The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1906-10-12
THE STOCK MARKET
PRICES HELD FIRM UNTIL FINAL
DRIVE.
Character Of the Trading Was Not Much
changed and Was Still 6uotty-
Buying Was Spas
n,0<1lc

New York. Oct. 1.-THE days stock
market had abundant evidence of strength
and where there was no actual rising tend
against the market in the last hour. The
character OF the trading was not much
changed n and was still spotty. The buy
ders and gave the impression Of coming
rr on ioenticaI sources The effective de-
mand converted about few stocks
Professional observers deduce from this
1ct'on that there is wide spread demand
Tor stocks from the public at large. but at
tte ep to infer the sources of the concen-
uated buying offer widely varying views
On the one hand Is the suspicious interpre-
tatlon or manipuative orders from habitual
othea a'E or ,S OF plunsns disposition and the
oy capitalists with inside knowledge and
control GO OF corporation affairs who seek
taGe The traders follow each individual
movement with suspicion on the alert to
cnanEe their position and get out OF their
eommitments at the first alarm.
General developments had little bearing
on the days market The news wbicS
developed last night of failure of the
three and four millions Of dollars seemed
20 20, De completely ignored. The rise of a
Bank a on" OF Per Ens asnt tG per cent in Inc
cause a ripple in the stock market either
here or in London. having been certainly
a AM Yet It is not improbable that
kets mas more influence than appears or
the surface in restraining the speculative
ardor that all the conditions of prosperity
are felt to cali for The rebound in sterI
ing exchange rates today was violent here
and in Paris and Berlin, and showed the
financial centers for the recall Of re-
sources In this market 1t made Itself
felt by heavy remittances to pay matur-
The absence of effect on the local money
market In the face of this process was
regarded as reassurine although it is con-
called upon to take up an important part
or this shifting Indebtedness. The stcrl-
ing rate at Paris jumped to the gold export
point and it is that point that is looked
upon as likely to come to the relief of Lon
don,s need for replenished reserves.
The English banks s12527,950 decrease
to liabilities down to 35.45 from ss.s per
cent. last week Last year in this week
the proportion was increased fro 3s% to
5lh. The bank sent another million dol
lars bullion to Egypt today. There was p
general response In foreign discount mar
kets to this action by the Bank of Eng
land. Interior exchanges on New York
still rule at discount and half a million
dollars was transferred from here to Chi
cage today through the sub treasury.
The deposit of government funds with To-
cal banks served to keep the local money
market replenished The event Of the day
which attracted speculative interest was
Speculative sentim. mt watched this ac-
ton of the stock AZ that point a guide
for future prospect. 1t was known that
enormous selling orders at that price
would have to he encountered On the
other hand 1t was argued that II the stock
rose through that obstacle successfully. the
way would be opened for a considerable
further advance in the stock When it
touched SO and then fell back there was
a perceptible backset in the whole market.
Pres ure was most pronounced against
Union Pacific and rumors were circulated
OF an intended government process against
the company The department of justice,
at Washington, however. denied this. Shorts
covered and made a vigorous rally in Union
Pacific. but the earlier gains in the market
had been widely impaired and the closing
irregular
Bonds irregular Total sales par value
50. $4,000 United States bonds were I'M
changed on call.