The Birmingham age-herald., 1906-10-31
.LETHARGY SHOWN
 IN STOCK MARKET Activity Smaller Than in Mid-
 summer Period CALL MONEY RATE RAISED Opinion Seems to Be That Traders Want to See Election Contests
 Settled Before Entering
 On Commitments.
CALL MONEY RATE RAISED

New York, October 3O-The stock mar ket was in a lethargy today. The scale of activity was smaller than in the mid summer period. There was some diff culty in perceiving any defined drift in prices at any time, and the narrow move- ments were never long held. There re- mained still some disposition scattered throughout of determined abstention from the market to the desire to see election contests settled before entering on stock market commitments. But tightening in the call money market offered sugges- ton of further deterrent factor The Tse in call money rates was attributed to the beginning of preparations for the November l settlement. They are un- usually heavy this year, the estimated re- qulrement being $75,OO00OO.
 But there was continued discussion also of the lack of reflection in the bank state ment of last Saturday of the real oper- atons of the week in the money market. It has been learned that International houses were very heavy borrowers last week of the trust companies, and this confirms the impression that the burden of supplying credits was being taken over from the banks by the trust com- panes and private bankers There Is the belief also that additional credits must be secured by the international houses later in the week, when shipments of securities begin to arrive which were closed out at last week stock market settlement in London and on which payments Will be- come due when the securities arrive. The sub-treasury continues to draw from the local banks with resulting increase of the government holdings of surplus funds out Il. e tl.a Nsl-af If the revenues is indicated by comparison of this months results thus far with those of Oc'Ober of last year. Excess of receipts over expenditures for this month reach $S3S2, 5S4, while last year the expen- ditures exceeded reciepts by $5,5O2, 145.
 The rise in money rates here did not keep down the foreign exchange market, and rates were higher 1t was remarked that halt has occurred in the applca- tons for new note circulation at Wash ingtcn under the offer of the secretary of the treasury to accept approved state and municipal bonds as security for gov ernment deposits in substitution for gov ernment bonds to be employed as basis for additional bank note issues. The total applications hlVe not reached $14000,OO0 of the total of glS00O,0O0 set aside by the secretary of the treasury for this purpose.
 good effect on the foreign exchange situation is expected from an agreement made by the railroads for the immediate transportation of two million bushels of grain to enable exporters to fulfill De- tober contracts. No dividend day since the formation of the United States steel corporation has passed with less atten- ton by speculators or operators in the stock Active operations are the rule on the eve of n dividend meeting even though it is usual for the market to close be- fore the action of the directors is an nounced. United States steel covered an extreme range of only ss of point to- day, and the la:' price was unchanged from last night. There was a vigorous advance in all the Mexican Central railway securities, otherwise the market was practically barren of incident.
 Bonds were irregular.
 Total sales, par value, $3,062, 000
 United States bonds were unchanged on call