The Montgomery advertiser., 1906-11-06
THE STOCK MARKET
OPERATIONS IN STOCKS WERE LIN.
 DER RESTRAINT
Action of Money Market Owing to An. preaching Election Was Disagree able Surprise. as Return Coin
 Was ExDected.

stocks was under some restraint today. due sn . prineipaiiy to hardening tendency
 the eve of the election holiday. causing the invariable indisposition to make market con-
 kets to be passed The action of the mon
 ey market a tlisagreeable surprise,
 as the passing of the November settle
 ments had been expected to result m
 some return of money to the market. which
 was only temporarily withdrawn for the
 ments. There is a growing disposition
 also to count on the end of the interior
 demand for currency for harvesting pur-
 posses as within distance. New York ex-
 change at Chicago in fact rose to par
 today. as compared with 45 cents discount
 at the begnning of last week. This move ment Of interior exchange may be attrib- utabie in part. of course. to the rise in
 the local money rate. which has attracted | market.
 Estimates of the shipments of curren-
 tSy eSy to the West by Chicago banks make year for October. while the movement from
 New York to Chicago for the same time has h been less. This would indicate a con siderable effect yet to be felt in New York from the Vests demand for currency. But
 1t was believed that the principal inf,u-
 tbe thee on o,,ts today. .y money market came from outstanding credits in London for the .bene-
 fit of New York Neither of the last two
 bank statements have shown any effect on
 the loan item from the shifting of loans from London to New York It Is the com mon belief that such effect has been only postponed and not avoided. Account
 IS taken also of further stock market set dement's in London. The London Statist
 sIpeaklns aft. after the last stock market set
 Trade never was more active in the United States and the value of stocks
 never was more real. But the account
 oens carried over here is too large, con sioering the funds available for the pur- pose. It ts understood, however, that very large accounts have been transferred
 from London to New York. Unfortunately,
 fresh accounts have been opened. and at
 the settlement this week the account to
 De dealt with was found to he larger than had been anticipated It is Essentially necessary that before the next settlement
 comes on the American account should be materially reduced The stock market set
 tlement referred to by the Statist occurs next week. Today there was some inclina-
 ton to ease in discounts both in London
 and Paris, but the Bank of England has
 not made any progress yet in the recuper- ation of its reserve. This Is regarded as necessary in preparation for the require ments to be met at the end of the year Ihe opinion continues to he expressed in London advices that the bank rate would De raised to per cent. if that measure is found necessary to attract the desired in How or cash reserves to the bank The oay's operations were largely fin profess sional hands. There was accumulation durinR the first hour and some profit talk ing late in the day. with an irregular clos ing.
 Bonds were steady Total sales par val ue. $1.632,oo0 U. s. 3s advanced F. and tn enew Is per cent. on call.
 ABW FORK CLOSING STOCK I,s1