The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1906-09-20
THE STOCK MARKET
WE'RE UNDER PRESSURE
DURING SESSION.
Occasional Signs of Support In the
Market But An Apparent Dispo-
sit10n to Hold Checked the
Movement.

New York, Sept. 19.-Stocks were
under pressure today which, while not
severe. was persistent and at a con-
siderable expense of values. There
were occasional signs of support In
the market. but an apparent DISPOSE
ingness to follow up the occasional
rallies after the desired effect had been
secured of checking the downward
course OF prices. The money situa-
although there was continued discus
sion of the wide bearings of a posi-
Bile acquisition of Baltimore and Ohio
by the Union Pacific and the market
this discussion and some anxiety was
felt over the possible consequence Of
values IL SO far reaching readJust-
ment OF existing railroad policies as
Union Pacific control. The manner
Of financing the purchase of the Bal
timore and Ohio stock which admitted
ly under negotiation Is a matter OF
of the multitudinous demands already
overhanging the money market. For
this reason plausibilfty was given, to
the suggestions that an exchange OF
Pennsylvania's Baltimore and Ohio
stock for Union Pacific's Atchison
holdings would facilitate the financ-
ing OF the project and would be in
line with the, new policy outlined by
Pennsylvania within Its own control.
The question of capital needs was
given added force by the announcement
81 Ss an yo issue Of nearly $4,000 OF
lied stock and the plan for S10.000.000
of the subsidiary Cleveland. Cincin-
natl, Chicago and st. Louis stock. An
early issue Of this stock has been
fined financial needs of the company
IN enormous Improvement works.
But Wall Street temper is affected
les in the light s'e Of Current t. e s
Special attention was directed today
to the mercantile paper market. Rates
ruling at above six per cent and up to
per cent for the best grades of mer-
ing condition not helpful to the
progress OF business affairs and as
higher than seems to be warranted by
commercial world Itself Opinions in
this sense were heard amongst bank
ers In Wall Street and depreciation was
expressed of undue extension of spec
ulative employment of money with
supposition of some observers of the
market that moral pressure from
banking quarters was being brought
to bear on speculative borrowers to
refrain from pushing their demands.
A further rise in the bank of England
rate tomorrow Is probable and the
worldwide upward tendency of money
rates and the approach of the period
of the October settlements were urg-
ed as a warning to caution. In other
quarters IT was urged that the extern
sion of the money strinsency to quar-
ters outside the stock market was
evidence of the real shortage of sup
plies and a call upon the treasury
authorities to use further measures
OF relief. The arrival today of $10.-
FUNDS which have been at the disposal
OF the banks by deposit of government
funds pending their arrival, they are
now to be covered back into the treas
ury. Having served the purpose of
money market relief until the gold
arrived, the government funds are
again available for further use. 1t
Is not probable that pressure will be
! t eeaa towards urging upon the
OF the government supplies in the
money market. Something was made
today of possible additions to loana-
bic .unds on Friday by the issuance
or administration papers on an estate
In which money loans are an Important
element. Speculative liquidation was
most marked in Reading, in conso-
place In the advance. But selling was
quite general through the list and the
declines more than usually uniform.
The closing prices showed some recov-
cry from lowest but coverings by room
shorts had much to do with the rally
and the closing. was irregular.
par value, $1.44S,00O. United States
bonds were unchanged on call.
NEW YORK CLOSING STOCK LIST.