The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-09-15
STRENGTH IN STOCKS
\ WAS VERY SPOTTY
Room Traders SkepticaI and Put
Out Short Lines
BONDS CONTINUE HEAVY
A Late Flusry In Money Was Attrib-
gtod to Large Dividend Payments
Due Tomorrow, Which
Reach 100000.
BONDS CONTINUE HEAVY

New York, September 14.-Operations on
the long side of the stock market was
resumed in sufficient volume today to
effect a turn from the downward course
of Eric es in progress yesterday. The days
strength was spotty, strength at one
point contrasting with heaviness at 9TH
ers in the process of maneuvering to
take profits. The room trading element
was skeptical of the market and put out
short lines on the advances. The principal
operations centered in the coalers, espe-
cially in Eeading. Much of the activity in
that stock was attributed to long stand
ing pool.
Rumors to account for the movement
revived reports of an intended divest-
n1ent of ownership Of coal properties by
the railroad company. This report has
reappeared at intervals ever since the
publication of the judicial decision which
seemed to Indicate the illegality of the
present ownership in the means Of pro-
duction for the material transported as
freight by the coalers.
Details were not forthcoming of the
plan but the speculative assumption was
that large profits would accrue to the
railroad companies from the proceeds of
the new arrangement. The rise on the
coalers on this assumption was in con-
trast to the former favorable effect on
those stocks of taking over of coal min
ing properties. Other stocks which were
notably strong had special causes as
signed. There were some conspicuous
gaps in the line of advancing prices and
some recent leaders were held back
throughout the day. The 5 per cent divi-
dend came off the price of Union Pacific
and instead of attracting demand there
seemed to be selling by those who had
held only until the dividend to accrue to
them. A number of industrials figured in
the days advances on developments in the
special trades in which they were inter-
ested or in the affairs of the corpora
tons themselves. Estimates of the bank
statement pointed to a favorable return
tomorrow and this was used to encour-
age the speculation. The increase in cash
for the week was estimated to be in the
neighborhood of $15O00,OO0 The sub-treas-
ury operations include the payments of
recent gold engagements abroad, except
todays payment of $1,77500O which brings
the total payments on that account for
the week up to $19, $50, 900. But receipts
of revenue payment and for Geographic
transfer to interior points and other
routine sub-treasury operations leave the
payments by that institution to the banks
at only $15.029,O00. This is a small offset
to this gain in the movement on balance
by express to the interior which is esti-
mated at but few hundred thousand
dollars compared with over s5000,0OO last
week This relaxation in the interior de-
mand for currency contributes to much
promised of tomorrow's bank statement,
The further advance in the sterling ex-
change rate today decreased the COM
mand by New York on gold in London
Attention was given to report also of
semi official statement of the unwill-