The Birmingham age-herald., 1906-07-08
sales. Hlgh. LoW. Close.

week. and the wide and irregular move ment of prices reflected the infunc of further heavy liquidation, and occasional struggles against the reactionary tendency with monetary success. The pressure or the July settlements was in evidence with the opening of the week, resulting in considerable calling of loans on stock mar lIet collateral, and a furry in call money to per cent. On Tuesday the maximum rate fell to per cent, and on Thursday, after the holiday 415 per cent. This quiet passing of the effects of the semi-annual requirements afforded some encourage ment to speculative holders of stocks and prompted a professional movement for rally which was furthered by the exten- sion of the short interest in the course of the considerable decline preceding.
 But speculative hopefulness was dashed again by the obvious pressure of liduida- ton which came out to take advantage of any sign of strength In the market. The selling in evidence in the market re- ceived various special explanations from time to time, but sentiment was skeptical of the likelihood of so many special causes concurring and the suspicion per sisted that steady liquidation of kind to exercise an influence upon views of the outlook for values was going on. Dur ing the day the supposed clearing out of an important account for an estate in process of settlement was advanced in explanations on other selling for account of a board member intended to retire, and so on.
 The impression got aboard that some selling of high-class securities was for account of life insurance companies which are put under new restrictions as to the character of their holdings by the recent law.
 There was believed to be fresh liquida- tion for account of fire insurance com- panies in the course of preparing for pay- ment of their San Francisco losses.
 The immediate situation Is considered to be complicated by the proposed issue of $30, 100000 of Panama canal bonds, and of SIP 100000 New York city bonds, which are to be offered this month. 40 per cent installment on subscriptions to new Baltimore and Ohio stock which will call for upward of $11,OOO,OOO and $5'Oo0'OOO subscription on Canadian Pacific stock to fall due this month. In the case ol the government bond issue an ameliorat- ing effect Is looked for from the addl- tional basis afforded for issue of bank notes. By the time these requirements are out of the way it is expected the interior demand for currency to move the crops will have begun.
 Authorities in the iron and steel in- dustries pronounce present conditions of unprecedented promise, and the only check admitted Is the lack of labor to meet full active demand in that trade. Commercial agencies point to well sus- tained demand for merchandise for fu- ture account, this reflectlng the confident attitude of the mercantile community. Railway earnings show large increase over the corresponding periods in prev ious years and traffic officials report an undiminshed tonnage in sight.
 Bonds have been dull and were held generally at concessions. United States 2s and the new As coupon have declined Ac. The 3s coupon ss and Ss registered lA per cent on call during the week.