The Birmingham age-herald., 1906-12-05
MONEY STR|NGENCY
 HAS ITS EFFECT
VanderbiItS Enjoy Notable Ad-
 vances During Day
SPECIAL STOCKS STRONG
Reading of Presidents Message In Wall Street Was Not Feature In the Days Market.
 Trading Dull

New York December 4-The increased stringency of the money market had some effect on stocks today in spite of some of the strong sustaining influences, and prices lost ground as the day wore on. There was a marked show of strength in the early part of tile day in an extensive list of special stocks but the trading in the usual active department of the market was dull and the movements narrow.
 The Vanderbilts enjoyed notable ad- Nances, which were sufficiently explained by the announcement shortly after noon of dividend increases on the two subsl- diary stocks of New York Central lines properly so called. The Lake Shore semi annual dividend was increased 3 per cent to per cent, and the Michigan Central semi-annual dividend was increased 1 per cent to per cent Other railroads in which the Vanderbilt interest has been regarded as dominant moved upwards in sympathy, but no further dividend an- nouncements were forthcoming The ma terial addition thus afforded to the other branches of New York Central gave rise to a general opinion that an increase sn that decision was intended.
 The increase in other incomes of New York Central which will accrue from to- days increases on the subsidiary stocks, will amount to nearly 2-3 per cent on the stock. If the declaration of New York Central division is deferred until Janu- ary IT, next, the holders of s30,000,000 of new stocks subscribed for on November 30 will be entitled to share in the division. Stocks of other companies in a similar subsidiary position most affected arc on the Vanderbilt side. For the rest the notable advances were amongst stocks of the obscurer class and usually dormant in the trading. The news of the day off, fered no explanation of these movements.
 Increasing attention centered on the money situation. The stringeney, instead of relaxing as the first of December, re- ceded more into the past became aggra- Vated. The ruling rates for call loans were higher than yet. although the 23 per cent maximum did not reach yester- days highest. The known movements of money indicated a sufficient decrease in bank reserves since Saturday to more than wipe out the slender surplus shown at that time. The days transfers through the sub-treasury amounted to $1,250 GOO, S750,000 was to San Francisco and $500, 900 to New Orleans.
 The sub-treasury absorption from the bank since the last Dank statement amounts to $2 973, ,O0O. Very scanty amounts were offered on. time and demand was eager, especially for funds carrying over the end of year for which 10 per cent was paid For sixty days per cent was bid and for ninety days 7ia per cent.
 Abroad there was a rise in the private discount rate in Berlin and the Egyptian demand for gold once more asserted it. self in the withdrawal of s1,250,000 from the Bank of England and for that desti- nation.
 From Washington came the abstract condition of national banks throughout the country under the controllers call as of November 12. From this it ap- pears that deposits have expanded s59. S35 . b29, and loans $6S 0G1.974 since the preced- ing call on September 4 The amount Of cash held by the banks at the same time was but Ss,527747. Compared with Novem- Der last years deposits haXe expanded k300, ,24l ,000 and loans no less than s3i9, 309 = 797, while the increase in cash Is no greater than $12. .i5S, ,07S. and that with an increased money in circulation In the country on December l. compared with year before also given out at Washing ton today of $206939. 7l6 The calling of loans by the banks caused increasing liquidation and considerable declines and the closing was but slightly above the