The Montgomery advertiser., 1906-08-31
THE STOCK MARKET
MONEY CONDITIONS GOVERNED
 DEALINGS OF DAY.
Call Loans ut s Per Cent, Time Loans Showing Hardenfng Tendency, Were Things That Couldn't
 He Ignored.

:. New York, Aug. S0.-Money condi- tons governed todays stock market. Cal loans at per cent, time loans thpeatenea of sst an Weeks low bank reserves, were conditions that could not be Ignored. Moreover. lt was early apparent that the banks were not giving their patrons chance to evade the Issue, number of loans
 renewals being reported at per cent. ihe me foreign exchange situation, with a
 ng to ass eansea in per-
 p'exity This is almost on parity
 with the rate of last April, when Sec
 retary Shaw was induced to facilitate gold imports and while much talk or impending negotiations continues to be
 heard of actual engagements. thero
 were none up to the close of the mar ket There Is a well-defined opinion.
 however that a very clear understand
 Ing exists between the important Tor
 eign banking interests and their cor
 respondents abroad and that .gold in
 large amounts will be forthcoming
 from Europea~ sources just as soon as our bankers deem such movement ex-
 pedient The local banks reported further loss to the sub treasury, the
 total thus far aggregating over s+,o0o.-
 900 or within 250,000 of their free re-
 sources as disclosed by the last bank
 statement. Interesting features of the week were the private shipments of
 gold to Canada in fairly large
 amounts and heavy drafts on our banks Yesterday and today in connection with the recent Philadelphia affair. The showing of the Bank Of England, which
 maintains it's low discount rates, offer ed some encouragement, reserves in- creasing over $4.0o0,0 900 and comparing more than favorably with that institu, tion's exhibit in the corresponding week of the last two years. Our mar ket got its early strength from Lon don. which reported generally higher
 prices for American and heavy buying orders for this account. In fact. our buying of stocks in London. where money conditions have been such as to 1 has been feature of the week. Busi- ness here started off with a rush and
 materially higher gTices. all through
 Were s aqvs made ls' by the lin Hi issues Tnion Pacific, Baltimore and Ohio and St. Paul, these advancing from l 1-2 to
 5 1-2 points. The market continued
 animated. though somewhat confused
 all through the first hour. when an l opening rate at per cent for call loans
 dampened the ardor of the bulls and
 Thereafter the market was dull and
 narrow. though showing some renewal | of activity fin the late session when the Hartman issues on only moderately l large trading advanced to a new high
 record figure. The market became very heavy in the last hour when call money advanced to s per cent, prices dropping from to points all around and closing well at the days lowest quotations.
 In some quarters there was a dispo- sition to attribute this in a measure ta the possibilities arising from the recep- I tion of Bryan's speech in the evening. Railway returns included that of the Reading system. showing a decrease in l the net earnings for July and de- crease in earnings Of the company's 8 coal and iron properties for that period. | On the other hand, Ontario and West
 ern reported a substantial net increase I for the same month. Bonds were ir- regular. Total sales, par value. S1,- | S00,000. United States 2's advanced 1-S and the new Ps point on call.
 NEW YORK CLOSING STOCK LIST.