The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-12-01
STOCKS REFLECT
DULL UNCERTAINTY
FIiGes Opened Lower and Later
Recovered
PlNCK IN MONEY MARKET
Hill Stock Asgresslvely Strong On Re-
porss of Contemplated Issuance
of s5o,ooo,ooo New Great
Northern Preferred.
PINCK IN MONEY MARKET

New York. November 3o.--The stock
market was a torpid state today. Prices
receded in the early part of the day un-
der the stress of the pinch in the money
market. There was recovery later 10
about the level of closing on Wednes-
day The movement was languid and un-
certain at all times, except in few
special stocks. The Hill stocks showed ag.
Ercssive strength and their advance was
an instrument in the recovery in the
general market.
Assertions were current which were
made With greet positiveness that it was
already determined to issue S5G,o00om new
Great Northern preferred stock 20 stock
holders at par part OF the proceeds e
be employed in taking over the North
eln Paciac's holdings OF Bu; iington. Th2
proceeds of the transaction OF Northern
Pacific, it was also asserted, We're to
lie distributed as an extra disbursement
10 stockholders of that company.
The death of the President OF the Soatl.
rrn railway was the subject or regret
fdl comment in the financial district, hut
The effect on the auoeed valne of the
Stocks of the rosd was scarcely nercept-
ible. There we're transactions in Tennessee
Goa, Il, a price / point higher than %
"Wednesday. althclsn the rights of sub
scription to new stock wricl came OIL
the stock today, were quoted al 5.
The valuation placed on the decrease
of 36 per cent In stock Gf the Pullman
company, was indicated by the differences
in todays quotation of 1870 for the stock
with the dividend off and that OF ]ed-
nesday which was 2567s. The furry in
the money market seemed sufficiently OK
planned by the known movements OF week
taken in connection with heavy require
mcnts of tomorrow's settlement.
sfhe sub-treasury alone has taken 3,702,
600 from the banks. The decrease include
deposits with that instruction today for
transfer to San Francisco of 81 100000 and
to New Orleans of $1Gl,g00 The estimates
compiled from statements made by the
banks Indicate that movement by OK
press also has shifted again In favor Of
anterior to extent of nearly se,C00,Ooe. There
las been an outgo besides to Canada. The
loss of cash by the banks rp te We'd
rSs1ay evening Is v6rlously estimated ~
from S4.5cO,GoO to sG,6oGG00.
AS the surplus reserve stock on list
Saturday was below $5,000.O00 the len
would be cut to near the vanishing point
without any change in the loan Item. All
Inc pf0Dd uFc III lbNpi "a an ~
panson in that item which would md
10 improve the surplus still further. The
casing off in the money rate TO per cent
after having risen To above 10 was the ef-
feet Of offerings by a single banking IN
stitutiou.
Money prospects in London were con-
si1cred much brighter by reason OF thf
substantial recupera ton revealed IN the
weekly statement of Bank of England
There was a further large gain in bu.-
lion by that Institution today, in clud'
ing another million dollars from Paris
Today's and yesterdays gains weee more
than sufficient to offset yesterdays S2,ls0,
O10 outgo to Brazil. The private discount
rate yielded easily today and at rate
to give rise to discussion Of q possible
reduction in bank rate during pecenlhe!
Stocks were indifferent to the i9te ter
sion In tho money market ard closed
very firm at the Top prices of sAs re-
covery.
Bonds were irregular. Total sa'rs par
value s2,s52o00. United States bont'a We're
unchanged on call.