The Montgomery advertiser., 1905-09-29
WALL STREET REVIEW
STOCK MARKET SHOWED EFFECT OF
 MONEY PINCH.
Both Call and Time Loan Rates Quoted Higher = Principal Result Was
 the StaRnation of
 Speculation.

New York. Sept. 2S.--There was a per ceptible pinch in money conditions today and though the course of money has been very definitely and confidently foreseen.
 fe es e 1oa oans eepe psr csn supply obviously growing scarcer. Some slight effect on prices of stocks was pro duced. but the principal result in the stock market was the stagnation of the specula-- ticn.
 of the money market. Doubtless there is an extensive shifting of loans going on to pTSepahre t f9r a the m great syndicate operations this the actual cash reserves of the banks are subject to increasing drain. The event of England discount rate of a full 1 per cent to per cent. carrying 1t back to the had progressively declines until the ad- vance of three weeks ago. f-4
 S daM1 % t6e s neE to is lower than the reserve has stood for many years It compares with the percent age of 57 h this time last year. The action of the bank is thus made clear even after allowance is made for the large amount of gold in its possession which is lear mark ed" for the Indian government and which does d,s not figure In the reserve It is con fidently expected that the Imperial Bank at it's next meeting.
 The advance in the sterling rate at Paris market. The effect will be to throw ob- stacles in the way of the movement of gold ed down in London app, apparently T in t the he con conf dence that the rise in the bank rate would prove an efficient protection. The foreign exchange market here in New York. how ever, receded in spite of the hardening of foreign money markets.
 prompted renewed offerings of bankers bills. It was reported also that some in crease in the supply of cotton bills was per ceptible in the exchange market This was the result of the sharp break of the laat two days in the price of cotton. which has In for In that market after the demand from that source practically has been suspended speculation in cotton.
 On this side of the domestic currency ment of funds from that centre to the agri- cultural districts and the New York rate of exchange at Chicago receded to 20 cents pressure to the New York market The loss of the banks to the sub-treasury was ex- pared with tbe gain of over $1. .00O 900 for the corresponding period of last week. In treasury for teIegraphic transfer to New Or leans and credit balance by the sub-treas- ury at the clearing house today indicated institution to figure In the next bank state ment Several parcels of gold have arrived be a partial offset. The resumption of re- funding announced by the Secretary of the rsiies to tha mace good impression % but the will depend on the taking out of new cir culatlon which may result and will operate but slowly at the best.
 One or two stocks showed some degree of strength and helped to sustain the mar ket notably Southern Pacific. which was the subject of revived rumors of early divi- dend action. The late movement in Chesa- peake Ohio was similar, but was of slight effect on the closing tone, which we easy. An additional item to be considered in next weeks money market will be the payment Of New York taxes. the requirements for which are estimated at between SEQ OOO 000 and s3o.oo0.O00 during tho week.
 Bonds were dull and heavy. Total sales, par value. s3025.000. United States O. de- clined X per cent on call.
 NEW YORK STOCK LIST.