The Birmingham age-herald., 1906-11-08
DESULTORY DAY IN THE STOCK MARKET Largest Share of Activity Dur
 ing First Hour CONSIDERABLE SElLlN 6 Only Notable Resistance to the Market Was In the Hill Stocks and Espe-
 ciaIly In Northern
 Pacific.
CONSIDERABLE SELLING

New York. November 1.-The. speeula- ton in stocks proved to be of a desul- tory character today in spite of the signs of animation in the early selling. The largest share of activity was during the first hour and this was largely under the domination of foreign influences. The reported apprehension of a further ad- vance in the Bank of England discount rate at the weekly meeting of the gover- nors tomorrow was a principal factor. There was some selling out by the buy CTS of the last few days This buying had been due to hope that with the election out of the way, there would be revival of speculative demand for stocks. There was no sign of it this morning, and the selling to take profits aggravated the eff feet of the selling for London account.
 The supposition of rise in the English bank rate seemed due in part of fears on the part of the authorities of the bank that the New York stock market was about to enter on a new period of spec ulative activity with the probability of enforcing further demands on the Eng fish money market to keep it up. So far as this was a factor in the talk of rise in the bank rate, the event failed to jus tify the apprehension, as operations in New York were on diminishing scale after the opening burst of selling. It is evident, however, that the Bank of Eng land has not made satisfactory progress in the recuperation of reserves consid- cred necessary before entering upon the year-end requirements.
 Importance was attached to a report l.. .f. some of its gold holdings today for ship ment to Egypt as relief for the Bank of England from this drain might be hoped to operate against an advance in the dis count rate.
 The only notable resistance to the mar ket was in the Hill stocks, especially Northern Pacific. The strength of these stocks was attributed to the old cause of an expected disbursement in some ne- gotiable form of the beneficiary results of the iron ore deal. There was nominal strength also in Illinois Central, and in Chicago and Alton, which was explained by the belief that the assumption of con- trol of Illinois Central in the Hartman interests argues some project of closer relations between roads dominated by b. II. Hartman.
 The local call money market was man- tained today but did not advance. The tone of the time money market, however,
 
 loans were reported at per cent, with the late bid for sixty days.
 Very little money was in the market. There is some confidence that the in- teror demand for currency is nearly sat isfied for the present, but the condition of the local money market in the immed- fate future is believed to be dependent on the attitude of London tenders in con- nection with the next stock market set clement. Reports from Washington of case in preparation for prosecution of the Standard oil company received some att tention in the market.
 The demand from uncovered shorts brought about recoveries in prices. dis closed that bear activity was an impor- tant element in the markets weakness, but considerable net losses remained after the rally.
 The closing tone was firm and dull.
 Bonds were heavy. Total sales, par value, $1, 1884, 900.
 United States bonds were unchanged on call.