The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1905-11-06
WALL STREET REVIEW
RANK STATEMENT COMES As SHOCK
TO SPECULATIVE SENTIMENT.
For the First Time In Many Weeks -
Agreed with Preliminary Esu-
mates Based ON Known
Movements Of Money.

For the First Time In Many Wceks IL
Agreed with Preliminary Est-
| Movements Of Money.
New York, Nov. 4--The bank state
ment today for the first time IN many
mates based on the known movement
Of money and on other factors. For
that reason apparently as much as for
uiatiye sentiment and caused break in
prices Of stocks. The forces at work
A Tor the depletion Of bank reserves were
cited speculation In stocks gave an OBJ
vious Indication of the expansion Of
| loans but operators have come to rely
the appearance of conditions. Yester-
days rise in call money rates to 8 Ia
per. cent. was a confirmation Of the sit
ever. was almost ignored today up to
the time of the appearance OF the week
ly statement on the stock market tape.
The response in the market was imme-
date and the closing tone was easy
after a slight rally caused by hasty
proht taking on the part Of the bears
in the board room; The surplus re-
weeks operations $10.076.650, bringing
Il to. meagre $2,354,275. The heavy
interior requirements for currency have
$7.745,100. thus effectualiy dissipating
the speculative hope that the turn in
the interior currency movement had set
sharp rise in open market az
Berlin was followed today by an adj
vance In the official rate OF discount OF
the Imperial Bank Of Germany from s
was a sharp drop IN sterling exchange
at Berlin. further marking the pressure
on that money market. The advance in
bank week in itself marks an unusual
situation. Today's early stock market
showed violent speculative advances In
ciaities. Reading was under pressure
ana sold at one time four points below
last nights closing. only fraction
by the banks OF s16,45s.0 900 was attrib-
ton of the week IN the stock market
their situation with a check admins
tered to the stock market value.
Total sales of bonds. (par value), 3d.
The wavering and irregular upward
movement Of prices of stocks this week
has been responsive to the development
Of events In Russia. Periods when the
disorders In that country assumed a
more threatening aspect were the occa-
sion for pauses In the speculative move-
ments in the worlds markets. For the
most part, however. those markets have
reflected a feeling of relief and en-
courdgement ovec the promise of a set
Element Of Russia's discomfort and the
Industrial activities would be the re-
suit. 1t Is this economic side Of the
future naturally with which the worlds
markets concern themselves. and tho
most direct reflection in our own at
fairs has been through the wheat mar
ket. The price of wheat was inclined
opening Of Transportation in Russia and
the release of grain shipments for. ex-
port. The effect on markets for securi-
ties and money was transmitted for the
most mart thrnnQh tho parfa RI 70
owing to the enormous holdings of
French capitalists In Russian Govern
ment and industrial securities. The
| manifesto by the Emperor of Russia
abdicating autocratic powers caused a
quick relaxation in the tension of for
eign money markets owing to the be-
of bank reserves in Paris would be dis
continued. The rise in sterling ex-
change at Paris was the most immedi-
ate indication of this tendency and was
| accompanied by a running of for for
eign exchange In New York.
The expansion of dealings in the
speculative movements in a number of
specialties of various grades. both along
steam roads and industrials which had
lent stages. especially in Reading The
volatile rise in that stock was not clear
ly explained and was attributed vari-
the property and to the dificuIties Oh
a distressed short interest. The COM
panion movement In other stocks, espe-
cially in Lehigh Valley and Philadel-
phia was the basis for surmises OF fur
Their projects of consolidation of an
thracite interests. Much was made In
ment by the head of the mine work
ers against the probability of strike
next spring. The sympathetic effect OF
the Reading movement on the general
these explanations of 1t, with that of a
threatened corner In the stock. A
element in the process. which necessi-
tates speculative liquidation at other
points In the market and Wall Street
has too vivid recollection of the dis
astrous consequences of the Northern
Pacific corner In May. 1901, not to be
very sensitive to any suggestions OF
such an outcome. The working out OF
difficulties for the organizers them
selves in the disposition to a residue
Of holdings which have to be accumu-
suspicion of such an operation there
fore causes feverish tone to specu-
lation on all accounts. The weeks
ing but American Smelling. American
Locomotive and some other stocks to
the highest prices on record and ru-
mors of mergers and combinations have
been the current explanation of these
excited movements.
Money rates have worked closer dur
ing the week, but the effect on the
stock market was slight up to Friday
afternoon.
The conditions of general prosperity
in the country have undergone no alter
alton and continue to underlie the
strength of the stock market. The
statement of earnings of the United
States Steel Corporation for the Sem
TENDER quarter was accepted as an i'm
portant index OF these conditions bnt
was without immediate effect on the
securities of the corporation in the mar
ket.
Bonds have moved narrowly In SYM
pathy with stocks. -
United States Is declined Is per cent.
on call on the week.