The Birmingham age-herald., 1906-11-06
MARKET VERY CALM
 BEFORE ELECTION Hardening Tendency of Money Market Has Effect ACTION CAUSES SURPRISE Passing of November Settlements Had Been Expected to Result In Some
 Return of Money to
 the Market.
ACTION CAUSES SURPRISE

New York, November 5.-Operatons in stocks were under some restraint today, due principally to a hardening tendency Tn the money market, but partly also to the eve Of the election holiday causing the invariable indisposition to make mar ket commitments with an interval of closed markets to be passed.
 The action of the money market was q disagreeable surprise as the passing of the November settlements had been ex- pected to result in some return of money to the market which was only temporarily withdrawn for the purpose of dividend and interest disbursements. There is a growing disposition also to count on the end of the interior demand for currency for harvesting purposes as within dis lance. New York exchange at Chicago, in fact, rose to par today, as compared with 45 cents discount at the beginning or fast week. This movement of interior exchange may be attributable in part, of course, to the rise in the local money rate, which has attracted some offerings of interior funds in this market.
 Estimates of the shipments of currency to the west by Chicago banks make the movement much heavier than in last year for October, while the movement from New York to Chicago for the same time has been less This would indicate a considerable effect yet to be felt in New York from the vests demand for currency. But it was believed that the principal influence on today's money mar ket came from the other direction in con nection with outstanding credits in Lon don for the benefit of New York Neither of the last two bank statements have shown any effect on the loan item from the shifting of loans from London to New York It is the common belief that such an effect has been only postponed, and not avoided
 Account is taken also of further stock market settlements in London. The Lon dor Statist speaking after the last stock market settlement said:
 Trade never was more active in the Cnlted States, and the value of stocks never was more real. But the account being carried over here is too large. con- sidering the funds available for the pur pose It is understood, however, that very large. accounts have been trans ferred from London to New York, Unfor- tunately fresh accounts have been opened and at the settlement this week the ac- count to he dealt with was found to be larger than had been anticipated It is essentially necessary that before the next settlement comes, the American ac- count should be materially redueed.'
 The stock market settlement referred to by the StG tist occurs next week. To- day there was some inclination to ease in discounts both in London and Paris, but the Bank of England has not made any progress yet in the recuperation of it's reserve. This is regarded as necessary in preparation for the requirements to be met at tho end of the year. The opinion continues to be expressed in London ad- vices that the bank rate would be raised to ' per cent if that measure is found necessary to attract the desired inflow of cash. reserves to the bank.
 The days operations were largely in professional hands. There was accumula- lion during the first hour. and so 70 profit taking late in the day with an ffa liar closing.
 Bonds were steady. Total sales, par value $1 6Ss GOO.
 United States 3s advanced F. and the new 4a ss per cent on call.