The Birmingham age-herald., 1906-11-20
STOCKS OPEN WITH
 IMPROVED TONE Early Hours Trading Unusually
 Heavy for Monday SENTIMENT ENCOURAGED As Day Progressed Distaste Shown for New Favortes-Rise In Gall
 Money Causes Later Free Selling,
SENTIMENT ENCOURAGED

New York. November 19.-The stock market started the week under the full impulse of the improved tone which de- veloped last week. The first hours busi- ness was the largest for that interval of time of any that has been done on any Monday for many months east,
 Prices were affected by the invarable custom of professional operators to dis tribute stocks to meet a new outside de- mand and profit taking made it's usual Impression, but the breadth and strength of the new outside demand and the ef- feetive absorption which resulted had a very encouraging effect on sentiment.
 The speculative forces behind the lssc Ret therefore came in with renewed ac- cumulation and resumed operations for the advance. As the day progressed how ever, there appeared to be some distaste for the feverish sentiment in St. Paul and the excessive buoyancy displayed by that stock. Other stocks which shared with St Paul's strength last week were nota- bly backward in the movement. The new candidates for speculative favor were not as influential in their sympathetic effect on other stocks as these prime favorites.
 Union Pacific and Reading were only oc- casionally strong and were continually carried back by selling to realize while Southern Pacific and Hill stocks, United States Steel, Amalgamated Copper and American Smelling were under pressure that was almost uninterrupted While not sufficient to cause positive weakness In the stocks, until the general decline, when money went to 9 per cent, this pres sure was sufficient to prevent them from sharing in the strength prevailing else where in the market.
 Perhaps as result of the increase in the speculative demands rates for call loans rose higher than on Friday last and thus caused some misgvings over the adequack of the augmented supplies in tie money market to carry on success ful speculation. Nothing authenic was ob- tanable to account for the heavy ac- emulation of St Paul.
 Variety was given to last weeks ru- nors on the subject by assigning a possi- ble part to buying in the Hill interest, while last weeks rumors were all agreed in destination for the property In the Hartman combination. The suggestion of possible competitors to secure the property thus conveyed served to jar upon speculative susceptiblities to some ex- tent Other upward movements were without specific explanation
 Reports from abroad pointed to some clearing up of doubtful feeling oyer the money outlook there as well as here. Lon don discuount rates were allowed to sag to below the hanlsa' official rate and sterl- ing exchange on the continent declined.
 Here rates for foreign exchange were maintained in spite of large purchases of stocks here for London account and free offerings of commercial bills In the ex- change market.
 Sllh-treasury operations were in favor of the money market, the banks having gaiacd s1,tS5, ,000 from the government :a- siituton since the bank statement WAS compiled. 2ut the rise in call loans to 2 per cent offset other conditions and was responsible for the free selling which in final hour carried many stocks to a level below Saturday
 The market closed easy. Bonds were easy Total sales par value. $1,SS0, 900.