The Birmingham age-herald., 1906-03-25

ant, and the movement of prices was narrow and exceedingly irregular. The movement was up one day and down the other. On Monday there was an ap- pearance of real but small liquidation, induced by the summing up of conclusions on the general market tendency during the previous week.
 The factors holding the market in re- straint were much the same as for some time past. The market was kept free. however, from any urgent liquidation.
 Money rates have been little changed during the week, but the light demand for lieved to be responsible for this in part. The engagement of gold In Berlin for ex- ports to New York, supplementing the previous small engagements In London has been of small influence on stock mar ket sentiment. The explanation generally accepted of additional withdrawal of Japanese funds on deposit in western banking centers to the home market in the far east, was for the payment of the final installment of the Japanese loan subscription. which was made on the 20th. It is fact that St. Petersburg has sent gold again to Berlin. The Russian government has some large payments to make to Japan on account of the care of prisoners of war in accordance with the Portsmouth treaty.
 With the privilege of telegraphlc trans fer of gold across the United States against deposits in the sub-treasurys in New York, which is accorded by the gov ernment there is tendency for gold from Europe to Japan to come this wae> sThe NeT- York money market will have spe- cial requiremel--s to meet at the end of thu month with the turn of the quarter. and 1t Is possible the exchange situation has been forced to some extent to secure gold in anticipation of the needs to be met at that time. The first of April is regarded as the earliest period which any notable relaxation of the money market in New York may be expected to set in.
 The reception accorded the news of the intended issue of $100. .000O00 New York Central stock indicated another factor in the conservatism of the market. The enormous new capital stock issuance since the first of the year have been much discussed in Wall street as threatening a possible glut of new securities.
 Bond dealers complain of lethargic demand for old bond issues owing to the displacement of demand by the newer candidates for favor. The same effect is feared in the stock department, although
 
 new issue will be offered in moderate n- stallments and at considerable intervals of time with privilege to stockholders to subscribe at par. Reports of supposed stock subscription rights proved potent influence to advance prices in the recent speculative period of the market. New York Central itself having moved up many points at the time of the last issue of over S17O00.0 600 new stock last Deeem- Der. The decline on the new stock sug- gests to the speculative sentiment the analogy of the $75.0OO,OOO stock issue in 1e0S
 The undetermined question of coal miners strike in the anthracite or bisu- minous regions or both. the continued halt in the iron trade; Ices favorable com parlsons of railroad gross earnings with last years period, and the pcor results shown in the annual reports of the Mis- souri Pacific and the Texas and Pacific, have been contributing factors in the re- pression of speculation in the marISel.
 The bond market has been dull and ir- regular
 u. s. new As advanced F per cent. on call during the week.