The Birmingham age-herald., 1906-09-30
STOCK MARKET IS
 IN UNCERTAINTY Opening Declines Due to'Heavy
 Sales to Realize CASH RESERVES MAKEtGAIN Effect on the Money Market of Next Mondays Heavy Settlement Leaves Some Cause for Anxiety.
 Short Session.
CASH RESERVES MAKEtGAlN

New York, September z9S-1ne short session of the stock market today was inclined to be feverish and prices fiuctuat- ed constantly and rather uncertainty. The weakness of the opening dealings was not forcibly renewed, but the later strength was not sustained and the market closed easy a; u general reaction from the best The opening declines were due to heavy sales to realize on the late bulge yester- day, and also to some doubts aroused by the lack of official continuation of the conclusion of the ore lands deal between the Great Northern and the United States Steel corporation. The stocks concerned in that matter rallied strongly owing to the authoritative character of the unoniclaI information on the matter. They ran off again in the late dealings, however, and contributed much to the irregular closing. Preliminary estimates of the bank state- ment again proved wide of the facts, ow- ing principally to the confusion In the ac- counting of the gold movement.
 The gain of nearly S40OO,00O in cash re- serves disclosed by the statement where a loss had been estimated running in some cases to double that amount, caused
 
 Reading and some of the bituminous coal carriers and southwesterns. The effect on 1he money market of next Mondays heavy settlements. however, leaves some cause for anxiety. The Bank of England sur rendered S425O.0OO of It's supply of gold today. of which S1.55000O was for New York. This heavy drain adds to the prob- ability of more effective measures of pro- lection being adopted next week.
 The storm damage in the south, and the conditions in Cuba, and the possibility of an extra session of Congress in conse- Quence, were discussed with some unfav- orable effect on sentiment.
 Total sales of bonds, par value, SS54O0O.
 Stocks have moved irregularly this week and have tended lower, with evidence of some liquidation of speculative accounts, and under the influence of a number of disturbing factors Pressure has not been severe and resistance was shown from time to time, and support was forthcom- ing at any considerable declines. The evil dence from all quarters of the abounding prosperity of the country afforded under lying strength to the market, and the un- settling factors were the exigencies of the money market especially in prospect, and the activity of political discussion and the sessions of the New York party conVen- tions. The crisis in Cuban affairs has con- tributeG It's share in the restraining intlu- ence on the market. The approaching of the October l settlement period has been viewed with some anxiety owing to the very large requirements which converge on that date. Interest and dividend payments to be made on Monday arc estimated some $6. 000.000 The trust companies are called on to increase their cash reserves on that date to the extent of 1 per cent of their deposits, which will involve an accumula- tion of some $l0,000,0O0 of cash.
 Many millions of taxes are payable in Now York during the first week of Oc- tober and the effect Is usually perceptible on the banking reserves
 Wth a light money market in all de- partments this would cause a pinch Tn the call loan market. This prospect has induced conservatism in stock market operations.
 Confidence has been very strong throughout that the United States treas ury authorities stood prepared to offer protection against harmful stringency by the of the funds lying idle in the government vaults, but 1t was not until Thursday evening after the stock market had closed ths.c the order aE issued at Washington for the deposit of $26,- GOO, COG cf go vernmant funds In the national bankn Of various cities in different parts of tt.., couEtr5. The money situation and ths 3e:ldi-;oe of tho banks Is the subject of constant discussion The engagements of gold abroad for import under the treasury's plan of assistance have been on dwindling scale during the week, and in face of active opostion by inter- position of all obsta cles to the movement in foreign money markets. Open mar ket discount rates have been pushed up in London, Paris and Berlin by the pres sure from New York and the Bank of England has exercised severe diserimlna- tion against American credits and Amer lean collateral in loans by charging dis- count rates above it's official rate
 The weeks stock r.arket settlement in London made carrying charges on Amer ican securities as high as per cent. This course by foreign money markets, added to the importance attached to the United States treasury attitude toward the money market. The reports of the condition of the national banks through out the country, made to the controller of the currency this week, bore out the universal testimony to the high rate of activity in all departments of business and industry. On September 4, compared with August 20 of last year, deposits had grown $s79, 256000, and lo2ns had expanded $200, ,474000, while -----seserves had fallen s39 9435.000, leaving the proportion of re- serves to deposits 20.20 per cent compared with 2 .69 per cent last year. A compari- son of conditions of the New York clear ing house banks for the same period show a contraction of loans of upwards of $50, 100000 and a decrease in cash of over S40 0O00O0
 It will be seen therefore that the de- cline In cash reserves for the whole coun- try has fallen in effect upon the New York banks. while the loan contractlons in New York for the year indicate that the credit expansion has gone to the country ~< larga There are said to be large maturities of foreign finance bills failing due during October. The recent attitude by foreign money markets of discrimination against American credits gives importance 10 the question of re- newal of these notes. which 1t is believed may be desired in view of the present condition of the domestic market
 The political discussion of the week has swayed speculative sentiment by the sup posed effect of the growth of "socialls- tic tendencies" or hostility to capital
 Bonds have remained heavy in tone
 United States 2s have declined 2. per cent on call during the week.
 Bonds.
 IT. s. refunding 2s. registered. lo3s4 U. s. refunding 2s, coupon....,... ..Io44 IT. s. 3s. registered ...-................ io3Dt U. s. 3s, coupon ..fo3Is