The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1906-09-25
THE STOCK MARKET.
MONEY MARKETS DISTURBED
STATE CAUSED SELLING.
Not Untfl Orders Had Been Worked on
That Recovery which Wiped
Out Early Loss
Set In.

New York, Sept. 24.--Disturbed sent
iment OVER the money outlook induced
considerable selling pressure on The
stock market today and 1t was not UNI
I'll accumulated selling orders had been
worked of to some extent that re-
covery set in. The rally had about
wiped out the early loss by the middle
OF the afternoon. The early selling
by short selling for account of profess
sional bear traders The operations
were encouraged by a misleading of
the Significance of the sub treasury
ngures. which showed on their face a
withdrawal of s5,412,0eo from the banks
Stree the bank statement. The infeE-
ence that the banks were poorer in cash
70 the amount than shown in the bank
statement was, however, unwarranted.
me false impression is due to the ex-
traordinary amount OF confusion "a ac-
counting caused by the operation of
the Treasury's method of assistance TO
by the banks on sub7treasury opera
tons is due to repayments of advances
n,aue to them by the Government
against eneouragements OF gold for i'm
port In accordance with the agreement
OF the banks when they should receive
thsir consignments of gold shipped.
but the repayments are made with the
newly arrived gold and are not with
araMpfrom the present cash reserves of
the banks as the sub-treasury account
OF operations seems to Indicate Some
OF the professional selling induced by
miscalculation of this item was COW
cred later in the day and helped to the
rally There was not much change in
the money situation or rather In the
procession of events which is drawing
tishter the money market The weekly
arrival of South African gold in Lon
don furnished material for New York's
demand which yielded an additional en-
Eagement of about million dollars
There were no withdrawals from the
Bank of EnglandNsfor New York ac-
count ana no further supply was Sc
cured in Paris. The bidding for the
gold In London advanced the open mar
ket rates another fraction. Discounts
hardened also In Paris and Berlin and
expectation was reported of another
rise In the official rate of the Imperial
Bank Of Germany this week. While
tne or,ctai rate at the Bank of Eng
land remains at per cent. that fnsti-
tuition demands Ale per cent on
American bills and 5 per cent for
money The prospects, therefore. is for
much smaller engagements of gold this
week than last. Routine sub-treasury
operations also are making a drain on
the banks, although not in the proper
ton suggested by the wrong inclusion
OF the repayments on gold imports. The
Government institution was a creditor
with the clearing house this morning
TO the extent of $S6G.9S2. The princi-
pal factor In this showing was large
transfers of deposits due at interior
points, banks of the interior drawing
on their New York correspondents to
pay obligations 20 the Government, a
deposit of $4,000 at the sub treasury
was for the purpose of tefegrarhic
transfer to st. Louis The scarcity Of
funds in the time loan market con-
tinued. In view of these conditions
the conviction grow that treasury re-
lief, for the money market was essen
tiaf tn enable it to meet the October 1
demand upon 1t. The confident belief
that such measures We're imminent was
IN 40 IN a-sE- \
largely to the improved tone of the
stock market The late recovery be-
came decidedly strong bat the only
stocks to yield any considerable net
gains were the Hartman Pacifics, At
Gibson. Reading and Amalgamated Cop
per
PONDS were easy. Total sales par
value, $1,s50,000. u. S. bonds were I'M
changed on call.
NEW YORK CLOSING STOCK LIST.