The Montgomery advertiser., 1905-09-26
WALL STREET REVIEW
PRICES CARRIED DOWN TO A LOWER
 LEVEL.
Speculative Liquidation. Oyercom,nE he- sistance Offered by Market. was Responsible for the
 Decline.

| New York, Sept. 25.-Speculative liquida- | ton today overbors the resistancs oftered | week and carried prices comprehensively to | a lower level. - ,
 The. construetIon of the rSn money sS,,, supply y | offerings was large and the liuuidation at | times showed signs of urgency. The days | immediate factors in the money market
 have been heraided for weeks. but have been 1 disreKarded in the operations to advance | prices The temper of the stock market for | many days has been to discard prospective | influence and pay attention to nothing but
 the actual recall of credits in which stock | was in force on a large scale today by the banks. The condition of the banks as they statement and the heavy credit requirements | to be met this week Is abundant explanation
 for the w,.SoI SoTp ak,ns 1 ,n .Seoun of Se of the drain on their cash reserves. which was set up again with the opening of the week.
 Between now and the closa of the week payments are to be made of an instailment Bonds %s,eS es. for sisooo anS to ae instaliinent of subscriptions to Pennsylvania convertible bonds. which calls for ssoooo:- full already made. As the month closes with the week provision must also he -,nda ments for which are unusually large this year. The calling of loans was allowed by preparation for tho accommodation of
 Meantime the benefit secured by the banks last week from sub-treasurv payments has been reversed by the completion of the mid-month pension payments. Today's sub treasury statement shows a loss already by the banks of s1.949.000 and the Government institution has a large credit balance at the clearing house this month. In addition S200, 900 deposited at the sub-treasury to be transferred by telegraph to St. Louis.
 The assertions circulated Saturday that S, O0o.0oo was already on the way to San Francisco in Australian gold found no con firmation, although conditions pointed to the possibility of such a movement. Asser- tions of additional gold purchased today in London for New York were verified only ment of about s1.sO0.o00 transferred. Foreign exchange rose quite sharply in this market and the price of gold was mark faculties of its own and was disturbed by reported labor troubles in the South Ar'nri- perioti!cal stock market settlemsnt'
 Canadian Pacific was markedly affected on this account owing to fears of an exess- eral affairs continued favorable. bat the uniformity of recent reports of increasins
 railroad traffic was varied this week hy The recent annual report of the Atchisor and the heavy losses for the year there shown from the damage by floods enforced the influence of the news The failure oi the St. Paul stockholders to take action toward issuing new stock caused disappoint- who have counted very confidently upon
 such action The announcement of the
 closing of q bank of Kansas City was "' understood that only a voluntary liquida- tion was involved with no probability oi
 loss. The trading in stocks baeame very of liquidation and when tho market wat
 active prices declined. The closing was ir- Bonds were heavy. Total sales. par value | $3, 465, 900. United States bonds were al
 unchanged on call.
 NEW YORK STOeK LIST