The Birmingham age-herald., 1906-10-07
MARKET RELEASES
 AFTER THE OPENING
Was LiStless and Sluggish All
 Through Day
GENERAL MARKET IS HEAVY
With the Satisfaction of Extraordinary Requirements of October i Settle ments the Money Market
 Has sensibly Relaxed.

New York, October G.-The late stir in the stock market yesterday in anticipation of the announcement of the terms of the ore deal, which was made after the mar ket closed, proved short lived today. The market relapsed almost immediately after the opening into the listless and sluggish condition into which it has been falling lately. The stocks immediately concern ed in the ore deal closed lower all around end were at no time much higher than last night United States Steel was freely supplied in the neghborhood of 49 al- though not urgently pressed for sale be- low that. In view of the accurate out lines of the ore deal which have been cur rent for long time and of the many times prices have been advanced on the strength of it, this behavior of the stocks wss not surprising.
 The restraint on the rest of the list was partly sympathetic.
 There was a demonstration in Erie ap- parently intended to help in holding the market General Electric advanced sharp 1y with rumors of a control of American Locomotive But the general market proved heavy. This tendency was emphasized after the appearance of the bank state ment, which proved widely out of line with all the forecasts. Cash holdings de- creased 8, 300 where an increase of be- tween eight and nine millions had been estimated. The heavy operations of Octo. Der 1 were believed to have thrown the averages out of line with the actual con dition of the banks.
 The growing ease of the money market was considered a more reliable index of conditions. The Bank of England today lost upwards of s6.50O,OOO withdrawn for Egypt. Russian finances also continued n disturbing influence abroad Diversion of attention to the automobile race was considered partly responsible for the apathy of the market.
 Total sales of bonds, par value, SlO96,00o
 With the satisfaction of the extraordi- nary requirements of the October settle ments. the money market in New York and of the world has sensibly relaxed
 The stock market has had some benefit from this course of events. but the de- rn,ana for stock has been halting and ir- regular and the price movement in con sequence uncertain and narrow. Fears that the pinch in the money market would bc extended beyond hc-frst of the month sIONeu HiilOlnued. ApHtN Dll cdii WchA ii' higher than per cent on Monday and from that time receded progressively day after day 10 an average below 6 per cent Banking figures were a testimony to the enormous transactions completed on the first of the month Clearing house ex changes in New York on Monday were the largest with three exceptions in the his tory of the clearing house. The weekly returns of the Bank of England. France J df l,o I'm, ia1 if ( fccted the great pressure on these in Ettutions for credits. In the case of the Bank ef England a sereve depletion ol resources was the result, the proportion of reserve to liabilities falling below the traditional limit of safety which is 4t per cent 10 less than 8 per cent. Yet the Bank authorities refrained from advancing the official discount rate on Thursday. as they were expected to do, and discount rates receded in the open market of Lon don, Paris and Berlin.
 The Rank of England relaxed it's re- cent policy of severe discrimination against the stock market class of bor-