The Montgomery advertiser., 1906-10-10
THE STOCK MARKET
FOREIGN MARKETS HAD INFLUENCE
ON MONEY.


New York. Oct 9.-Stocks failed to re-
spond to leadership Of few issues. which
showed strength today and the condition Of
the market became lethargic during the
latter part Of the day. The ground for
the neglect into which the market fell was
not clear, but the way in which stock was
supplied on any advance and the absence
OF large transactions fostered the impress
market desired a period Of speculative aui-
ct Traders protested TO see in some Of
the selling character than inundated
them from any attempts to contest the in
difference thus signalized
There was no acute pressure at any
time and the movements at one or two
points in the list where advances occurred
were believd to be ofor sustaining effect. The
railroad list was conspicuously neglected
ana a,no. Pennsylvania was the only stock Of
activity or mobility. There were some
large buying operations in that stock ac-
raise the dividend rate to seven per cent.
at the next dividend period There wac
q rise Of one point also in the subsidy
known that the directors were expected to
act on increased dividend today had
failed to secure quorum. the movement
ran out.
rumored dividend increase stimulated
Amalgamated Copper also In the earlier
dealings
The moderate strength in Union Pacific
was due to the expectation Of the early
publication of the annual report in pamph-
let IOTfn WuiCh tApeCteu 10 contain mat
ter to commend the stock buyers but it
was announced that several weeks would
probably intervene before it would go to
on rumors Of an intended stock issue with
valuable subscription privileges 1t car
ried with 1t no other stocks Of companies
inghouse Electric, American Locomotive and
Allis-Chalmers. American Smelling also ex-
these prominent individuals the movement
spread down through diminishing grades Of
importance to some Of the most insignifi-
After lying long dormant. many such
stocks were Weakened into sudden animation
today and rushed up byrleaps and bounds
with news to explain the sudden eager
ness to buy them. This extension of spec
ulative demand to where 1t stirs up the
sedimentary deposits at the bottom Of tn.
by experienced operators as usual sign
of the elimination of a speculative move
ment which has exhausted the possibilities
in the, higher grade securities. Some dis
couraglng effort on the general market was
due to this cause:
was disposition to shade the six per
cent. rate on time loans for the first time
In many weeks
Foreign markets had more Influence or
money considerations than the domestic
situation There was some slight relaxa-
ton in the London money market but
bank rate will be advanced on Thursday.
The conviction is general. however, that
its discount rate tomorrow. The foreign
exchange market here was very strong and
rose at one time to over half cent on
the pound sterling. Demand for remit
lance to cover maturing finance bills was
reported to be rather urgent and the sup
ply of commercial bills light. The
heavy tone of the later market persisted
to the close except in Pennsylvania
Bonds were firm Total sales par value
$3,262.00o. United States bonds were I'M
changed call.