The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-11-23
FEW STOCKSSTRONG
AND SENSATIONAL
Effect on General List Was Not
StimuIative
MARKET WEAK AT CLOSE
Sudden Prominence of Stocks of Small
Capital Sign of Speculative Ex-
haustion-Great North
ern Benefits.
MARKET WEAK AT CLOSE

New York, November 22.-The stock
market still showed strength and breadth
of activity today. In some instances the
advances were sensational.
The character of several of the stocks
which were thus affected however, We're
such that the sympathetic effect on the
general liss was unsettling rather than
stimulative. The bad repute of some
stocks with the speculative elements has
TO do with causes quite aside from the
financial standing or character of the
companies themselves. Stocks of compar-
atively small capital, or which are closely
held in a few hands and are seldom ac-
tive in the stock market are not favorite
mediums of speculation in times of or
binary activity. Their sudden emergenee
into prominence either by large transact
lions or violent fluctuations is usually ac-
ccpted as a sign that market possibilities
have been about exhausted in. the more
popular stocks and that only the course
of elimination by exhaustion has brought
the speculation around to this class.
This feeling was accentuated by the
publication at least of the terms for par
ticipation of Great Northern stockholders
in the benefits of the ore lands contract.
The valuable nature of those benefits
was beyond dispute.
But this transaction has served so long
as the handspring of one speculative
movement after another while held in
confines of vague conjecture that doubts
are felt as to what can take its place
with equal effect now that it is definitely
outlined and therefore placed without the
realm of speculation. This impression of
sentiment was closely manifest in the
movement in Great Northern preferred
Itself, which started downwards from the
outset. Northern Pacific moved in SYM
pathy. The feverish fluctuations in st.
Paul also kept sentiment constantly shift
ing
The most substantial example of
strength in the market from the specu-
1ative standpoint was Union Pacific,
which moved aggressively away from st.
Paul after having been crossed momen-
tarly by the per cent paid earlier in
the week. Revived discussion of a south
ern iron merger was reflected in that
group of which Virginia Iron, Coal and
Coke was the conspicuous figure. with a
buoyant rise at one time of 1872 over
last night.
The coalers also made sensational
jumps apparently on the drawing from
a separation of coal mines and lands from
railway company ownership. great
many low priced industrials were con-
cerned in the movement at one time or
another. The course of the call money
market showed that the factors of relax
atom were not as rapidly effective, as
was indicated by the later course of yes
terdays market. There was no rise to
10 per cent, as in the early dealings yes
terday, but the ruling rate was main
tanned about per cent until late in the
day.
The increase in gold holdings by the
Bank of England was satisfactorily de-
veloped and the decline in gold holdings
OF the Bank of France by its relnquish-
nent to the London market was offset by
n scaling off of credits. Domestic devel-
opments were less satisfactory New York
exchange at Chicago fell back to a small
discount after having ruled at 20 per cent
premium when the week opened. Another
half million dollars also was transferred
to San Francisco through the sub-treas-
ury.
The late money market continued strong
and very little was offered. The rate was
per cent bid up to three months and G
per cent bid and 612 offered for six
months. There was marked decline in
speculative confidence with the progress
OF the day and decided reaction in prices
from the high level. Net losses were con-