The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-09-23
BANK STATEMENT
IS MORE ASSURING
Stock Market is Still Inclined
to Lethargy
WEEKS OPERATIONS LARGE
Admission That Union Pacific Is Ne
aotlatlna for 3. & o. Has Attracted
Most Interest-Effects VIII
Be FarReaehlng.
WEEKS OPERATIONS LARGE

New York. September 22.-The bank
statement today fulfilled the brightest ex-
pectations and belied some forecasts from
the usual accepted experts that mad
threatened poor showing. But IN spite
OF the Improvement indicated in the bank
ing position. the stock market showed 1T
tie inclination to throw Off its lethargy.
The course Of the time money and mer-
camille paper markets towards the end
of the week was regarded as better in
dex of the situation and of the disincl1na-
tion of money lenders to entrust further
resources to the uses of stock market
operations.
The amount of resources at the COM
rand Of the bank must supply the extra
ordinary requirements about the first OF
October, and 1t is realized that growing
difficulty will be encountered In securing
additional gold abroad for the beneht OF
New York. The $7.422, 200 loan expansion OF
the week shows the continued demand Tor
large credits in spite of the restraint up
on stuck market activity which has been
in evidence throughout the week. Est-
mates made yesterday by the accepted
authorities showed astonishing discrep-
af1ey in the item of the weeks cash move
nient. varying al 1.-THE way from gam
Of over $11.OO0,O0O by the banks to a loss
by those institutions of over 2,OOOOOO.
The confusion was caused by the diff
ferent accounting for the gold arriving by
incoming steamers during the week This
gold figures technically as withdrawal by
the sub-treasury from the banks, as IL
t..k- 10 IL fr0o c Re
rival in repayment of government adj
vances made at the time of the engage
1rlent But in this method of accounting
the arriving gold should have figured as
gain to the banks on first arriving. Ihere
was a confident hope amongst specula-
tive operators yesterday that further
measures of treasury relief would be an
nounced before the day was over. Disap-
pointment OF this hope prompted some
of the selling.
The market clos1i weak at a consider
able net loss.
Total sales of bonds, par value $4,000.
Operations In stocks have continued
large during the week,--but were longest
ed in a few of the prime speculative IA
vortes and prices fuctuated unevenly
and irregularly.
First Importance by common consent Is
giving to the authoritative admission that
Union Pacific is negotiating for the pur-
chase of the holdings of Baltimore and
Ohio, recently sold by the Pennsylvania
to Kuhn, Loeb & Co. While the proper
ton of total Baltimore and Ohio stock
thus to be transferred represents only
about one-ffth, 1t has been the universal
ASSUMPTION in Wall street that practical
control of Baltimore and Ohio by Union
Pacific was impending.
The consequences of the new order of
things thus involved are so far-reach-
Ing as to puzzle the understanding. The
operations of a railroad under one cons
troll from ocean to ocean, is a departure
from established railroad policy that
would necessarily be followed in the estl-
nation of the financial world by whole