The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-11-11
SELLING COMES
IN THE LAST HOUR
Market UndiSturbed BY Shaw'S
Announcement
DISCOUNTS WEAK SHOWING
Recovery In the Later Trading Seemed
to Be Due to RebuyIng BY Profess
SIGNALS Who Sold Before
Statement Appeared

New York, November 10.-Up to within
fifteen minutes of the close of today
session the face of the stock market was
quite unperturbed by the showing of the
bank statement or by Secretary Shaw's
announcement that he had no intention,
unless conditions materially changed, Of
adding to government deposits with the
banks, or redeeming government bonds to
mature next year Just In the final deal
ings there was some selling of stocks,
which carried prices downward sharply
to a weak closing. The highest prices of
the day were made some time after the
bank statement was published. Its COM
plexion had been accurately minated
before the publication and in time to al
ford opportunity for operations in the
market in anticipation of the weak show
Ing.
The recovery afterwards seemed to be
due to rebuyng by professionals who had
sold stocks before the statement appeared.
No ineligible explanation is to be had
regarding the statement, and it is gem
orally assumed to be due to arbitrary
shifting of accounts between Institutions
III anu Oul VI Tie CiSdlIllB llOuSG dSSOCle-
ton. The further loan contraction cannot
be said to have surprised Wall street ia
view of the similar experience with the
two preceding statements, while large
transfers of loans from London to this
market were going on. 1t Is reported that
some loans have been placed in New
York for account of interior banks during
the week, but the borrowing reported to
have taken place by international COM
mission houses would far exceed any pos
slble effect by lending of interior banks.
The decrease in cash of IS S31, 800 COM
pares with estimates furnished yesterday
by the banks of about 5000, OO0. The deficit
OF S,5l4, 125 compares with a deficit on
November II last year of 81, 49, 500. On
Monday, following last year. call money
went up to % per cent at the stock ex-
change, and there was considerable liqui-
dation. Prompt relief resulted from the
liquidation and from the offerings of for
eign and interior funds attracted by the
high rate The movement of currency also
turned from the interior in favor of New
York, with large recuperation of cash
holdings of the banks promptly follow
ing The exchanges moved strongly in
favor of London today at all points, in
GLIDING New York
The bond market was duller under some
pressure and prices sdeclped quite gem
orally Total sales, par value, 1872 900.
There has been a duh and dragging
stock market this week, the interruption
of the election holiday adding to the
Discrimination to enter ON commitments.
Speculative disappointment was felt over
the failure of the market to revive after
the election. There had been some buying
of stocks previously based on the suppo-
sition that buying orders would come into
the market. Such orders failed to appear
to absorb the sales to realize by the pre-
vious buyers, and sagglng market was
due in part to this factor. The tighten
also a restraint on speculation and a
motive for some reduction of speculative
holdings. Selling for this reason was done,
for London account, where the money
situation is even more of q factor than
here. American holdings Of securities in
London have been especially affected by
the contraction of credits and this has
made necessary "A continuation of the
transfer of loans from London to New
York Public expressions of financial opin-
lon in London urge the necessity of a
reduction of loans in London on Ameri-
can collaterals to further the relief OF
that money market.
The stock market settlement thus in
dictated occurs next week. The upwai d
course of sterling exchange in New York
this week is evidence that the process
of reduction of American accounts n
local money market oorrob )rates the sup