The Birmingham age-herald., 1906-10-04
PRICES SHIFT IN
 THE STOCK MARKET Low Priced Railroads Make
 Some Responses ATKINSON IS CONSPICUOUS Sentiment Over the Money Outlook Is Distinctly Briehter-order for Eng
 fish Gold Bars Has Been
 Countermanded.
ATKINSON IS CONSPICUOUS

New York, October 3,-There was large speculation in stocks again today but tine movement was constantly shifting. There was a palpable effort to divert the spetu- lation into some of the low priced rail- load stocks, and some of them responded with a show of strength. The maveine nt. however, lacked spontaneity and was clearly due to professional initiative based on technical considerations. rather than on actual developments regarding these prop critics. It was pausibly argued, however, that this class of securities has never ad- vanced in prSp.i ,icr 10 he wIce advances in the hisl priced stocks, in spi'e of the share of these compahiei in the in- creased earnings common to the railroad system of the whole country,
 Market operators are attracted ry the arugument also that carrying charges on the low priced stocks arg less ewing to the smaller sums to De borrowed m taking on these stocks. This argument has special force during q period of tightness of money, and pai ticuiarly at a period when customers of brokerage houses are receiving statements of ac- counts for September with charges to in- terest account, owing to the high moncy rates which make a notable impairment of profits on a movement of prices. Ibis factor Is believed to pcompt some of the recent pressure on the market in spite of the improvement in the mediate money outlook. A glance a. the sales list re- veals however. the continued preponder- ance of speculative favor towards hign priced railroad stocks, and even in this a disproportionate congestion in a small number of them. Atchison was the con spicuous figure in the days dealings and suffered severely from the solution of the doubts over the dividend question by the declaration of a 21a semi-annual divI- dend.
 The weakness of the stock in face of an increase of to per cent dividend basis was accepted as a striking lesson of the speculative disposition to excessive speculation of favorable events. Whole sale speculative liquidation was the con- sequence when the dividend action became known. the still undisclosed details of the ore deal of the Southern Pacific's alleged control of St. Paul and of the new holding company for the coal properties proved
  stock and of the stocks concerned. Cana. dian Pacifc's jump on the extra dividend out of proceeds of land sales was not well maintained, speculative profit taking also making its effect felt. As
 Sediment over the money outlook is distinctly brighter The subsistence of the import movement of gold is felt to be due to the present satisfaction of require ments. It was reported from London that a late engagement of gold bars at the Bank of England for New York ac- count had been countermanded. This caused a revision of yesterdays views of the certainty of an advance in the Bank of England rate tomorrow and discounts were easier in London today, though stil; ruling we'll above the banks official rate
 San Francisco made large remittances here through the sub-treasury, but $400,- GOO was transferred through that medium to New Orleans. The market did not fully recover at any time from the break in Atchison, which dropped from 10S3s in the morning to 1031a closing at a net loss of 3ss. When Reading ran off to 1505s in the late dealings after having sold at