The Birmingham age-herald., 1906-04-27

large sales for account of some or the great commission houses and this was attributed to the letting go of some heavy speculatiye accounts. Selling of this from western sources was particularly marked and had the appearance of being forced presumably owing to wiping out or mar gins Earnest assurances have been heard for some time from some speculative sources that the Wall street commission houses had become practically bare or stocks This was evidently meant to im- ply that speculative accounts on the long side had been greatly reduced and that investment buying of a more substantial character had been taking stocks out of the market. The amount Of long stocks which came out today In specula- tive liquidation was a Surprise and thor oughly dlscredited these recent assur- ances The movement of currency. to San Francisco continued today on q very heavy scale. transfers through the sub treasury having amounted to over s5,0oO, = GOO before ? o'clock Engagement was made during the day of $40O0,000 gold for import, most of which was secured in Paris.
 The decidedly weak return of the Bank of England explained the unwillingness of the London market to part with gold. The banks holdings of bullion fell for the week nearly ss.50O. GOO. while the loans expanded in the neighborhood of s30, 900, thus bringing the proportion of reserves to liabilities to below the traditional line of safety at 40 per cent. The retention of the official discount rafe at 35s per cent with the private rate fully Up to that level makes it certain that heavy resort will be made to the bank by the market while this condition continues The fact that today was a pay day for a periodical stock exchange settlement in London is believed to have influenced the Bank of England authorities in refraining from ad- vancing the discount rates. The Paris money market relaxed materially with the success of the Russian loan issue, and sterling exchange there rose strongly. Both the Bank of France and the Im- perial Bank of Germany showed material recuperation. Reports of large loan in- tended by the Pennsylvania company was an adverse factor not only to that stock, but on the whole market. Read ing showed some resistance to the days weakness. and confidence was professed by the buyers of the stock in a settle ment of the anthracite labor troubles. Consolidated Gas steadied Up on the an- nouncement of a reduction in it's dividend to a per cent basis after a long period Of decline in expectation of this action.
 High grade investment speoalties were especially affected by the days selling. Bear operators were eager sellers on the declines and their buying to cover shorts was responsible for occasional rallies. Lit tie support was accorded the market while the liquidation seemed to be forced but with the lul in the selling pressure measures were taken to effect some res toration of the days losses. The demand was langud at the recovery until the an nouncement just before the close of large engagements of gold for import. This stimulated an active demand, Reading leading as at other times during the day and the closing was genreally firm.
 Bonds were weak. Total sales, par value, $2 710,O00
 United States bonds were all un- changed on call