The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-11-29
STOCKS ARE DULL
AND PROFESSIONAL
Eyening-Up Trades Resulted in
Stand-0ff
HIGHER MONEY DEPRESSING
Strong Positionsof Union Pacific In the
Matter of Cash Assets-The Bank
- of England Makes
Gold Gain.
HIGHER MONEY DEPRESSING

New York. November 2S.-There was an
hour of moderately active tradins in
stocks after the opening today and then
the market settled down into the usual
pre-holiday dullness.
The dullness resulted in the concession
of gains, which were established in the
first hour. The tone was heavy after
wards Professional traders were evenly
disposed to close up their contracts, over
the holiday, and this inclination was the
more pronounced since many brokers were
preparing to leave the city to be gone I'M
til Monday next. The effect of the rrcpar-
ations for the December settlements was
susceptible in the money market, and
the rise in the call loan market had some
depressing effect. The whole market was
narrow and almost entirely professional,
and therefore of slight significance.
S The Union Pacifics annual report con-
tlnued to occupy a large share of at.en-
ton. The stock was not active in the
market however, and there was some ap-
prehension that the good news on the
stock had already been discounted rs in
other instances lately. The powerful 30
sltion of the company in the matter OF
cash assets was much commented upon,
the item showing a total of over s56,-
100000, of which nearly $35,0O00O0 we're
= placed in demand loans.
To the apprehension of the Wall street
public, demand loans are suggestive Of
facilities for holding of stocks on mar
gin, and the immunity OF important spec
ulative holdings from the efforts of money
stringencT through the fall has beer tie
subject of constant comment
The fact is cited in the same connec-
ton that the Pacific stocks have held a
foremost place in the speculation for
many months past A strong market ro-
sition of the stocks is inferred from this
chain of events. On Friday there Is pay
able the Sc, 100000 dividend on Unitcd
States steel preferred, and on Saturday Il
long list of dividend payments falls cue,
of which the most important are the
American tobacco regular and extra divi-
dends, and the Atchson half yearly Ilvi-
dsnd on the common stock.
Money supplies are affected at the same
time by cash requirements. The SUBJ
treasury has taken upwards of $S,009, 900
from the banks since the last statement
Transfers to San Francisco are included
in this amount. The customs collections
are also running heavy at present. An
additional 100000 was transferred to San
Francisco today, which is not incldded
In the above figures.
Money also has gone to CanaJl this
week in connection with the making up
of annual showing of the banks lhero
for the November 80 reports. New York
exchange at Chicago also fell back to n
discount today. The Bank OF England
made gain of upwards of s2,O000 900 in
gold today. of which $1,00O0O0 came from
arts The London money market was
affected, however, by reports that fur
Their engagements of gold for shipment
TO Brazil are impending
The compilation of the condition of New
York Trust companies as of November
IA, showed the effects of the operation
of new reserve law. Compared with the
August report there is shown a decrease
in loans of $4,027600, and an increase in
specie holdings of So, 3SS, 900
In yearly comparison there is con-
traction in the loan item of SCI, 75S, sc. a
growth in specie of s24.115, 100 and in legal
tenders of $2,71 200. The lessened burden
on the reserves of clearing house hanks
in their office of ultimate reserve against
redeposits, on which loans are twice made
is thus disclosed. The strong report of
Rock Islands net earnings for October
helped to explain the recent advance in
the stock. Buying of New York Central
was attributed to the approaching rerod
of subscription rights to new stock
The market was lethargic for the lat