The Birmingham age-herald., 1906-11-04
STOCK MARKET IS MORE IRREGULAR Finally Closed Firm At the
 Recovery
VERY WEAK IN FIRST HOUR
The Market Early In the Week Strug gled With Elements of Depression, But More Than Recovered
 the Losses Later.

New York. November 3.-The stock mar &et was weak today for an hour and then strong for an hour. and closed firm at the recovery Reading absorbed large share of the market and was the only stock to move either way with any vgor. The early selling of this stock was plain iy due to large extent to taking profits fin yesterdays business. The whole mar ket was affected in sympathy
 There was some professional selling also caused by fears of weak bank statement owing 10 the weeks large in dicated outgo of cash and the probability that credit accounts had also been ex tended during the week. The weekly bank statement verified the most liberal esti- mates of the loss of cash during the week, the decrease in that item rising to s7,S42, 000 But whatever increase of credits may have been made in New York dur ing the week was again kept out of the bank statement, which showed a loan decrease of $9, 800 The assumption that credits were expanded Is based on the known needs of the November money settlements, and the process of transfer ring loans from the London market to the New York market. There is nothing to show what was the source of the relief for the banks from the increased loan requirements, but it Is assumed that the trust companies and private banking houses took their share of the burden. Cables from Paris report q good deal of satisfaction there with this develop ment, and discrimination by the Bank of France against American finance bills in an effort to check 1t.
 But with the money rate in Paris but slightly above per cent, the attraction of the profitable rate for time loans here apparently proved stronger than the ob- stacies offered by the Central Banking in- stitution, have been able to oppose It Is this condition which has given rise 10 rumors of an intended advance in the Bank of France discount rate.
 Total sales of bonds par value, $1,161, 900.
 The stock market of the early part of the week struggled with some elements of depression, but more than recovered the losses in the later rally. The upward movement was initiated in Pennsylvania with the increase in the dividend rate to per cent. and was supplemented by the buoyant advance in the Hill railroad stocks While the market was dull and the speculation under restraint during the greater fcart of the week, there were number of inportant developments go- inG on.
 The increase in the Pennsylvania diVi- dend was of the greatest influence and was of far-reaching effect. The incident was taken as renewed demonstration of the high degree Of prosperity Of the transportation industry and of the ef- fectual prosperity of other business which is to be deduced from prontaDle actlVlty by the railroads.
 There was some ( npolntment over the retention of the of 1 per cent quarterly dividend on United States steel. as there had been some speculative buy Ing on an assumption that the rate would be increased
 Some of the forecasts of the amount of net earnings for the quarter of the corporation proved to have been eXtrav- agant, some estimates having pointed to an amount in excess qf $4O.o0O.00O. With unified orders on hand larger than at any previous period in Its history, with reports from day to day Of unchecked growth in demand for all lines of product, the effect was to confirm confidence in the high degree of prosperity in this great industry.
 Some of the embarrassments which come with high pressure of industrial and business activity remained in evidence and were given their share of attention In the marget outlook. In the iron and steel industry itself. there were reports of difficulty in securing early deliveries of iron and of premiums paid to secure ma terial for carrying on production. Imports of foreign iron were feature of this sit ustion. Railroad equipment companies are overwhelmed with orders to relieve the railroads from blockades of freight, which they have not facilities to move, while the car construction companies complain an turn that tho railroads cannot deliver material with which 10 carry out these orders. Another phase of the situation