The Montgomery advertiser., 1906-09-16
THE STOCK MARKET
READING HAD MARKET LARGELY
TO ITSELF.
Baltimore and Ohio Was Conspicuous
Pendant To The Display With In
duxtrfals Making Most Spectacle
MAR Movement.


duxtrials Making Most Spectacle
| MAR Movement.
New York, Sept 15--Reading has
held the market largely to itself. with
Baltimore and Ohio as a conspicuous
pendant to the display and with a num-
Der of low grade industrials making
spectacular movements in the back
ground The general list was but lit
tie affected and the majority of stocks
not notably active. The failure of the
bank statement to come up to expecta-
tions had something to do with the re-
suit. But the violence of the move
ment in Reading and the lack of au-
ttheutic information to explain 1t, had an
lunfavorable effect ON speculative senti-
msnt There were e. ytgg rum na. Of Of
Ecloser relations between Reading and
Baltimore and Ohio. Hence the paraf-
lei movement in that stock. Other ru-
/ more pointed to the formation of a
holding company to take over coal COM
panies from the railroads, owing to the
question of the legacy of their present
holdings under recent changes in the
flaw. Other coalers showed some SYM
pathy with Reading. but showed moth
Ing like the. strength and activity of
was scarcely more than half the prelim-
mary estimates based on the weeks
e emqenTr movement ven the the increase
Of the 70 week. receipts e 81 gold Ff% to
> the amount of over szo. e0o,0 by with
drawal from the sub-treasury AGAINST
cefpts of gold also this week Of over
$3, 100000 shipped before the privilege
Eof withdrawal of government funds
was accorded. The cash gains thus
shown would have been sufficient to
wipe out the deficit In reserves without
fne accompanying decrease in deposits
by scaling down of loans The impair
ment TN the expected cash gain seems
to be due to the further building up Of
the cash reserves of the trust compa-
MES TO comply with the requirements
Tot additional holdings which comes in
to force on October 1. Foreign exchange
rates continue to move up away from
the gold fmport point. But II is expect
ed that gold will begin to arrive early
NEXT week which was shipped from Lon
don last Saturday. and which. there
FORE did not allew Withdrawals of gov
(which went into erection Monday. The
at sf.ooo.ee0 to s5.6s0.oe0 The market
closed easy under the influence of the
Tetal sales bonds. par value. s1,st2,-
The operation on Monday of the
lowed by the release OF flood of the
precious metal for immediate transfer
into New York reserves. The effect
was to break the stringeney in the
money market by recuperation of sur
plus in the reserves of the New York
banks which were deficient IN the last
bank statement by a margin of S6,577-
s25. The stimulating effect on the
stock market of the easing of the
money situation proved to be but mod
tendency to lapse into professional
hands and the fluctuations in prices to
become narrow and uncertain. 1t
was assumed that the powerful ele-
mad been operating in the market were
desfsting from the pursuit of the CAM
paign which was inaugurated with the
dividend action on Union Pacific and
Southern Pacific. desire to await the
further clearing up of the money sit
nation was attributed as the move for
dftions continued In the highest degree
The market continued to show evil
BILE decline, supporting orders appear
ing at certain stages of a downward
movement which arrested it. But, or
the other hand. any considerable adj
vances served to bring out selling
orders In sufficient volume to check
the rise An Inference was drawn of
a purpose to hold prices without at
laitve activity until conditions should
become more propitious to affect a
general distribution of hordings and
realize speculative profits. There was
that stocks continued to support the
market while the money S;tringency
occurring. were coming back on the
market. short interest accumulated
In the course of the resulting reaction
and a turn against this interest was
affected by mid week advance. Its
market dull and uncertain. Practical
" all of the gold secured rog this mar
ket during this week came from the
Bank. of England and was reflected in
a decline in the bullion holdings of
that Institution of nearly $4,000, 600
In the weekly statement on Thursday
and in advance on the official discount
rate from Ia to four per cent. Dis
count rates. in the Paris and Berlin
markets also rose and foreign stock
markets were disturbed. The tone of
considerable perturbation over the .xew
York hunger forgetti' and the ex-
tent to which the New York with
drawals might reach. Protective meas
ures were adopted in foreign money
markets and London money tenders
for reported to concerning measures to
further credits of New York account
The gold secured was said to be the
result of borrowings for New York
account. London. in consequence. ex-
curities in loans New York's Dor
rowing was In influence not only in
the securing of gold for transfer to
the banks here, but in the holding OF
American securities in London. pur-
ehases being made against the sales
In New York and more borrowed with |
winch TO HOiu CDSH
The high money, rates touched last
week in New York had the effect of |
bringing some relief by attracting |
funds from outside sources in this !
as well, although these cred |
Its began to be withdrawn when the |
money rate fell back to more normal |
figures.
The governments large revenue col |
iections continued and the interior !
made additional demands in New York |
for harvesting purposes these factors |
serving to offset in part the gains |
by the influx Of foreign gold. The |
ment and advices from crop regions
during the week point to record corn
and wheat crops and a prosperous out
turn of the cotton crop and the un-
diminished activity in general trade !
point to unusually large need for cur
rency during the fall San Francisco
has made some large Withdrawals OF
cash from New York, partly In con-
tinuance of liquidation OF insurance
losses. hut also induced by run on
an important savings bank in that city.
Paris was expected to supply some
part OF New York's further demand
for gold. which London hope to cheek
but these questions of the y arts re-
lief is subject to some doubt. The
late sale of Pennsylvania Railroad
notes in Paris constitutes factor or
ssistance towards securing gold there |
for New York. MICH ,eliance is
placed on the further employment OF
resources at the command OF the
United states Treasury for relief of
any harmful stringency in the money
arkat Not only would deposits In