The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-12-27
STOCK TRADING IS
, EXCEEDINGLY DULL
Sterling Exchange Makes a
Further Decline
MONEY MARKET TRANQUIL
Demands to Be Met for January Settle
ment Restraining Influence on
Aetivity-shaw's Preference
Causes Talk of Assistance.
MONEY MARKET TRANQUIL

New York, December 26.--The financial
markets were almost bare of incident to-
day, and trading in stocks was intense
ny dull.
The aggregate sales for the day fell
no a smaller figure than in many weeks
past The London stock market did not
resume business as its holiday extends
over until tomorrow. This deprived local
1narkets of an important supply of bus
4ness. part of the American accounts
have not been settled yet in the half
tnonthly adjustment going on there, and
New York feels an interest in the termi-
tlation of the settlement, and also in the
faction of the Bank of England authorities
at their regular meeting tomorrow on
the question of changing the discount
nate. Their action is believed still to
be dependent on New York keeping hands
off the London gold holdings.
Sterling exchange made a further de-
cline today, and a profit was indicated on
gold takeE in London for shipment 70
New York, but New York bankers still
Tefrained from awaiting themselves of
this opportunity, and the opinion persisted
that the Interior consequences which
would follow from such action, made it
expedtiously mon grata."
Prices were inclined to advance in the
early dealings in stocks here. The mar
ket was free from any urgent pressure
of liquidation. and there was sufficiently
:, outstanding short interest to affect prices
lin rising direction.
I The money market also appeared tram
Dull during the early hours of the trad
fng From per cent the rate ran off to
IS per cent, and 1t was only later in
tthe day that the rate rose again The
formidable demands to be met by the
3noney market to effect the January set
flement undoubtedly had restraining eff
feet on market activity. The total of
these requirements run from $150,000000
to s1SOO00,00O according to estimates re-
sulting from canvass by various author
Mites. 1t is not expected that this drain
Twill be met without a furry in the
Nnloney market. and operators in stocks
apparently prefer to stand aside until
fhe refluX of these funds to the market
3begins to make itself manifest.
l The presence of Secretary Shaw in town
lhad the inevitable effect of causing talk
tof renewed assistance for the money
market by the treasury department, but
this received no official sanction. The
sub-treasury has commenced to draw on
the cash reserves of banks again. the
effect of the treasury relief measures be-
ing exhausted. There was premium on
New York exchange at Chicago, and a
return flow of currency from the interior
is expected to set in soon. The stocks
on which subscription rights to new
stock have been given recently were
affected by the suit of the Minnesota
| state authorities to enjoin the new issue
I of Great Northern stock. The two Hill
(stocks showed depression throughout and
ltheir growing weakness had an ncreas-
ling sympathetic influence on the whole
fist. 1t has been asserted that the
NASTY method followed in the issue of ST.
Paul stock had in view avoidance of
threatened procedure of this kind
The early strength showed principally
in those stocks in which recent sharp de-
elines would have served to build up a
short interest There was some buying of
Amalsama ted Copper induced by the adj
vance in the dividend rate on Anaconda.
The break in the Hill stocks and the rise
in call money weakened the whole mar
ket. but there was final rally and
strong closing.
Bonds irregular Total sales, par value,
\ s2.slG.OCO.
United States bonds were unchanged on
call
Money on CALL
New York, December 26.-Money on call