The Birmingham age-herald., 1906-10-10
.LETHARGY' GROWS
 IN STOCK MARKET Period of Speculative Quiet Seems to Be Desired NOACUTE PRESSURE SHOWN Railroad List Was conspicuously Neg lected and Pennsylvania Was the
 Only Stock to Show Any
 Large Activity.
NOACUTE PRESSURE SHOWN

New York, October 9.-Stocks failed to respond to the leadership of few issues which showed strength today, and the rendition of the market became ethargic during the latter part of the day. The ground for the neglect Into which the market fell was not clear but the way in which stock was supplied on any ad- Nance and the absence of large transac- lions fostered the impression that the con- trolling powers in the market desired period of speculative quiet Traders pro- fessed to see in some of the selling character that intimated them from any attempts to contest the indifference thus signalzed.
 There was no acute pressure at any time and the movements at one or two points tn the list where advances occurred were believed to be for sustaining effect. The railroad list was conspicuously neglected and Pennsylvania was the only stock of first rate importance to show any large activity or mobility There were some large buying operations in that stock, &C., companied by rumors of an intention to raise the dividend rate to per cent at the next dividend period. There was  rise of a point also in the subsidiary Chesapeake & Ohio, but when it became known that the directors who were ex- pected to act on an increased dividend today. had failed to secure quorum. the movement ran out. A rumored dividend increase stimulated Amalgamated copper Rlso in the earlier dealings.
 The moderate strength, in Union Pacific was due to the expectation of the early publication of the annual report in pam phlet form which Is expected to contain matter to commend the stock buyers, but it was announced that several weeks would probably intervene before 1t would go to stockholders. General electric ad- vanced on rumors of an intended stock issue with valuable subscription privi- 1eges. II carried with it no other stocks of companies in the same line of indus try. notably Westinghouse electric, Amer ican locomotive and Allis Chalmers. American smelting also extended it's re- cent large advance. From these prom inent individual stocks. the movement spread down through diminishing grades of importance to some of the most insig nlficant on the list. After lying long dor mant many such stocks were awakened into sudden animation today and rushed up by leaps and bounds with no news to explain the seeming eagerness to buy them This extension of speculative de- mand to where it stirs mp the sedimentary deposits at the bottom of the market, is always regardeds with distrust by ex- perienced operators as a usual sign of the culmination of q speculative move ment which has exhausted the possibil- ties in the higher grade securities. Some dlscouragfng effort on the general mar ket was due to this cause.
 Money in the local market continued 10 work easier and there was a disposi- tion to shade the per cent rate on time loans for the first time in many weeks.
 Foreign markets had more influence on money considerations than the domestic situa lion. There was some slight relax alton in the London money market, but opinion remains undecided whether the bank rate will be advanced on Thursday The col viction Is general, however. that the imperial bank of Germany will raise its discount rate tomogrow. The foreign exchange market here was very strong and rose at one time over half cent in the pound sterling. Demand for remit