The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-11-18
bTOCKS ARE ACTIVE
ON EASIER MONEY
Principal Dealings Spread to
New Quarters
Union FACIFIC FAVORlTE
bank Statement Shows Cash Increase.
Relief In London by the Restoration
to Traditional Limit of Bank
of England Reserve.

New York. November 1.-THE renewed
population was actively continued today
nder the influence of the Frightening
prospects in the money market. The prfn-
| ipal dealings spread to some new quar-
ers, and 1t was obvious that some dis
I ribution was being effected of the stocks
which have figured most prominently in
he previous sharp advances. Union Pa
| life was the conspicuous new favorite,
Ind the demand was stimulated by glow
ng rumors of the tenor Of the forthcom-
ng annual report. Meantime st. Paul and
Hill stocks, Reading, Amalgamated and
.southern Pacific, were held back by sell
ng to realize. limitations were In circu-
. alton before the appearance of the bank
statement that restoration of the sur
plus would be disclosed, and buying was
|lctively pursued on the assumption thus
founded. Such intimations before the ap-
|pearance Of the official compilation of the
condition of banks by the clearing house
have become irregular routing in Wall
street. They are professediy based on es-
climates by experts, but they are found
Generally to correct errors In tho expert
Estimates made on Friday afternoon, and
prepare spec ulative sentiment for the dis
|crepancies from the Friday estimates,
(which are shown by the bank statement.
|Today's principal discrepancy in that re-
|spect was the 81, 81, 300 cash increase, COM
pared with the estimate of not over ST.
|DO0, 600 Last weeks unexpected heavy loss
was attributed to Withdrawals by the
"a 49, Onrf of
EDITION having now been made to the state
of banking, it is supposed
that those bodies have now made re-de-
|posts with the banks. A large movement
LOT gold into the Bank of England some
|of it American eagles, received from the
Bank of France, was a feature of the
days news regarded with satisfaction
here. Sterling exchange in this market,
however, continued to rise with the cas-
ling of the money market. Light was
Thrown on the strength Of New York s
position in the commercial exchanges to
Inject large volume OF loans which New
York owes abroad by the October foreign
TRADE statement. The increase In agr1cul-
|tural exports over last year Is expanded
by the growth in manufactured exports
Ito nearly $50, 00O, 600. The value of imports
|also has declined for the first time in
many months The effect is an increase in
1.-THE excess value of exports for the
month Of S42,343,00O making a total of
|$S9, 271, 900, while the net gold import for
1.-THE month was only slightly over $4,000
loco. The mixed, character of the trading
|continued up 10 the closing and made
Is. irregular. Total sales of bonds, par
VALUE, s9IS coo. The deficit in the legal re-
|serves of the banks. disclosed by last
weeks bank statement, led to calling OF
loans by the banks on Monday, which
Iran the call money rate up to 20 per cent
lon that day, and led to some throwing
lover OF speculative holdings of stocks. The
break in prices was sharp for time, but
recovery set in before the day was over.
land the upward movement gained force
las the work progressed.
The strlngency on Monday was aggra-
waited by the maturity of an installment
|of subscriptions to new st. Paul Stock
which called for $12, 900 900 The quick re-
Taxation in the money market afterwards,
was attributed in some part to the re-
placement of these subscription funds in
the loan market. st. Paul took the lead
ling place in the revival of speculation,
which followed the relaxation in money
THE speculation was accompanied by
much animated surmise and little au-
thenic information, and dealt for the most
mart with old rumors which have played
Ia part more than once before in stimulat-
Ing speculation. The supposition was gen.
eral that important plans were in con-
Temptation for readjustment of relations
between important railroad systems. st.