The Birmingham age-herald., 1906-11-19
Stock Market.

Henry Clews, in his Wall street letter of Saturday, says:
 A substantial rally took place in the stock market this week, owing to easier monetary conditions and to the revival of rumors concerning the Hartman and Hill group of stocks; some of the stocks directly interested having scored con spicuous advance during the last few days. It is quite likely that the advances in St. Paul, Union Pacific, Southern Pa cifie, Northern Pacific and Great North ern have good foundations. These nego- tiations have been going for a pro- tracted length of time, and it is probable that the principals have been simply waiting for an appropriate time for manipulation This was probably fur nished by the somewhat improved condi- tions in the money market While time rates continue very high, stringency has been less acute, due chiefly to changed conditions abroad The Bank of Englands s reserve is now in fair way of increas- ing from this time on. The United States and France have both been factors in the
 
 tary of the treasury withdrawing his facilities for importing gold. thus re- moving this country as a competitor with the Bank of England for South African gold. The Bank of France did its part by extending assistance to Egypt and saving the Bank of England accordingly. This was a more legitimate action than fo haxt 1c 4a fI,1 England, as 1t was generally expected might be done. Then the prospect of currency reform is reassurng. A plan Is likely to be presented to Congress that will commend itself, and the committee preparing same have strong hopes of its being enacted by Congress. This better outlook for currency reform has had wholesome effect on the money market.
 General trade continues very active. Perhaps the most striking feature in all departments is the comparative scarcity of goods crude or finished. In the iron trade there is no abatement of recent activity Railroads, who are always the heaviest consumers of iron and steel are still in the market for large quantities LII IollluS SlOch dilu MT. 11lll, WHOSe experience and sagacity are beyond ques- tion, recently stated that the nations traffic had increased 110 per cent during the last ten years, while the mileage had increased only 20 per cent. Since the capacity of road is not measured by it's mileage, but rather by the number of tons which 1t can handle over a given dis tance, 1t does not follow that the mileage should increase in the same proportion as traffic. Nevertheless, it is quite evil dent that the development of railroad facilities during the last few years has not kept pace with the countrys demands. This Is demonstrated by the serious con- gestion of traffic in all parts of the coun- try in spite of extreme exertions by the railroads to overcome present conditions. Our railroads have recently spent vast sums for improvements and terminal facilities. They have also been practical ly reconstructed as to road-bed and roll ing stock. It seems quite certain, there fore, that very considerable expansion of mileage must be expected until our traffic system is brought up to public requirements. This means continued ac- tivity in one of our leading industries that of iron and steel.