The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1906-09-17
+, F. tombstone & Co.
Cotton Buyers and Warehousemen
Props Hurer warsAo.s..
Cotton Bought Any Point ia AI.b.m.
Storage and Congnments Solicited Lowest Insurance hes,
THE STOCK MARKET
READING HAD MARKET LARGELY
TO ITSELF.
baltimore and Ohio Was Conspicuous
PENDANT To The Display with In
dustrfals Making Most Spectac-
ular Movement.

krounu Inc general list was but lit
closed at small net declines. and wer
not notably active The, failure of tn
bank statement to come up to expecta
suit. But the violence of the move
ment in Reading and the lack of au
thentic information to explain 1t, had al
unfavorable effect on speculative senti
great variety. most of which pointed t.
| closer relations between Reading ant
Baltimore and Ohio. Hence the paral
lei movement in that stock Other ru
more pointed to the formation of
holding company to take over coal com
panies from the railroads, owing to tn,
question question OF the legacy Of their presen
| noldings under recent changes in tn,
law Other coalers showed some sym
patty with Reading. but showed moth
Ing like the strength and activity o
was scarcely more than half the prelim
| mary estimates based on the week.
snr5enfy m ven the increas'
nant of the weeks receipts of gold t.
the amount of over $4,000, 900 by with
drawal from the sub-treasury .aeains
imports engaged, There have been re
| ceipts OF gold also this week of ovel
SS.o00.o00 shipped before the privileg,
| OF withdrawal of government funds
was accorded. The cash gains thu.
wipe out the deficit in reserves without
| the accompanying decrease in deposits
by scaling down of loans The impair.
ment In the expected cash gain seems
| TO be due to the further building up oil
| the cash reserves of the trust compa-
nies' to comply with the requirements
Tor additional holdings which comes in
to force on October 1. Foreign exchange
rates continue to move up away from
the gold import point. But 1t 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 allow Withdrawals of gov
eminent funds under the treasury order
which went into effect on Monday. The
| amount of these shipments is estimated
| at 100000 to 100000 The market
closed easy under the influence of the
bank showing.
600.
The operation on Monday of the
treasury aid to gold imports was fol-
precious metal for immediate transfer
into New York reserves The effect
was to break the stringency in the
money money market by recuperation of a sur
plus IN the reserves of the New York
banks. which We're deficient in the last
bank statement by a margin of $6,577,-
925. The. stimulating effect on the
stock market of the easing of the
money situation proved to be but mod
crate and the speculation showed a
tendency to lapse into professional
hhands and the fluctuations in prices to
was assumed that the powerful ele-
ment of capitalists and bankers which
mad been operating in the market were
deSisting from the pursuit OF the CAM
paign which was inaugurated with the
dividend action on Union Pacific and
southern Pacific. A desire to await the
further clearing up of the money sit
uation was attributed as the move for
this attitude. as news OF general con-
altions continued in the highest degree
satisfactory
The market continued to show evi.
dence of protection on any considera-
pie decline, supporting orders appear
ing at certain stages of a downward
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
tempting to stimulate further specu-
laitve activity until conditions should
become more propitious to affect
general distribution of nordings and
realize speculative profits. There was
evidence at the outset of the week
that. stocks continued to support the
market while the money b;tringency
occurring. were coming back on the
market. A short interest accudulated
In the course of the resulting reaction
and a turn against this interest was
reduction had the effect of leaving the
market dull and uncertain Practical
~ all OF the gold secured TOR 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 SIS. 900. 900
In the weekly statement on Thursday
and in advance on the official discount
rate from 8 IL to four per cent. Dis
count rates in the Paris and Berlin
markets also rose and foreign stock
markets were disturbed. The tone of
foreign financial comment disclosed
considerable perturbation over the .sew
York hunger forgetti" and the ex-
tent to which the New York with
n nl- trr1.&
ures were adopted in foreign money
markets and London money tenders
for reported to concerning measures to
discriminate against the advancing of
The gold secured was said to be the
result of borrowings for New York
account. London. in consequence, ex-
acted a wider margin on American Sc
curities in loans New York's Dor
rowing was in influence not only in
the securing OF gold for transfer to
American securities in London. pur-
in New York and more borrowed with
which to hold them
bringing some relief by att acting
funds from outside sources in this
country as well, although these cred
money rate fell back to more normal
figures.
The governments large revenue coll
lections 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
crop reports of the govern
ment and advices from crop regions |
during the week point to record corn |
and wheat crops and prosperous out |
turn of the cotton crop and the un-
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. but also induced by a run on
an important savings bank in that city.
Paris was expected to supply some
part OF New York's further demand |
Tor gold. which London hopes to check !
but these questions of the y arts re-
lief is subject to some douhts The |
late sale of Pennsylvania Railroad |
notes in Paris constitutes factor of
assistance towards securing gold there
or New York. Mech 'eliance is
placed on the further employment of
resources at the command of the
United states Treasury for relief OF
INV harmful stringency in the money
market. Not only would deposits in
rational banks of idle surplus funds
wing in the treasury be expected, but
here is persistent belief that plan
g held in reserve for the/red amption
II government four per cent. of 1907
n advance of their maturity next year.
Whatever restraint Is manifest in
he speculation is attributed to the
strain on the market and
confidence is high In the maintenance
n great prosperity of the country and
n larger dividend disbursements to I
from the profits of bust
iess haua haen dun and oeneralIv