The Birmingham age-herald., 1906-10-30
DEALINGS IN STEEL HEAVY YESTERDAY Directors Will Act on Quarterly Dividend Today READING IS CONSPICUOUS Large Attention Still centers On the Struggle of the Bank of England
 to Recunerate It's
 Forces.

New York, October 29.-The active in- terest in today's stock market was of the slenderest outside of special move- ments in a handful of stocks. These special movements were in the way of ac- cumulation, and the resulting advances in the stocks concerned served to hold the general list in antipathy. The approach of dates of dividend meetings gave occasion to some of these movements. The United States Steel directors are expected to act on the quarterly dividend tomorrow, and the Pennsylvania directors meet on Thursday.
 There was some heavy transactions in United States Steel early in the day, and assertions were made with show of con- f1dence that the stock would be placed on a per cent dividend basis tomorrow. In connection with a statement coming from official quarters intended to show the im- possibility of advanced knowledge of what the dividend action might be, state ments were circulated with great explicit ness of the intention to declare the cus- tomary per cent semi-annual dividend on the Pennsylvania stock, and an extra dividend on half of 1 per cent. The price moved up in response, and carried with it Chesapeake and Ohio. Reading was the most conspicuous stock in the days movement, and it's fluctuations were att tributed to activity by a pool credited with the market control of the stock. There were no notable changes in the conditions which operated last week to restrain speculative activity.
 Large attention still centers on the struggle of the Bank of England to re- cuperate It's forces. The fact that the s5,000,O00 of newly arrived South African gold went almost wholly into the bank at a decline in the price paid, was accept ed as helpful factor. But special do- nestle requirements are to be met by the London money market this week, which are expected to make a drain of an amount to fully offset this gain. The No- vember. settlements here also are calcu- lated at $75O00,00O for dividend and inter- est payments. The conclusion is accepted quite universally that the bank loan con- traction reported in the Saturday bank statement represented simply transfer to lending institutions outside the clear ing house, while the effect of the with drawal of London credits from this mar ket is believed to be still unrehected Tn the loan showing of the New York banks. The sub-treasury is drawing on the New York banks both by large customs pay ments and also by drafts on New York banks sent in by interior banks for the payment of internal revenue due at other points. The latter is one method of draw ing on New York $ cash reserves for the benefit of the interior The level of ex- change at interior points indicates the currency shipments by express are also proceeding on a larger scale.
 The call money market was quiet, but the tone of time loans was reported again to be strong, especially for the ninety day period varying over the end of the year.
 Foreign exchange was weak.
 Railroad traffic officials reported in- creasing difficulty in the growing short lation of freight. Western grain elevators are overflowing, and grain is said to be piling on the open ground with no cars to move it. Railroads camor for early deliveries of freight cars, while car com panies complain that the railroads cannot bring the material to make cars fast enough. The rise in Pennsylvania, which was the last to occur, was taken advan- tage of to sell other stocks so that gains were nearly all wiped out except that in Pennsylvania itself.
 The closing tone was easy.
 Bonds were irregular. Total sales, par value, $1,54OOOO.
 United States bonds were unchanged on call.