The Birmingham age-herald., 1906-01-28
Sales. High. Low. Close.

decisive in it's influence on the market. There was a smaller gain in cash than was hoped for, and the Sl5517, ,SO0 expension in the loan item was not hKed, in the face of the heavy liquidation known to have occurred in the stock market dur ing the week. It is believed that large credit obligations have been transferred to foreign leaders to the local banks me decline in the call money rate has taken the trust companies out of the market to a large extent
 The rise in discount rates in London and Paris today, the decline in sterling ex- change at Paris, and the strength of for eign exchange in this market all tended in favor of an outgo of gold to Paris. Con ditions are estimated to be at the gold export point, but nd avanable steamer sails until past the middle of next week. A change in conditions in the interval would avert an ostgo of gold.
 Total sales of bonds, par value, S2,065,- 0O0.
 Business in the stock market has been on d very large. scale throughout the week. transactions on the stock exchange rising to a total of nearly two million shares on two days of the week. The ac- tivlty of speculative interest is reflected in these figures. But enormous sales to take profits have affected the market throughout and have reached sufficient 0tHNN' F reactions at various times.
 The non-dividend payers have been con- spicuous amongst the strong features of the weeks irregular market and there has been an obvious effort by organized parties to divert speculation into these channels. The successof these efrorts mas met with some obstacles in the conserva- tive views expressed by some of the direc- tors of companies affected as to the policy of beginning payment of dividends, rather than devoting earnings to the accumula- ton of working capital. Some of tine in- dustrial companies which suffered severe ly as the great advance in prices Of three CT four years ago from the necessity or abandoning dividends once begun, are af- fected by conservative view of this Kind now.
 Attention is given to the growing offer ings of new capital issues to take ad- vantage of the present general demand for securities.
 New stock and bond issues are an nounced from many quarters and their claims upon available capital must be shared in the future market with those of the present floating supply
 Opinion on the general outlook for busi- ness of all kinds is very sanguine as ex- pressed in the published views of mer- chants. manufacturers and bankers rom all quarters of the country. The railroads are reaping the advantage of the open winter in the low grade operating ex- nenses on the sustained volume of traffic. There has been some comment on the ap- sence of snow covering for the winter wheat crop, but the lack of effect on the grain markets has left the matter with out effect on stocks. Money has con tinued to grow easier especially for loans on time and moderate outlook Of gold and the possibility of It's continuance, not affected the money market and nave not been an influence therefore in the hesita- ton manifest in the stock market. Bonds have been in good demand "lth some upward tendency of prices United States 4s declined % per cent on call on the week.