The Birmingham age-herald., 1906-01-14

additions to their recent large advances.
 Missouri Pacific continued its newly awakened activity and had some effect on other members of the Gould group. The gain of over s15 00O, 900 in cash by the banks realized all the estimated cur rency movement and besides made up the discrepancy of last weeks unexplain- ed showing of a decrease. The nominal increase in loans was a relief from the apprehension that the extensive liquida- ton of borrowing from foreigners during the week was being transferred to the New York banks. The upward rush in Brooklyn Rapid Transit at the last was due to revive traction merger rumors. Reports of failures of brokerage houses in Pittsburg and Cleveland, growing out of the Denison, Prior & Co. failure in Cleveland, had some bad effect on senti- ment.
 Total sales of bonds, par value, SZ,- 620.000
 An active digestive process has been clearly in evidence in the stock market and it was not until the latter part of the week that there were signs of the completion of this process and the re- sumption of large operations on the large side such as characterized the trading of the latter part of the old year. The market showed excellent absorptive pow
  which was attributed to some of the heaviest operators, was accomplished without serious impairment of prices at any time and with many striking points of strength developed at new points With startling effect Apprehension that the realizing marked the continuation or the speculation and of the rise, curbed the new demand which had been actively stimulated by the decisive recovery or la at There was no actually unfavorable news 10 ac- count for the reactionary tendency.
 The low proportion of reserves of the Rank of England and the continued with drawals from London, both for Parls ana for South America foreshadoWed protec- tive measures by that center. The course of the week showed some clearing Of the present apprehensions over the Moroccsh question.
 The most potent factor in carrying ror- eign exchange rates higher up to the verge os inc gold export level, however, was the demand for remittance to cover ma turtles of loans in this market by foreign tenders This throws much light on the source of the supply to carry the great speculation of the fall and early winter and it's indifference to the ex1gencies oA the money market here when the rate for call loans went to To per cent. feature of the week has been the large selling of American securities In Lohuoll for New York account. Stocks thus solu in London have come back on the New Work market and the liquidation of loans hv which they were carried has made a beavv demand for foreign exchange Tn New York with effect both in the slocN market and in the exchange market With the exchange rate nearly al tne gold export point however, bankers oiiis made their reappearance In the eNcnanse ,oarset indicating the possibility or the renewal of maturing liabilities to loreish lenders. Meantime the ref1ux or iuhos to New York from domestic sources mas been pronounced and supplies in the mar ket have carried interest rates uo"h 'o :" much easier level.
 On inc side of the foreign exchange ,,arxet the report of the country's agri- cultural exports for December shows d gratifying strengthening of this country nosition by the expansion Tn Values oi axnorts over those of the preceding De- eember by upwards of $42,W0,no. Sucn d shaving would tend to encourage foreign bankers here to offer bills of exchange more freely for the placing or replacing of foreign funds.
 The revival of speculative activity mas shown signs of large professional opera tions and rumors of deals ana reports oi nroposed dividend increases which are rather vague and unauthentic, are fea- ture of the market The scope and sweep of the movement are impressive ana sig- n,fcant of powerful operators and re- sources.
 Bonds have moved irregular and moder- atelv excent for some of the speculative issues. United States coupons advanced Ia per cent on call on the week.