The Birmingham age-herald., 1906-11-27
CONFUSION MARKS COURSE OF MARKET Stocks Are Boosted and Then
 ReSoId CALL MONEY RELAXED
Trading Was Largely Professional Great Northern Figures conspicu- ously In Days Operations.
 English Finances Strong.

New York, November 2s.-Confuslon of speculative sentiment was discernable in the movement oS prices of stocks today, and the activity of the trading was con- tracted largely. Operations were left largely in the hands of professional trad CTS.
 Their confusion was due to the failure to find any effective leadership by inpor- tant transactions or any appreciable fol- lowing. The show of strength after the mixed tone at the opening had an en- couraging effect, and was interpreted as an assertion of power to support the mar ket against such pressure as that which came on the market toward the close of last week.
 The way in which great Northern pre- ferred was sustained after a further de- cline was especially effective in reassur- Ing sentiment. The buying, which fol- lowed, came from professional buyers who thought they read an intention on the part of powerful operators to renew the advance in prices. When they became dlstrustful of this intention stocks were resold, and the course of prices of Great
  they are quoted on the curb, had a large influence In turning the market down. ward again.
 The decline in these rights serves to discredt the extensive rise which oc- cured in the price of Great Northern preferred on the speculative buying in anticipation of distribution. The treat ment of loans in which Great Northern preferred serves as collateral when the new certificates are issued is a compli- eating factor
 The weakness of the new rights on the curb would add to their unattractiveness for inclusion in the collateral for such ~ loans. The call money market relaxed today, and no immediate pressure was en- forced on the stock market on that ac- count
 The movement of currency to San Fran CISCO continues, $500,O0 being transferred 10 that point through the sub-treasury to- day, and present indications are that this movement may reach several million dol lars.
 turther shipments to the cotton regions also are likely. The position of the Bank or England continues to grow stronger The tone of London financial comment enoWs however, that 0 possible renewal of demand for gold from New York is as much dreaded as complicating factor m that market as that from any other source
 rise in the Bank of England rate to per cent before the end of the year would have so damaging an effect on Eng fish trade and on foreign markets gener- ally thatit would counter balance an add Ing to New York from securing more gold from that market The conservation of the surplus reserves of the United States treasury that may be employed for relief Of the loca, market up to this time keeps up confidence, and their availability on any violent sign of money stringency The immediate course of the government rev enue operations is absorbing hut little from the market; the excess of receipts over expenditures thus far this month reaching 3.S37, O00.
 The weekly report of the Bank of Ger many showed an improvement in condi- tion, but in moderate degree consider- Ing the heavy banking requirements to be met in December. There was special strength in Missouri, Kansas and Texas stocks, due to suppositlon that they were heing bought for control and con- nectlon by larger system. St. Paul and Union Pacific suffered especially in com pany with Great Northern preferred and