The Birmingham age-herald., 1906-10-24
RESTRAINT PUT
 ON SPECULATION Market Falls Back Into the
 Old Lethargy PRESSURE EARLY IN DAY Rise Was Soon Checked and Market Let Down to Waiting and Rest
 ing Condition It Exhlb-
 tied Last Week. f
PRESSURE EARLY IN DAY

New York October 23.-The stock mar ket today fell back into the condition which existed last week before 1t was upset by the unexpected advance In the Bank of England rate The manner in which operations were conducted gavo ground for the assumption which was generally held that international restraint was exercised on the speculation. It was assumed that the banking and financial world generally would be glad 10 see restricted speculative activity, but with values maintained or protected from any violent reaction.
 There was some resumption Of pressure in the early market. This was regarded as a natural consequence of yesterday sudden rebound and the extent to which 1t had run. The effective recovery was accepted as demonstrative of the passing of the first results of last weeks money developments and of the more rational view of the actual meaning of these de- velopments from the point of view Of American affairs. Having effected this demonstration, the rapid rise was checked and the market let down in to a waiting and resting condition, into which it had fallen last week. The measure of re- lief for money requirements proposed by the secretary of the treasury was not such as was expected. Additional bank notes and currency. while calculated to help fill the demand for the interior cir culation, offers no basis for extension Of banking credits, such as would be pro- vided by the additional banking reserves by releasing gold or legal tenders from the treasury, although it is expected that the necessity of loan contraction will be limited owing to the relief of the cash reserves from drain for the circulation by the shipment instead of the new bank note issues. The treas ury plan was so far disappointment to speculative expectations. But the ef- feet of this was neutralized by the un- derstanding that other measures of, re- lief were considered inopportune by New York bankers, owing to the prospect that any considerable easing of the tendency of the money market would facilitate a demand to withdraw gold for London account
 The London money market was under stood to be the real point of attraction, and the prospect of relief from that point for sources other than New York was be- lieved to be more likely in the absence of too sudden relaxation of conditions here The definite denial of yesterdays rumors of large loan by the Bank of France to the Bank of England was for this reason taken more account of than the difference of the treasury relief from yesterdays suppositions regarding it. The movement of sterling exchange in all markets showed the effect of London's imperative call for the return of credits. But the bullion movement of the Bank of England again showed net outgo to further shipments to Egypt. Open mar ket discounts In London, however, were slightly shaded The early strength of sterling exchange again gave place to some reaction when cotton bills appeared in the market. Call loans opened at 5h per cent, and receded from that level. It is clear, however, that financial senti- ment is well agreed as to the wisdom of moderate if any extension in speculation while requirements confront the money market as heavy as those to be met in the coming months. After the early sell ing which was partly on account of stocks bought yesterday to support the market