The Birmingham age-herald., 1906-12-02
STOCK MARKET IS WITHOUT CHARACTER Money Situation Exercised
 Restraining Influence MINOR STOCKS ADVANCE Apprehension That Speculative Infla- ton in Mining Stocks May Cause
 colapse-President's
 Message Factor.

New York. December 1.-There was lit- tie character 10 the trading in stocks today. the constraint on the speculation being attributed generally to the money situation. The bank statement does not reflect as large an inroad on the reserves as was foresold, but yesterday 27 per cent money rate caused m apprehension that the full result was not included in the statement of averages contained in the bank statement
 The largest part of the loss came late in the week and so figured to a small ex- tent in the averages. Moreover, the in- fluences at work to cause the decline are expected to continue in force. Funds en- ployed in making the December 1st pay ments. may be slow in returning to the channels of the money market The Eng fish money market, on the other hand. showed the effect of large recuperation sf reserves by the Bank of England and there was sharp decline in discount rates in London. Sterling exchange here were also weak
 The construction in the stock market was shown in the smallness of the deai- ings rather than in any depression of tone. Dull resistance was in evidence and some of the minor stocks made sharp ad- vances, especially amongst the lesser iron indus trials and the railroad equipment stocks. The constraint on the market was attributed in part to a desire to await the effect of the forthcoming message of the President. The financial world has formed the opinion that the extent of recommendations to be contained in the message may be pretty well inferred from previous official atterances and does not look for sensational surprises
 Reading showed some degree of depres- sion which was attributed to the report of decrease in net earnings for October A heavy decline in a favorite specially on the curb market speculation attracted at tention owing to the prevalent apprehen- sion that state of speculative imitation in mining stocks may have laid the way for a collapse The November transa ctions at the stock exchange fell to total of less than 20,0OO00O shares of stocks sold, or 7.42S, 600 less than in last November.
 Total sales of bonds today, par value, | GOO. Speculative activity in stocks has been restricted this week. The interrup- tion of the mid-week holiday and the preparation for December money settle ments were prime causes of the conserva- tive disposition towards new commitments in the market
 Prices moved slugglishly and irregularly and often reversed themselves in the course of days trading. Special move ments in few stocks had q sustaining influence to some extent but there were | other cases where there was a dpresson from special causes The publication of the annual report of Union Pacific was influence in the shift of the preference of buyers. There had been some short sell ing of that stock on advance knowledge that the rate of earnings disclosed would not fully equal the more extravagant : estimates put in circulation by the opera tors in stocks. The actual rate of earn ings below 15 per cent entrusted with 1 some of the estimates of over 20 per cent but the support accorded the stock after l the appearance of the annual report caused shorts to cover and helped the / advance.
 The Hill stocks were depressed for g time by the realizing which followed the announcement of plan to distribute tho benefits of the ore land contract witt the United States Steel corporation. There also was some question of willingness o lenders of money for which Great North ern, preferred was held colla teral to accept the certificates of beneficiary
 interest when issued to make up thu | deduction from the value of Great North l ern preferred. Discussion the sub iect seemed to bring a feeling of reas surance to the holders and the Grea | Northern ore rights when issued, me support on the curb market. whicl 1 checked the decline. An extension of tn, Hill Influence was surmised to account for large buying of Missouri, Kansas anC | Texas.
 Atchison and Rock Island were strong 1 supposedly on the excellent net earning, reports for october, which were littl, affected by the prevalent tendency tt l large inroads on the increases in gros, l earnings by the growth in operating ex penses. New York Central was bought II anticipation of the expiration on Frida, of the subscription rights to the new | stock.
 There was some restriction of money | supplies. both or account of a decline II cash resources and a larrn demand fol banking facilities for the large dividend | and interest payments in December. Th, | United States Steel, preferred. dividend the Atchison dividend and the Ameri can Tobacco dividends alone call fol nearly $l3,O00,OO0 Other requirements fall | Ing que aItef the illuule or the month also, are the Standard oil dividend O nearly sl0000,000 and the subscription a par to the $30,000,0o0 of New York Cen tral stocks.
 Transfers of currency to San Francisco to move the fruit crop have been larg, during the week and the further require ment of the southern money market fo completing the movement of the cottor crop. is a further item to be considered Bonds have been dull and the ton, rather heavy. United States 2's, the 8. and old As, registered, declined 2i4. ant the old fs coupon, ss per cent on cal during the week.
 Bonds.
 U. S. refunding 2s, registered. ....... Io3M U. s. 2s, coupon lo334 IT. S. 3s, registered io2sl U. s. 3s, coupon .. .... .... ......io2si U. & old 4s, registered. ex........I IooN