The Birmingham age-herald., 1906-10-14
TONE OF THE STOCK MARKET IS HEAVY Causes Are Still Yelled in
 ObScurity IMPORTS OF GOLD CEASE During the Past Week Aggressive Ad. vance In Few Stocks Has Car ried the Whole Market
 With 1t.
IMPORTS OF GOLD CEASE

New York, October 1S--The tone of the stock market was heavy today and there was the same obscurity about the causes as was the case yesterday. The gossip of the board room attributed it to political uncertainties. The added pressure after the appearance of the bank statement might seem to preclude the money situa- ton as d motive for selling stocks, as the considerable addition to the surplus gives the index of a favorable statement according 10 the method of professional stock market computation. The $,46O 6OO addition to cash reserves was consider ably in excess of preliminary estimates, The excess was supposed to represent a correction of last weeks discrepancy. The SIS, ,S26GOO increase in loans was some what formidable measure of transfer of borrowings from foreign markets to this which has been forced by the rise in foreign markets.
 Account is also taken of the termination of the import movement of gold and o1 the completion of the deposit of govern nent funds designated for that purpose with the bankers which have furnished the means for the building up of the DdDhl4S ItsGTNtS up lO llllS Pbllt lo current of the domestic cash movement is still setting strongly from New York to the interior. Discounts rose again in London today, and the Bank of Eng land parted with S3.S0O.O00 more gold to Egypt. The foreign exchange market Is merely nominal in New York on Saiur- day, but the quotations for sterling ex- change today were reduced quarter cent in the pound sterling. Reports to mer- nf GboVVp1 pnntinIanPa nH the intense activity in all commercial de- partments, and the weeks bank clear tugs show no subsistence from the high level of exchange in the country's money market
 The market closed heavy with insig 1ihcant rallies from the low prices. Total sales of bonds. par value $1,092, GOO.
 The aggressive advance in a few stocks on very large transactions this week. has carried the whole market with it, but to a much more moderate extent than In the leaders. Dealings in the general list have been small and the movement nar- row. The heavy dealings in the market leaders also have been in very large in- dividual orders, and have carried the sug geston of participation in the market by operators of q powerful class who con- centrate their dealings in a few stocks The ore deal continued to exercise an influence on the speculation by the far reacGing consequences of that transac- ton on the future of the United States Steel corporation. All such reports of de- velopment favorable to various properties were made plausible by the continued news of the prosperous course of the countrys business in industry and agri. culture.
 The country's bank clearings continu, to show an unprecedented volume of thu money exchanges in the conduct of com mercial transactions. The government crol report for September is accepted as dem onstrating the existence of a corn crol of record proportions, a wheat crop sec ond only to that of 1901, and satisfactor! yields of other grain crops The cottor crop outlook is not so favorable. Damage by storms and by early frost threaten; the harvest and leads to an excited spec ulation in that commodity.
 Railroads in all parts of the country report an overwhelming freight move. ment reaching the proportions of con gestion and blockades in many places and with danger of greater embarrass- ment as soon as indictment weather sets fin. The years very large additions tC railroad equipment has failed to supply