The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-11-16
ST, PAUL IS LEADER
IN DAYS TRADING
Standard Oil Shows Remarka-
BILE Falling Off
TRADERS RATHER TlMlD
Tendency Was to Follow Leaders of
Standard Oil Group on the Theory
That They Knew What
Would Happen.
TRADERS RATHER TIMID

New York, November 15,-The days
market was dominated by the varying
fluctuations in st. Paul and these were
so constant as to keep sentiment on the
general market a good deal unsettled.
Sales to release on the wide advance of
the last few days caused an appearance
of weakness in st. Paul, to which the
whole market responded and again when
st. Paul was supported and showed signs
of heavy accumulation on rapidly ris-
ing scale. the whole market once more
turned strong.
This was largely due to the belief
amongst professional operators that they
could read the course of the Standard
Oil group of capitalists in the opera
lions in St. Paul and to the eagerness
to follow that leadership. The general
public was not largely in evidence In
the market and seemed timid about at
tempting to read the evidence of this
supposed leadership in the speculation.
There was no news to indicate the
causes of the st. Paul movement beyond
the reiteration of previous rumors. The
subscription rights to new stock were
fostered by the manner in which the
rise In the preferred stock kept pace
with the common stock, although on nom-
inal dealings, on the other hand, the
close sympathy in movements of st.
Paul and Southern Pacific was regarded
as corroborative of surmlses of a closer
relation with the Hartman combination
of railroad properties.
The dealings in the general market
were duller and the fluctuations mar
rover than yesterday, owing to the con-
fusion caused by the varying movements
in the market leaders. There was some
disposition to look for a motive in the
occasional heayiness of the market to
the inauguration of the government
prosecution against Standard Oil COM
pany. The stock of the company In the
curb market fell sharply some 20 points
from the previous days prices, follow
Ing similar declines for several days
past, but the parcels of shares dealt in
were of a size which is not accorded an
official quotation in the case of any
stock when dealt in on the exchange.
Opinion was confident that conditions
IN the money market are working to-
wards greater ease. The weekly state
ment of the Bank of England disclosed
n degree OF recuperdtlOn WHICH PROM
ised sufficient compensation in time to
meet the year-end drain, and less fears
were entered of a rise to seven per cent
I'm the official discount rate before the
year closes. The $22,44S,O0o expansion in
value of orr agricultural exports for Oc-
tober reflected the cost of fulfllment of
the calculations of heavy foreign bal
ances in our favor, on which were based
the large borrowing from foreign bal
ances in our favor on which were based
the large borrowing from foreign markets.
maturing from time to time now, with
means thus assured to facilitate their
liquidation The easier tone of money
was distinctly perceptible in the time
money, as well the call money mar
ket today, and New York exchange at
interior points continue to rise today.
Interest attaches to the call by the New
York superintendent OF banking for state
ments of condition of state banks as of
November IA, for the light it will throw
on the condition of trust companies in
this city. This call has been expected
by the trust companies, as was that of
yesterday by the United States con-
troller of the condition of national banks
as of November -. 1t was freely urged
In the stock market today that greater
freedom in extending credits may be
looked for now that the period is set to
the requirement for window dressing"
In expectation of these calls. The agree