The Montgomery advertiser., 1905-11-12
WALL STREET REVIEW
soa aaFTEk EEK sTATEMENT.


 sons srSs,. 4suIP4T,ps P41K srsTrnss4. cN nAEl<nr ssIling showed Nc sigas ~s Prscapa- tancy and Was Ceneeeted sH sn 'fs'risi s,si.. s.fss;i fFs:sss.1s;sis.
 of g. ass.soo esisE the 2s per csgt le- dation came on the stock market today the tape. But the selling, showed no % sn S orssrRy src ana n eSs sts psrosptibis. Ths cIcsins tone. hcwsY-
 tss ys: dsy sSs asFst ss Ss E.y support and some of the industriai stocks and specialties were pushed up- TSs rsporssa ies contraction of ,,s es4. 800 vas said to represent only part iy the liquidation which has occurred n the stock market during the week, called to large extent also on ac- count of out of town institutions which had placed loans in the stock market Ssr wSsEa oMn iocatie. orsab fer s:s 9 nearly si1.000.o00 in cash holding was rather larger than the prsliminary. es- sImatss shn ,s.., rs. rhs l.st prsyioSs ssiclt In 1e0z. Preceding that the only. dAficit since @ the year iSeS occurrsd in Novem- along for sevs4si @ Wsshs ns Sslom Ionss theIr ss riods are ef evil memoir. in stock sx- va. E sez sSs formaton ns @ S5o.coo,e o,eoe bsnEerSS pool which sns s of ;s5 tss S sna shf h the market should become dangerous. The success of this measure in tran qpiiising the situation was dsnominat,
 In December. 1889. violent stringency of money hnally carried the caii loan cent Both the money and exchange were reported to have been made at
 s svs aSn TEs fossssn 9s5sm essssass marRes was called steady. There was shad- IpS Of discount both at Paris and Ber- ESndon Th. Mas of fal export from this country for oc- tober shows decrease of t7,s6S.ess in
 s. s ss esry dsene wh n Sss. Of of
 the increase in exports of bread 'stuffs. Tsis sSss to eapissin sIpasanra the ket to the influence of the violent rise In money rates here,
 Total sales bonds par value. $l.6SS,- The sharp constriction of the money supply and the recall of credits from the stock market thus made necessary ties this week, which have carried prices comprehensively to. lower lev. el. The movement was irregular and the marEet showed considersbie rests tanee at times during the week. But the rise in all money rates to q level gers ana haif Spset ana upon the market On Monday the mar
 ss Ss Hss pan ss osrrsd sS Se Saturday bank statement that a con- traction of the loans by the banks to keep within their legal reserve re- on Wednesday after the election hoii. day and was attributed in. about equal parts to the money situation and to a ui5tivse element that the effect of the elections would be to strengthen ana encourage the pushing of policies di- ThIs was U revival ofsan in1ucnce felt in the stock market ar periods of the recent revelations of abuses In tile fsarea would % oseeasion distrSst smons the individual classes to the detriment of securities. With the course Of the week the money came to dominate all gency contained in the banks position has been ssos Seldy gRoreS by sn advance have been followed up with professions of confidence in the main tenapce of easy money rates and ample ton based on the extraordinary pros. perity existing in ali departments of coTnierce, industry and agriculture, the assumption that the demand for funds would be satisfied with the turn of the month of October according to eontrary con ystSt the movement 10 % of funds to to the the interior has been renewed with extra ordinary force in the last two weeks have been larger in volume than any previous similar period for the season: The consequence as the reduction of
 the saTpu S1 s.f as RaPes e than $2.b00, 900, which the further loses by the middle of this week were sum- cient to reduce the cash holdings of the banks below the legal reserve limit. It is evident also from the events of the week that the speculative forces con ducting operations !n the market has has Treasury Department to repienish the New York market by the deposit of government funds withdrawn last July in the event of any threat of strin-
 The stock market developed its acute phase of weakness when 1t was an- hounced after the visit of Secretary Shaw to Wall Street that De saw noth- ing In the money situation to call for measures by the Treasury Depari ment. The fact that the governments excess of expenditures over receipts since July the treasury's cash balance in no bet ter condition than when 1. was consid- cred advisable to replenish 1t by the banks. Since that time also. the oper- ation of the refunding offered by the Treasury has increased the supply of bonds available to secure additional bank note currency.
 Bonds have been finally somewhat affected by the needs of the money market and have weakened in sympa- thy with stocks. United States 2s ad- vanced Ia per cent. and the new >4s declined 1-4 per cent on call on the week.