The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1905-11-05
WALL STREET REVIEW


Movenents q Money. 3
New York. Noy: 4.Ths bank state.
weeks agreed with preliminary esti-
mates baSed on the known movement
OF money and on other factors. For
any any other. il Came as Z shock to 3 spec &c.
ulative sentiment and caused break In
prices Of stocks The forces ct work
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 70 rely
the appearance Of conditions. Yeeter-
days rise In call money rates to la
per cent was confirmation Of the sit-
u ut The banking situation. how
the time Of the appearance OF the week
" statement on the stock market tape.
The response In the market was imnie-
after Slight rally caused Dne Sc h sasy
IN the board room. The surplus i ss re-.
wss. ot sss aanss Ss aSwp ~ the
Y to q meagre s2.S54,275. The heavy
interior requirements for currency have
reduced the cash In the banks some
the speculative hope that the turn in
IN in favor Of New York. Yesterdays
ssr ss y ma today Ss am aa
the Imperial Bank Of Germany from
cent aSa TO Slo 2 per and shsrs
at Berlin. further marking the pressure
on that money market The advance In
the bank rate In the middle of the
situation. Today's early stock market
showed violent Speculative advances in
q number Of comparatively obscure spe-
and sold at one time four points below
last nights closing, only a fraction
above the lowest: The loan expansion
BY the banks Of s1s.45s,9oo was attrib-
ton OF the week In the stock market
and bankers made little disguise OF
Total sales Of bonds. (par value). $2.-
The wavering and irregular upward
has BEEN responsive ss to S the development
disorder orders In That that county assumed a
apse. the
ments in the worlds markets. For the
most part, however, those markets have
reflected a feeling. of relief and en-
Element of Russin's discomfort and the
hope that order and the resumption of
industrial activities would be the re-
suit. II Is TINS GCOAofillC SiuS Oh tId
future naturally with which the worlds
markets concern themselves, and the
most direct reflection in our own af-
fairs has been through the wheat mar,
ket. The price of wheat was inclined
to yield with the promise that with the
opening OF transportation in Russia and
the release of grain shipments for ex-
ties and money was transmitted for the
most part through the Paris markets
ewing. to the ellormous holdings of
ment and Industrial securities. The
manifesto by the Emperor OF Russia
advocating autocratic powers caused
quick relaxation in the tension of for
eign money markets owing to the be-
lief that the precautionary picking up
OF bank reserves In Paris would be dis
continued. The rise in sterling ex-
ate indication Of this tendency and was
accompanied by running off for for
eign exchange In New York.
The expansion of dealings in the
stock market was largely due to furious
speculative movements in number of
specialties of various grades. both along
steam roads and industrials which had
some disturbing effect in its most vio-
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 difficulties OF
a distressed short interest The COM
panion movement In other stocks, espe-
Chilly III LcntBn FduGY ana EnlLdQel~
phia was the basis for surmises Of fur
Their projects of consolidation of an
thracite interests. Much was made In
the speculation also OF reported state
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
squeeze of shorts involves losses to that
tates speculative liquidation at other
points in the market and Wall Street
has too vivid a recollection of the dis
astrous consequences Of the Northern
very sensitive to any suggestions of
such an outcome. The working out OF
q speculative corner also involves other
selves in the disposition to a residue
of holdings which have to be accumu-
lated in maintaining the corner A
fore causes a feverish tone to specu-
lation on all accounts. The weeks
movements have carried not only Read
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
3 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 Sep
TENDER quarter was accepted as an i'm
portant index of these conditions but
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 2s declined Ia per cent
on call on the week.
NEW YORK STOCK list.