The Montgomery advertiser., 1906-02-11
THE STOCK MARKET
HEsrrATING sENTrMENT AND DTS
 INCLINATI0NAT ITO COMMIT.
ExcitipE Advances of the Day Before In the Hill Railroads Gives Place to Reaction and Prices
 Fall Back.

| DtQGH lu4TkcL was QI In0 same cu3[ME- l ter as those throughout the week He's l itating speculative sentiment and disin- : ciinatton to make large commitments were the marked features, The excited
 roads gave place to some reaction to- day and prices fell back from the lack of stimulating influence of the strength
 in those stocks, Some depression was ing to revival of apprehension over the outcome of the Moroccan confer ence The narrow professional charac- ter of the market was demonstrated by appearance of the poor bank statement which disclosed the origin of the early selling of bear operators Develop nients in the banking situation indi- servative spirit felt in the stock mar
 The decree in the surplus reserves of tne banks by about one-haif to less than $6.000.00o Is itself a showing If the narrow margin for expansion of banking credits for which the demand continues as shown by the weeks in- crease in the loan item of $4.632 100. The decrease In cash of s5,2s7. .ooo re- nscted not only the known movement or currency for the week but the carry over from the statement of the week
 before which failed to show the full decrease. Arrangements have been made already for the shipment of $1,-
 25O,000 gold to South America next
 week A deposit of se,eo0,0o0 at the sub treasury today for transfer to San
 Francisco will also figure in the com ing bank statement. The days report of the proposed S200, 900 bond issue of the purchase by bankers of large block of American Telephone bonds are significant of a technicality which has
 become marked feature of the finan- cial situation.
 The explanation of enterprise has re- suited in an enormous increase in the needs of capital and the high level of prices for securities offers attractive opportunity for their Notation. The recent heavy issues of bonds and stocks are expected therefore to be largely supplemented within short time, The nrmness of the money market In Lon don continues and their recent advanc- lng tendency of sterling exchange at Paris underwent a reaction today. Re- ports that shipments of gold to Europe ed Mess were toaan a St gain tirmed, The stock market closed irreg- S1.150,0Oo.
 The movement of prices this week has shown the effect of the retirement rom the market of large speculative compartments in the shrinkage of the volume of transaetions, and the nar- speculative spirit has been quiet and awaiting new developments to direct new operations. As is usual when the movements becomes sluggish a certain proportion of important holders have become discouraged from time to time and thrown over holdings. The action Of the market has had little to explain r .n, m current events but the establish prices has the inevitable effect of bring ing into prominence elements of doubt or anxiety in the outlook that would pc ignored in a perIod of rising prices The action of the market IS taken to il. lustrate the results normal to periods or great individual and commercial ex- pension and the speculative activity which accompanies them.
 A decided effect was produced by the reviews of the iron trade by the reeog- nized authorities published this week. The markets in that trade are pro- nounced quiet and in some spots easier. The fact that the tonnage of new or ders placed has grown less is attrlb- uted to the fact that buyers are well sellers have contracted for their out put. The price of iron has yielded. The present consumption continues on the sn ermous scale of the. past weeks. The buyers have paused In their anticipa- tion of future needs is interpreted as a lack of entire conviction of what those future needs will be, such as has car ried along the demand for present and future needs for a lcng time past. The threat of great strike of coal miners Is an element of special importance in estimating the future of the iron and GASRl AIduc anu LHG outcome IS awaited anxiously. The pause in the demand for iron is of added effect owing to, the parallel conditions reported in the cop per market and in that for some of the other metals.
 The money outlook has some infiu- ence on the stock market although no Immediate pressure Is felt for funds The repienishment of cash for the New fork banks is impaired, by the large absorption by the sub-treasury. This was largely on account of the payment of the revenue due at interior points for which drafts remained on New York deposits. The effect is the same from New York to the interior. An other indirect effect on New York bank accounts is the withdrawal by interior banks Of credits in the stock markets to take advantage of the high money rates here, employment of the funds at home is found of more advant- age To meet these maturing obliga- slons ns loans are made from the New tions are reported to be large. Steri- | ing exchange at Paris has advanced | with corresponding relief of pressure | count market has been firm. The pro gress of the measure to authorize the | bank of France to increase its note | issue is watched with interest as the | limit reached In the legal issue of its | demand for additional gold. Many in- | portant financial deals have figured in l the stock market discussion of the | week as Tor some time past, but none
 The lack of authentic announcements i regarding them has played a part in | the hesitation of the weeks market. | some or the speculative bonds have been active but investment issues have | been quiet. United States bonds were | all unchanged on call on the week.