The Montgomery advertiser., 1906-08-30
THE STOCK MARKET
UNEXPECTEDLY sTRONG UNDER TONE IS SHOWN.
In the Face of the E'hiIadelphia Bank Failure and Heavier Drains on
 New Works Financial Reaourees

New York. Aug. 29.--In the face ni further adverse conditions such as the Philadelphia failure and heavier drains on local financial resources 1t must pc said that today's stock market for the greater part of the session exhibited This r99g srsurht absut largely by the heavy volume of sup porting orders, with which business opened, coupled with assurances that the harm wrought by the closing oi the Philadelphia institution would be almost entirely local in its effects. Nevertheless, the differences drawn rom this last event following so soon alter similar occurrences in Boston, Chicago and elsewhere, left painful impression net only in conservative quarters but in speculative circles as well. The ease with which early of- ferings were taken bespoke support or an unusually strong character, but served to heighten the impression that the so-ca1led big interests have yet a great deal of stock to market Penn sylvania and Reading. which were nat urally the center of interest by reason Of yesterdays happenings, were pressed for sale in large quantities at the outset.
 Pennsylvania scored an initial gain. but Reading, which was under pres sure, made a decline. Other conspicu- ous features of the opening were St. Paul and Canadian Pacific, the former selling with it's dividend and rights" off and showing gain of almost three points. Canadian Pacific continued It's activity of the previous day, soon ad- vancing to 179, point gain, but for more or less patent reasons. the rise attracted little attention. The Hill stocks were very strong, presumably on the publication of en une0nfirmed report that the ore deal with the Uni ted States Steel corporation had been preferred advanced to the highest price of the present movement and Northern Pacific was materially stronger.
 The steel issues naturally reflected the strength of the stock, though in lesser degree. Sales in the first fifteon minutes were about 225,000 shares or at the rate of 9oo, ,oe0 for the first hour. with Reading contributing the larg- est share. The market quieted before the end of the first hour but not be- fore another drive against Reading sent that stock lower than before. Re- covery was soon made under the lead of Union Pacific, which advanced to the highest price of the week, the movement being again accompanied by the now familiar St. Paul story. By noon trading became comparatively dull. with Atchison's new high record the most noteworthy feature.
 The late session showed no marked tendency either way until the last hour when call loans advanced to 6 per cent with a further weakening in exchange to A.S3.70. This latter was one of the most significant features of the day and gave rise to fresh rumors of gold import. The drop in exchange resulted largely from heavy offerings of finance bills by foreign banking in- terests which speedily availed them selves of the furry in call money.
 There was general selling of these bills and the proceeds were promptly loaned at the late higher rates. In addition these same interests advanced considerable sums on 3-4 per cent basis for ninety days loans. Despite the rise in money the market gathered renewed energy in the final trading. the feature being Reading which ad- vanced over 5 points from the lowest while Pennsylvania moved up smartly and the remainder of the active group gained point or more.
 Trading was very active at the close which was strong and generally at the best price of the day. Exclusive of the $750,000 transferred to San Fran cisco today, the banks have already lest almost $3.00O,000 to the sufb-treas- ury for the week aside from the free offerings by foreign bankers. There was no lappreciable change in time money rates. Bonds were irregular, Total sales. par value, $3,4S5, ,000. Uni- ted States bonds were all unchanged on call.
 NEW YORK CLOSING STOCK LIST.