The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-10-12
PRICES ARE FIRM
UNTIL LAST HOUR
Character of Stock Trading is
Still Spotty
PUBLIC is NOT BUYING
Condition of Foreign Money Market Is
Probably Having Considerable In
fluence In Restraining
Speculative Ardor.

New York. October 11.-Todays stock
market had abundant evidence Of
strength and where there was no actual
rising tendency prices held FIRM until
the drive against the market N the las.
hour The character of the trading was
not much changed, and was stlll spotty.
The buying was spasmodc and came in
large orders and gave the impression o.
coming from identical sources. The effec-
tive demand converged also within a few
stocks
Professional observers deduce from this
action that there is no widespread de .
mand for stocks from the public at large,
but attempts to infer the sources of the
concentrated buying offer widely varying
views. On Nthe one hand is the suspicious
Interpretation of manipulatlve orders
from habitual operators of a plunging dis
position and on the other is the suppose
ton of informed buying by capitalists
with inside knowledge and control of cor
poration affairs who seek to accumula T.
holdings to the best advantage. The
traders followed each individual move
ment with suspicion, on the alert to
change their position and get out of their
commitments at the first alarm. General
developments had little bearing on the
days market. The news which developed
last night OF failure of the Cuban
American Trade bank involving betwee 4
three and four million dollars seemed to
be completely ignored The rise of q full
/ per cent to per cent in the Bank OF
ripple in the stock market either her
or in London, having been certainly anti
cipated. Yet it is not improbable that the
condition of the foreign money markets
has more influence than appear on the
surface in restraining the speculative ar
dor that all the conditions of prosperity
are felt to call for. The rebounI III ster,-
ing exchange rates today was violent here
and In Paris and Berlin. and showed ths
imperative nature of the demand of the
financial centers for the recall of re-
sources. In this market it made itsel.
felt by heavy remittances TO pay maturil.g
Indebtedness.
The absence of effect on the local money
market in face of this process was re-
garded as reassurng. although IT Is con-
sidered inevitable that local banks Will
be called upon to take UP an imuortant
part OF the shifting Indebtedness. The
sterling rate at Paris jumped to the gol [
export point and it Is that point Which is
looked upon as likely to come to the re-
lief of Londons need for. replenished re-
serves.
The English banks s2,o21,0J0 decrease in
bullion brought its proportion of reserve
to liabilities down to 1913 from $50 per
cent last week. Last year in this we TX
the proportion was increased from 5sss 10
51Ia. The bank sent another million
dollars bullion to Egypt today. There was
a general response in foreign discount
markets TO this action lsy the Bank Of
England Interior exchanges or New
York still rule at a discount and half a
million of dollars were transferred from
here today to Chicago through tie sub
treasury.
The deposit of government fumes with
local banks served to keep the local
money market replenished. The event of
the day, which attracted most speculative
interest was the rise in United State st sol