understood Re vived assertions that government meas ures were in contemplation to contest some of the Union Pacific holdings of lands taken over from the public do main. was given as one ground for the weakness.
 Active selling was attributed to the so called western party in the speculation who have been credited with most of the large operations in the market for some time whether the long or short side. The profound dullness which overlook the trading when these operations ceased indicated strongly that they went far to make up the whole market. The public attitude towards the market is one of entire neglect. The action of the mar ket suggests also that the large finan-
 
 with the intention to keep the market alive desisted from the purpose Various views are held as to the motive for this attitude. Political uncertainty Is a favor 1te explanation with the professional stock operator. The desirabilty of preserving the tranquility of the money market and protecting it from the extra strain of an active stock market is very generally admitted to have force. Conditions in the money market were little changed. The upward course in sterling exchange, how ever, which was marked feature of last weeks events, was sharply re- versed and there was a considerable re- action. Sterling also fell at Paris and Berlin. The point of relaxation was not tn London for discounts rose again there The Bank of England secured all the gold arriving in the market al a reduc ton from the previous price. but the amount thus acquired which reached only $1.Sl0.000 was offset by the withdrawal of another $7o0000 from the bank for shipment to Egypt This is a slow rate of recuperation for the depleted reserve item, shown by last weeks statement of the bank.
 It was reported that Berlin bankers were discussing measures of discrimina- tion against American finance bills such as were employed by the Bank of Eng land before the advance in it's official rates.
 Agricultural reports from this country showed a falling off for September from the same months last year the large de- crease in cotton exports serving more than to overcome the increase in other / products. The continued rise In price of cotton since is against an expansion in It's export A numer of dividends were payable today and shipments were made of between s2,000000 and $3,0O0.D00 to To- ronto. said to be for the protection of the position of a recently merged bank. Money rates here were noticeably firmer, but last weeks receding tendency was not longer in evidence.
 Railroad traffks officials reported in creasnss pressurFfor cars with threat of damaging freight blockades when lake navigation closes or in the event of any weather obstruction to traffic. Most of the early declines were made in the slow hardening movement. but the closing was slightly irregular.
 Bonds were irregular. Total sales par value. $1 ,926,000
 United States bonds were unchanged on call.