The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-10-26
STOCK MARKET IS
AGAIN STAGNANT
Banking Interests Frown on
Any Speculative Activity
POLITICS Is A FACTOR
Friction of Railroad Employees on Ger.
tain Lines Comes In for Its
Share of Atten-
ton.
POLITICS Is A FACTOR

New York October 25.-It would be dit
fcult TO extract a meaning from the ae-
ton of todays stock market beyond the
negative inference of the determined alb
stention Of all operators of any impor-
lance. The total sales for the day ex-
banded slightly over those of yesterday,
but the increase was done during the
first hour. For most of the day the mar
ket had more stagnant appearance than
for long time past. The dizziness was
partly attributable 10 the understanding
that banking interests frowned on the
idea of any present speculative activity.
Such essays as are made by traders to
initiate a price movement in the pres
ent market bring to light practical meas
ures to hold the market in its suspended
state. A rise in prices brings out stocks
in sufficient volume to check it, while a
drive against prices will meet support In
the shape of buying orders.
The political campaign is conceded to
have some influence still In depressing the
speculation and in suspendng financial
plans which were relied on to stimulate
speculation. Some additional attention
was given today to reports of friction
with workmen of various classes on some
of the important railroad systems, but
denials were offered ON behalf of the
railroads affected that any serious conse-
quences were expected. The increasing
shortage of freight cars was said to be
reaching "a stage where some industries
found themselves lacking supplies in con-
sequence, and some of the railroads We're
reported to be refusing grain offered for
transportation. The progress of the Lon
don settlement was watched with much
interest.
Day-to-day money loaned at higher rates
in London today. Tomorrow is the day
for payments in stock market settle
monts and any financial difficulties would
be disclosed at that time. A process of
heavy transfers of stocks carried from
the London market to the New York
market is taken for granted from the
cheaper interest rates now ruling there.
All three of the great central banks of
Europe made returns of conditions to-
day. The Imperial bank of Germany
showed substantial recuperation and dis
counts receded in Berlin. The Bank of
England showed a further shrinkage in
its proportion of reserve to liability in
spite of the 6 per cent the highest rate
ruling since the last statement. Items
in the Bank of France statement showed
unimportant changes and that institution
refrained from advancing it's discount rate
feared yesterday it would do.
Call money was again easier in this
market, notwithstanding further remit
tances from here to London and to the
south for cotton moving purposes. Chi.
cago exchange receded further to 40 cents
discount a $1,000, compared with 80 cents
yesterday, and 20 cents discount earlier
in the week.
The governments report on cottof
ginned was regarded as satisfactory. bu
made no impression stocks. Reading
was heavily offered at the last, and tht
closing was easy.
Bonds were irregular.
Total sales, par value, $1,4S4000.
United States bonds were unchanged OIL
call.