The Birmingham age-herald., 1906-10-13
STRONG POINTS
 NOT SUSTAINED Weight on Stocks Not Easy to
 Analyze CTECI MAC LEI n n0lkIkl
STEEL WAS HELD DOWN
The Determination to Sell Hartman Stocks Whenever There Was a Disposition to Advance
 Had Sinister Effect.

New York, October 12.-The strong points in today's stock market were not so well sustained as recently, and there were fewer of them. What the weight on the market consisted of was not easy to distinguish. The unidentified character of the selling, however. did not lessen it's Influence on speculative sentiment It was especially imposing in Union Pacific and defeated all attempts to lift that stock to a higher level. As the Hartman stocks have been recognized leaders of the market for some time past, the ap- parent determination to sell indefinite amounts of Union Pacific when the price showed any disposition to advance. had sinister effect. Another feature of senti- mental effect on the market was the con- tinued difficulty of advancing the price of United States Steel. The stock sold at b0A today, thus disposing of the supposi- ton that irresistible amounts were for sale at 50.
 The passing of that barrier seemed to give no additional facility to the advance This disappointed hope that a belated movement in that important stock was about to take the leadership in the mar ket. Persistence of. the rumors that early dividend increases were in prospect for Pennsylvania, Amalgamate1 Copper and American SmeIting were responsible for such strength as was shown by these stocks. The New York public utilities re- f1ected the views of operators with a political bent who thus expressed their ideas on the probable outcome of the coming election and it's bearing on these properties As efforts to lift prices in different stocks proved aboitive, there was n decided falling off in tho activity of the market, and the movement became very sluggish and irregular. Some influence was allowed to the money outlook as restraining force on speculation, although the immediate condition remains one of ease, and estimates of the weeks cur reney movement point to a strong bank return tomorrow.
 The banks appear to have gained be- tween six and seven million dollars dur ing the week. but the estimates show that the gain is wholly due to deposits of gov ernment funds and to receipts of foreign gold. while the interior continues to draw on New York by express. the excess of shipments over recerts for the week be- ing in the neighborhood of S35O0,000. New York exchange at Chicago receded today to 2b. cents discount. showing the contin- uance of pressure on New V ork for crop moving purposes. There is no probability of a relaxation of this pressure for some time to come. It is recognized. however, that the import movements of gold has heen definitely ended by the rise in the Bank of England discount rate. It is be- leved also that the deposit of the s26, ,000,- 600 offered by the treasury department to the banks has been about completed. thus ending relief from that source, unless additional measures ere taken.
 Much interest attaches to the showing of the loan item in tomorrow's bank statement for the light it will throw on how far the paying off of foreign obiga- tions this week has involved recourse to new borrowing here. The easing tendency of money was sensibly checked today but there was no actual stiffening of rates The reactonary tendency persisted as often as efforts were made to lift prices. The market closed weak.
 Bonds were firm. Total sales, par value, s2,29o 900. United States bonds were un-