The Montgomery advertiser., 1906-08-06
THE STOCK MARKET
ESTIMATES OH
 STATEMENT AT FAULT.
Discrepancies Were Partly Due to the Fact that New Member of the Clearing House Was
 Included.

New York, Aug. 4-Ar preliminary estimates of the changes In the Dank statement proved at fault again today. The discrepancies were partly due to the fact that a new member ot the clearing house was included In the showing for the first time today. thus disarranging the comparison of the averages. The estimates of the known movements of money yesterday seem either for the effect of the redeposit or the treasury funds against payment or Panama bond subscriptions. The loss over Si,0O0, 900, as was indicated, is less than three quarters of million dollars. But the more favorable snow neutraiixed net by the heavy loan ,expan- sion of S1S,776, 800. which served to tn- crease the reserve requirement. to such paired to the extent of $4I6S.S00. Stocks were under pressure. partly on account of the bank showing no doubt. ciably higher, and smaller supplies were said to be offering: There was also firm tone and a sharp advance the holiday in London. which Is to be extended until Tuesday. The stock market was more influenced: noWsVer, : operations that stocks were being dis- tributed in speculative liquidation. The feeling ost or onteSad Teeen tppdeT anS oy nv market Immediately after the lower stSred St1tat to last nights I W ievei W the force of the selling again became predominant and continued almost uninterrupted te the closing, which was easy and at de- ciines running from one to over. two stocks.
 ooo. 0'a4 safes oi O0noS' par SAiue' ''A''-
 Early in the week. there was a. good deal of unsettlement and trregularity previous week. But animated specula- ton broke out after the action of direc- tors of the United States Steel Corpora common stock and prices were swept to a higher level throughout. The dealings were unevenly distributed and a greatly disproportionate interest was shown in a group of stocks influenced by rumors of important projects pend ing( which remained unauthorized by powerful capitalists had entered on operations in the stock market and tempted in favor of awakening the dormant public interest in the securi- ties market. With the successive re- pean vacations and with the action of stocks in which they were interested, there has been a gathering impression er prices GSr sfocfs hs opos G Is inferred not only from the, market movement or special stocks, put rom the action of corporation directorships, especially in favor of the United States Steel Corporation. The dividend on the steel stock is accepted as an earnest of the confidence of the directors in the maintenance of the prosperous con- ditions tn the industry of which they are the chief representatives, It was also regarded as Formulation of policy of larger disbursements to stockholders in general There have been many evidences of dissattsfaction of stockholders with the. small pro- portion of earnings annually dtsbursed and organized movements and even le- gal processes have been resorted to for the purpose of enforcing more lib- eral disbursements The highest rates ruling in the market also make the smaller investment return shown by securities unattractive.
 Money on call has been seasonably easy, but the large loan increase by the banks last week suggested the re- campaign and the ultimate demands also to be met of the cFop-moving pe- riod. The continued unsettlement of foreign markets by the Russian orders, have shut off the London market from resort for gold supply by New York. The weeks sub-treasury Operations In New York have reflected the payment of subscriptions on the Panama Canal bond Issue. There have been large re- deposits of Government funds at the same time with the banks, but the call money market showed some effect.
 A tremor was sent through the mar ket by the passing of the dividend on