The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-03-18

money markets, where these funds are
placed at present. Bank clearings for the
week throughout the country show de-
crease as compared with the correspond
ing week of last year This is the first
decrease reported in long period and is
due entirely to the showing of New York
and other large reserve cities. The days
dull stock market was as barren of feat
lre as the days news was of incident
having any important financial bearing.
Total sales Of bonds, par value,
$65s 900. @
Stock operations have lapsed this week
almost entirely into the hands of profess
sional traders. The narrowing and alter
mating fluctuations of prices have marked
the inadequacy Of this class of dealings
to move prices far from a fixed level in
the absence of any large participation by
the genuine buyers or sellers. The level
of the market has tended toward sta
bility. Neoessltous liquidation seemed to
be completed, but elements of uncertainty
in the outlook were sufficient to deter
any new buying Of securities.
The principal uncertainty has centered
about the money situation. Interest rates
eased In response to the deposits of gov
eminent funds at the national banks and
the engagement of something over a mil
lion dollars in gold in London for ship
ment to New York. The gold engage
ment In London was believed to have
been erected with special advantage
aside from general exchange condition.
The operation led to defensive measures
by the London money market which, to-
gether with general hardening of money
rates on all foreign markets, precluded
the extension of the moveemnt. Money
rates are held firm abroad by the I'M
easiness over the outcome of the Mo
roccan conference and the prospect that,
with the clearing UP of that question.
Russia will be an applicant for a large
loan.
Japanese fiscal operations are an in
fuence also, direct Withdrawals of Jap
anese funds on deposits in London and
New York being supplemented by ship
ments of gold from India ON behalf of
Japan against which gold in London is
transferred to the account of the Indian
government The effect OF her favor
able position in the merchandise ex-
changes is thus impaired, although the
February foreign trade statement shows
an excess value Of exports over imports
of s37, 517 766, compared with only So. 1853
for the preceding February. An additional
offsetting influence is the large sums
borrowed by foreigners on securities.
Heavy maturities have been falling due
OF this character during the week and
the demand for exchange for remittance
on this account has contributed to the
violent recovery in that market Divi-
dends payable in New York on. March 10
were estimated at over $1S,000000, inelud-
ing $15,00O00O Standard oil dividend.
Preparation for these disbursements
the local resources and Led to a
contraction in the loan rate reaching the
highest of the year. AS the interior
spring demand for currency is yet unde-
ternined, the outlook in money Is so far
from clear as to exercise marked repres-
s!ve, influence on the specializing spirit.
The progress of proposed legislation at
Albany for the holding of cash reserve re-
ouirements on the trust companies, In
dicates that preliminary accumulations by
those companies may be going on to COM
ply with the expected law
There is much discussion heard in the
financial district on the sentiment now
manifested In national and state legisla-
ton towards corpora tons The decisions
announced by the supreme court on Mon
day bearing the rights of induisition
by state officials into the affairs of cor
porations were accepted as important ex-
tensions of the defined limits of such
powers. The decision by the same court
on municipal powers over traction priv
ileges In Chicago precipitated violent de-
clines In tile stocks affected. The pas
sage of the bill limiting the rate for
gas in New York to eighty cents, caused
parallel decline in New York gas stocks,
and stimulated interest in the whole
problem. The railroad rate legislation
embodied in the bill before Congress,
and the continued agitation in the life
Insurance circles over corporation abuses.
has had its effect on speculative senti-
ment with an Understandable and I'M
doubted part in restricting the speculative
spirit.
United States 2s advanced Il. the ss
and old IS "a and the new Is registered
~, and new as coupon Ia per cent on
cai for the week