The Birmingham age-herald., 1906-04-01

same time that the plan for the dispo- sition of the Great Northern's iron ore lands to the United States Steel corpora ton had been consummated. The buying of the Hill stocks and of the Hartman Pacifcs was attributed to this rumor, which has many times revived in Wall street. Best prices were made after the appearance of the bank statement which was better than had been expected. A further consignment of S1 250,000 of import ed gold due to arrive today will appear in next weeks reserves. There was con tinued discussion of further probable en- agreements of gold for export. Rates for sterling exchange, however, were marked up sharply today although the Satur- day market is only nominal
 Total sales of bonds, par value, $1 ,000- boo.
 There has been some additional pre- cipitation in the stock market this week which is commonly attributed to almost exclusively professional origin. These tentative operations after the first of the month and the desire to be in a posi- tion to take advantage of the increased demand for securities which may develop at that time. No evidence of any actual awakening of such outside demand has appeared. The professional movement it. self has been halting and irregular and interrupted by frequent reactions.
 The first of April has been looked for ward to for a long time as likely to mark the period of maximum requirement. on the money market and to be followed by a relaxation of interest rates and an in- creased supply of available funds for ployment in speculation which might tend to stimulate a market movement. The opening of the week. with tranquil con ditions in money, despite the near ap- proach of the quarterly settlements en-
 
 furry in call money might be avoided. This hope was disappointed and the sharp hardening of call loan rates beginning on Thursday chilled the speculative confi- dence. Additional gold was secured for import during the week and the move ment of the foreign exchange movement and a yielding tendency in foreign money market were factors in forming confidence over the money outlook. The practical settlement of the Moroccan problem was expected to release funds in Europe which have been accumulated in fear of a fail ure to agree on the part of the Algeeiras conference. Less has been heard of the early issue of Russian 1oan and its pos sible effect on the foreign money situa- ton has dropped out of consideration. The end of the month has approached also without any further large withdrawals from New York of the deposits here of the Japanese government which 1t was said at one time would be made in large volume before the end of the month. Fur ther developments on these two points might be expected to modify the present view of the money outlook on which the speculative initiative is based. It is to be noted in this connection that $2 .500 ,OO0 in gold was shipped from Australia to Japan this week, which may be an fnd- rect effect of remittances from London to Jaran. The $500,000 transmitted through the subtreasury to San Franscisco on Friday was also supposed to be for Japan.
 The attitude assumed towards factors in the situation which have helped to repress speculation heretofore has been, on the par of the professional party at tempting to inaugurate an upward move ment. that these factors may be supposed to have exhausted. their influence on the stock market The conditions in the coal inouiry it is urged, have pointed so def nitelv to a strike that intended measures in the stock market based on strike may be supposed to have been already taken.
 The action of the stock market for some time past has convinced this spec ulative element that sold out condi- tlon exists. While new demand for se- curieties Is insufficient, the occasional drives against prices by the professional traders have failed to dlsgorge stocks and profits on the short side have been difficult to secure. This indicates tech nicaI position of the market that IS ta- yorable to operations for an advance in prices As to the success of such an advance in attracting outside demand through which to realize profits, the de- mand then remains to be made.
 The iron trade still fails to show any definite revival of the demand for fu- ture requirements. Actual resumption or orders in this inquiry would be of great conseauence in deciding opinion over the future course of industrial progress. The effect of a shut down of the soft coal output in the iron inquiry is to pe reck- oned with. On the other hand. the pro duction of finished iron and steel pro- ducts continues on very large scale and large new orders for steel rails are re- ported this week
 Reports of net earnings of railroads for February which have come to hand this week. show extraordinary comparisons with February of last year. Very favor able operating conditions this year com nared with unfavorable conditions last vear. thus helping out the comparison
 Cross earnings reported. for the third week of March are affected by the stormy weather conditions and makes a less fa- vorable comparison. The copper trade is reported active and the weeks advance in | the dividend on Anaconda mining was a favorable influence on the whole crop. 1! New phases of the. agitation in the life 1 insurance field. were of adverse effect on the financial world. The point is made l that the large participation by these companies of late years in great issues | of new securities is not to be expected ] .to help out the large hotations which ] arc coming on the market at this time