The Montgomery advertiser., 1905-12-04
WALL STREET REVIEW
SAME INFLUENCES STILL ARE AT
 WORK.
Upward Trend of Prices After the Bank Statement Which Serves to Restore Largely the Previous De-
 CIfuea.

New York, Dec. 2.-Today's stock tSst was 0s under the and hesitation shown in the early deal ings were based on certainties of the money money outlook ;n the financial distur- the effect of the assembling of Congress and the proposed legislation for feder- al al control or railroad rates There Is no actual borrowings of money at the stock exchange on Saturday. loans made on Friday carrying over until monaay nsr cens nesf5erdas 5er money fury to fiuence and the appearance of the bank statement was looked to with interest to throw light on the actual situation: me statement was a weak one. but sentiment seemed to lean to the inter- pretation that the conditions disclosed were those of the past week and impro- vement was to be expected next week.
 The consequences was an upward ten- dency of prices after the publication of the bank statement which served to restore largely the previous declines. good enect was produced by the ap- pearance by the support at last in the Rock Island issues and the denial of ngure in that that. property The bank portsed rs,ted of s4;sss;OoS in cash reflected last weeks showed more than the ex- pected gain. this weeks showing was attributed to the working of the aver, s11: :594ooo and the resulting increase in deposits swelled the reserve require ment so as to angment no, the hes shrinkage that itel down again to $2.565.375. The foreign exchange market: although nominal non on Saturday, n,l, was vase, easier in tone London. Sterling exchange at Paris was weak. The closing tone of stocks was To,aT firm ,.id. at the as re recovery; ,,u. ., Ss5. .000. T%
 Sales of stocks at the stock exchange to the days fer ed animation of the dealings there be- came manifest signs of speculative ex- cess in the furious gpWa,rd trials. Later in the week the market showed the effect of these excesses in some reyulsion of sentiment; This was money market. due in part to the pre- parations for the December l settle ments and by the renewed anxiety caused by the course of affairs in Rus- sia. The speculation was enormously congested in the stocks which made the most sensational movements and prof1ts in other portions of the list to take advantage of the excitement caus- ed by the special movement Much of the activity was highly speculative in character and was unaccompanied by any actual developments regarding the properties affected sufficient to account values, while were caused In other cases there were actual happenings of l importance In the air bearing on val ues. I.
 Last weeks bank statement was a prime cause of stimulation to the spe- culation with It's showing of a.substan- panied by moderate loan contrac- ting. Growing ease in the money mar ket promise exemption exemption, from the specu- plies Unexpected requirements from the interior resulting in heavy trans fers through the sub-treasury especial declining tendency Of interest rates. Other interior points stopped their re- bT tU Se rates en ey paid in this market: New York ex- change at Chicago fell back to a dis count after rdI touching forty cents soI PCT ment was affected also by the engage ment of large amounts Of gold for ex- port to an n unhno%m ba sntb aI m npst ders from London, but later shown to be intended for Mexico.
 This movement was attributed to the the mintage value or Mexican coinage, with the result of profit on purchase of silver coins there, there for % export .s .o per and lead has played potent part l also in the animated speculation in in- dustriai stocks have to do with those ment in the situation thus presented is being watched with attention for Its a to the pae phe were without perceptible effect on the local money markets The bulk of these subscriptions are not not payable until af- The effect of the Russian situation has been restricted to tie, reflection from foreign markets ~ and the ,Ia immed, this market had not reached serious volume. The extent. of the financial unsettlement in Russia and in Russian the period of military, reverses during the war with Japan. is. however. taken account of
 In the railroad world there have been several important Incidents. St, Paul's formal announcement of the decision to extend the M system to the Pacific rsa coast coast has moved in anticipation of an i'm mense cash benefit in the way of sub seription privileges to the s2S,ooO,30o ISugRestions that bond issues were con- templated for financing the new pro iect had an unfay0ra6le efsf on 1ss were but slightly depressed Much comment was aroused also by the. for nal relinqushment by the Erie of the chase and the reversion of that proper ty to J. P. Morgan.
 The discussion of the affair which has been conducted for some time past is held to account for the restraint upon the Erie securities during the course of the recent rise in the gener- al market. The ten per cent. extra div idend on Lackawanna assured the repe- tition of last years twenty per cent. annual distribution and serves IS some explanation of the extraordinary price | level at which stock has been held: The continued traffic congestion and car shortages prevalent among the rail-
 roads added to the influence of reports
 of storm blockades in the northwest.
 The unexplained break in moderate val
 ues gt.; for the Rock Island issues, | feet at the time. is a matter that
 has tended to recur to construction in | the general unsettlement of the latter part of the week. The interruption or
 the Thanksgiving holiday and the con currence of the preparations for the
 monthly settlements tended to aggra- vate the pressure to realize profits on the stock exchange.
 1 Bonds have moved irregularly in sym pathy with stocks, United States new
 4s registered declined Is per cent, the
 3s 3-4 per cent and the old As 1 per cent
 on call on the week
 NEW VORX STOCK TISr