The Montgomery advertiser., 1905-09-23
WALL STREET REVIEW
CALL MONEY RATES RISE HAD ITS
 EFFECT.
Operations Conducted With Caution ana Pressure Was Evident. Though Upward Movement Was
 Still to Re Seen.

New York. Sept. 22.-The call money rate called today for an admonition for th. eS. e,. stock markets. Operations were eonducted with caution and the market was nnosI pressure & at times but the oyesnt aspo, Under the actual necessities of the money market was still in evidence of the year under the demand for accom- modation to carry over until Monday, hicn n equed under the ,s pTomse Rss good bank statement and operators In stocks were loath to forego the advantage which this tomorrow It appears that the move ment of funds on balance to the interior to wipe out the small gain on the weeks sub-treasury operations. The cash reserves of the banks should seem. therefore. to be little changed from last week
 The principal interest attaches to the loan item. There has been some withdraw al of credits from the stock market during the week, but 1t was not clear whether this was on the part of the banks or was due to some retrenchment on the part of trust from the banks decrease in the loan item of the banks should result in an i'm Such an improvement undoubtedly would be welcome as margin against future needs.
 It is not supposed that the movement season From Sept 25 to Sent. go there scriptions to the sioo.OO0oo0 Pennsyivania convertible bond issue. On Sept. 90 is payable 37h per cent installment Of $3I. 900, 900 of Atchison convertible bonds. Bank CTS connected with these operations assert that the full payment has already haer made in anticipation of the maturity of the obligation by a large number of subscribers In order to save interest. The same is true of the final installment on the Japanese 4h per cent bonds. which falls due on Oct 16. The coincidence of the first two opera tions with the quarterly settlements in the money market will undoubtedly add to th' strain at that time
 Discounts were shaded in London toiay but foreign exchange held firm in New York leaving the position still closed to further gold engagements The hesitating tone oi the days stock market was due to these mixed prospects in the money market. Spe- rial stocks were advanced to hold the mar ket during the periods when 1t was under pressure
 Louisville & Nashville. Reading and St Paul were the prominent examples for the railroads. The influence in Louisville & Nashville stock at a valuation above thu present price. St. Paul reflected the con fident assertions that the s25.O00.000 of new stock authorized Is to be offered to stock holders at advantageous rates. The move ment in Reading was in the same hand as for some tima past.
 Among the s~Aciaities Brooklyn Transt and American Tobacco were firm. Dread o a possible violent furry in the money mar ket late in th~ afternoon had something t' do with the early depression and when th' money demand for the day was satisfied without any actual furry an active demand for stocks sprang uD. which extended not ably to gains of the strong features ant caused a recovery throughout to above '"r nights level. The closing was firm at thu Bonds were irregular Total sales pa value. s4.2S0.000. United States 2s coupoI advanced h per cent on call.
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