The Montgomery advertiser., 1906-03-03
THE STOCK MARKET
PRICES DRIFT sLUGGEsHLY AND
 RATHER AIsrLESsLY.
Not Much Pressure of Liqudaffon, and Some Early Strength Was Noticed, Buf Values Fnfi to Rally As
 Expected.

New York. March 2.-Today's stock market was a dull affair and prices There was not much pressure of liaui- dalton and some sort or strength was noted during the early. part of the day. But the market failed to rebound to the extent usual after such a drive on prices as that of the middle por- ton of the week. Disappointment over the action of the market caused some holders and induced q spiliing out of stocks from time to time.
 The gains of the morning were most importance and their effect on m senti- ment was consequently Iessened It seemed evident that no large demand existed for securities as yesterday at the money market were rather in fay- or O fstocks and the tone of the call money market was appreciabiy easier to Fridays operation. which carry over until Monday under the rule of the stock exchange. Yesterdays high rate of per cent was not touched and loans were made below 6 per cent very soon after the borrowing for the day began.
 The estimates made up from reports by the banks of the weeks currency movement indicated some receipts on balance from the interior by the ex- press movement In spite of the current reports of heavy shipments by that means. These reports pointed to the remittance of nearly three quarters of a million dollars yesterday and today to Chicago alone. Bankers here as- serted that the movement was normal and had no special cause growing out of the recent slight disturbances in Chicago banking affairs. On the week it was stated that ths withdrawal of $5,7s4.000 by the sup- treasury had ol. kf.r .fp hU hn movement from the Interior to bring down the net increase in cash for the week to below $5.o00.00o.
 A special cause for the weeks drain on bank reserves was pointed out in the expiration on February 24, of the three year interval since the re-char- tering of some 250 national banks which placed on those banks the obligation to deposit lawful money with the treasury covering the amount of notes under their old charters, which had not yet come in for redemption. The amount thus deposited with the treas ury for the month of Feoruary was ST. f4S,000, almost all of wnIch was paid in the last week of February and almost entirely by the New York banks on &C., count of their correspondents. That this operation was an important influ- ence on the New York money market Is easily seen. The demand for credits, however, Is not confined to the call loan market and loans for periods up to ninety days were made today again s1-2 to 6 per cent. Foreign ex- change also continued to decline al- though discounts were hard in London and sterling exchange fell back in Paris, C -., .'-
 The weeks exports of corn declined 636, 900 bushels from last week and suggested a question of how far the recent enormous export movement was due to apprehension of the going into effect. on March l, of the diseriminative tari1 measure by Germany. Pennsyl- vania and Rock Island joined the list extraordinary increases in net earn ings for January over those for the corresponding month of, last year, Pennsylvania's expansion reaching $i,- 433,SO0 and Rock Islands S550,648. The market wavered uncertainty up to the close which was fairly steady, how ever, at considerable recoveries, Union Pacific rising to the best of the day. which had a sympathetic efect on the market. Amalgamated Copper was the subject of conspicuous pressure.
 Bonds were irregular. Total sales per value. S2,S90.000. United States 3s coupon and the old As advanced 1-4. the new As registered 1-2 and the cou- pon a point on call.
 NEW YORK STOCK LIST.