The Birmingham age-herald., 1908-10-17
SYMPATHY AFFECTS THE GENERAL LIST Individual Stocks Show Re-
 markable Strength CAUSE IS CONJECTURAL Union Pacific and St. Paul Are Con spicuous nstances-August Earn
 ings of St. Paul Are Favor
 abIe-lncrease Shown.
CAUSE IS CONJECTURAL

aNew York. October 16.-The strength of individual stocks affected the general list by sympathy today. The causes back of the strength in the influential stocks were lost in conjecture, but the manner in which they were absorbed, and the evil dence of scanty market supplies were ac- eepted as evidences of accumulation. Union Pacific and St. Paul were the con- spicuous instances.
 marked demand for the Union Pacific convertible bonds has been in evidence for several days past, keeping them well in advance of the parity value of the stock for purposes of exchange, which is 1l5 The demand for the bonds inter- preted, however, in fasor of the stock. In the case of St. Paul the August earnings statement was favorable in it's showing of an increase in the gross return over that of August last year, but this showing was not much different from that of the return to the interstate commerce com mission, which has been published before. A favorable impression was made how ever by the decision of this company to resume the regular publication of it's E was discontinued in 1906 while business activity was at full tide with the effect of departure from the old-time conser- vative of methods of the company. The resumption at this time is regarded as expressing, in some sort assurance in the favorable nature of the returns which will be forthcoming.
 The return of these high-grade stocks to the leadership of the market was infiuen- ii hxr O recent prominence of lower grade and less well-knoWn stocks. Some satisfaction sas manifest over the preliminary esti- mates of the weeks currency movement, which indicated that the depletion of bank reserves by the flow to the interior has been arrested. The outgo for the week seems to have been less than $l000,0oo, and the change in the cash item of the banks on call accounts little more than nominal.
 The high level of New York exchange at Chicago during the week has given inti- nation of this, and it is believed that the frmer money market here has had it's nart this result. The call money mar ka lay continued to show the moderate H hent of supplies the demand to H CT until Monday at the stock ex- E increasing the firmness of tone. W .cted that the financial transac- uHzx- she week, including sales of the
 lern Pacific bond issue and of ------- k city revenue warrants, may
 hnded the item of bank loans
 . s: .|| : j: : ]: ] ;.
 3EmA.. ferable extent
 uN&F rollers abstract of condition M national banks in the country NES{- expansion in loans since July 15, NcT f the preceding call of $135,O00,- NV tenn now standing $72,02s,762 in AnW the total of August 22, 1907,
 .s the last abstract published be- Tu 2 financial crisis developed. The n earrings of the country for the W ccording to Durss, show a greater coi / decrease than was shown during the ,ber, and this is taken to reflect
 serable caution in commercial and m sal lines. There was some revival sasiness abroad over the situation in
 Balkans, the truculent attitude of pe' ria being the assigned reason. For AI exchanges hardened in the morning
 ell back to last nights level later
 re was some appearance of profit
 sales in the general list under
 of the strength in the two leaders,
 n fact net changes at the end of the showed the decline well represented. activity in Union Pacific convertibles
 red up some movement in other bonds that class.
 The bond division was active and firm. Total sales, par value, $4,944,0OO
 United States bonds were unchanged on all