The Birmingham age-herald., 1906-10-18
ANOTHER SLUGGISH
 DAY FUR STOCKS Transactions Were All on a
 Small Scale UNDERT0NE WAS HEAVY Amalgamated Copper Very Slightly Affected By the supposition That the Dividend Rate Would
 Be Increased.
UNDERTONE WAS HEAVY

New York, October 1.-The currents in the market were again steady and slug gish today and transactions were on d small scale. Within the narrow compass of the movement, however it showed a revearsal of yesterdays form. The un- dertone was heavy and contrasted with the resisting tendency of yesterdays mar ket. Such shifting of the current of prices from day to day is not unusual in mar TOW professional market and often repre- sents nothing more than the effort to se- cure vantage point for overcoming the inerta of the market by A turn in prices for a slightly wider oscillation. Profits on scalping operations were very meager in todays market, and there was little else doing. News developments with general bearing on conditions were also scant. although a few stocks were af- fected by special causes, Amalgamated Copper was very moderately affected by the supposition that the dividend rate will be raised to per cent at tomorrow s meeting of directors, or by the excited dump in the London copper market of over 93 ton in the price of the metal New York Central was rather markedly heavy. This was attributed to selling of the stock against new stock subscription, the de- mand for the rights to subscribe proving unimportant.
 Consolidated Gas showed the further eff feet of the injunction to forbid the com pany from shutting off gas from consum- CTS who refuse to pay more than the S0- cents statute rate. The determination of Albany and Susqhehanna stockholders to contest with the Delaware and Hudson less or the saving of refunding at re- duced rate of interest, had some retiec- ton in the stock of the latter. The sag
 ging tendency of the market was some what emphasized by the furry in call money to 51a per cent late in the day. Be- lated borrowers made the rate, but the incident called attention to the fact that the torrent stream of replensihment of bank reserves by gold imports and by de- posits of government funds has been ar rested. At the same time money continues to go to the interior in large amounts of the express movement. The shipment of $3,000.0 900 to Toronto to fortify the banks there is also against the local banks. The course of foreign exchange market this week has indicated check to the heavy remittance in payment of foreign indebt- edness maturing. and this would carry with it a cessation of the new borrowing from local banks. Today's weekly state 1nent of the Imperial Bank of Germany showed substantial recuperation from the depleted resources caused by the October ] settlements and the Bank of Engla nd made a considerable addition to It's bull lion holdings. The downward course of sterling exchange in this market. how eyer. Is checked. The statement of our September foreign trade issued by the bureau of statistics al Washington. was scanned with attention for it's bearing on the exchange situation. The $3,000000 in- crease in exports for the month, due to the manufactured exports. Is entrusted with an expansion of less than a mill lion in imports. the large import move ment having set in by this time last year. The increase of $2.600,000 in the exchange value of exports for the month, compared with last year, must be regarded as but n moderate contribution to the expanded measure of our foreign borrowings for the liquidation of which merchandise exports are relied upon. Moreover. the exchanges of gold imports for the month rose to $29,- Al ,01O compared with s413O, 1sS last year. the difference representing reduction of our credit supply with foreign markets. The close was easy, with little recovery