The Birmingham age-herald., 1906-10-02
MORE STRENGTH IS SHOWN BY STOCKS Market Had Braced Itself flor
 Money Furry STRENGTH PROVES SPOTTY Market Became Very Quiet When the Firmness In Tone Had Been Es- tabllshed-Splrit of Caution
 Evident.
STRENGTH PROVES SPOTTY

New York, October 1.-Wall street braced itself for the shock of a possible call money furry today The bracing was so effectually done that a considerable show of strength resulted when 1t turned out that there was not much of a money furry after all. The call loan rate went to per cent early in the day, and prices wavered as it was feared this might be the precursor of wrose to come. But the amount of funds attracted by this rate proved sufficient to carry It lower, and the stock market promptly stiffened again.
 The strength was rather spotty, and was suspected of manipulative origin for sus- taining effect on the general list but the unobstructed advance of a few of tho most prominent stocks proved ample to reassure sentiment. The market be- came very quiet when the firm less of tone had been established. While the principal requirements for the October settlements come on the first of the month, some of them are distributed throughout the month. It Is usual for the stringency caused by the turn of a quarter to endure several days, owing to delay in the return of the funds dis tributed to the channels of the money market
 For these reasons there remained 8 spirit of caution In extending stock mar ket operations as advances in the money rate are considered probable for the re- mainlng days of the week. There Is a considerable increase in the confidence, however, that effective progress has been made in securing resources toward meet ing the heavy demands for harvesting purposes ahead of the money market. The strengthened position of the New York banks as shown by the last two bank statements contributed to this feel ing. The surplus re-established compared well with that of previous years at this time. There was some dissatisfaction at times with the wide distribution of the government deposit of $26. GOO with the banks, but assurance Is growing that this relief will certainly save the New York banks from some portion of the strain : that would have fallen upon them oth- erwise to supply interior demands for currency even if the funds thus dssem- mated are slow in finding their way back to the central reserve supply in this city The remaining resources of the gov ernment in the way or idle surplus are also counted upon for use in relieving any actual emergency in the money mar ket. A good effect was produced by the large proportion of today's arrivals of South African gold In London secured for New York purcha ses for New York ac- count being reached at $S000,000 compared with $1. .0O0.000 secured for other purposes. A resulting rise in the price of gold and in the open market to the relinquishment of gold. Less apprehension is felt, how ever, as to the availability of New York borrowers to secure a renewal of the finance t,lls held in London and which mature in very large amounts during October. Recent canvasses against Lon don bankers reveal a willingness to ex- tend the period of these credits, and this is believed to play an important part in the unimpaired confidence with which the speculative position in the New York stock market is being maintained
 The days principal movements show the large part played by the ore lands deal. St. Paul and Southern Pacific merg- CT, buying of Reading for control and a coming per cent dividend for Atchison. all still in the form of rumous and reno-