The Montgomery advertiser., 1906-09-26
THE STOCK MARKET
NO RELAXATION on NEW YORK
BANKS


New York, Sept. z5.---The market was
held under duh depression for the
was contested and was not allowed to
ces until the selling Of xmsigamatsd
Copper TO realize broke the whole mar
Immediate action factors were not
an influence on the market so much as
the belief that the conditions OF the
tive factor in a short. time gain. Rates
for call loans fell below five per cent.
early in the day and conditions In
offered no sign of disturbance. New
ertheless, the expectation fs quite gem
eral that the preparation for the oc-
tober settlements win Involve Hurry
in the money market.
The requirements then are unusually
heavy. and money Is undeniably tight
confidence that the secretary of the
treasury intends to extend aid Is the
only. assurance felt against severe
pinch. Confidence has been very
strong in Wall street, that the. usual
recourse to stock market liquidation
for relief from such a situation was
to be escaped. But there Is no dispo-
market even amongst those with whom
this opinion has prevailed. That there
is an element not so sure of exemption
ted by the growth of the selling move
nient towards the latter part of the
session. The sums to be paid out next
Monday in dividends and interest VIII
The Union Pacific semi, annual five
per cent dividend and the Southern
Pacific two and 9 half cents di VIC naa
and the aggregates of such payments
on that date is estimated at s60,o00.O00
or more. II addition the New York
increase their cash holdings on Octo-
Der 1 to the extent of $10.000.000.
There was no relaxation in the de-
mand upon New York .n pan tx r rn9s,eI
| amount of re-disc0untinR from interi-
or banks is being offered to New
ork Sanb sToad 1 Tor New York nee fell
day to a meagre 100000. The stock
market settled in London revealed
1 high carrying charges and discrimi-
| in that market. In Paris the. private
discount rate. advanced to within a
shade of the bank rate and the weekly
Germany showed the continued strain
upon the money market at that center.
| The compilations reports of condi-
| lions of the national banks throughout
the United States as of september :.
given out ut Washington today shows
clearly that the imitation of credits IS
percentage of legal. reserve to liabiii..
| ties on that date Vas 20.20 compared
with 2t.44 on June IS. the date Of the ne
sisS or, August rs, the nearest
corresponding date OF last year
Politics came in for some consid era
eion in the market by reason OF the
sessions of the New York party con
ventions. Traders made - special de-
monstration. against the municipal ee s,T--
score. The dividend increase on Ans
condn conformed closely 20 the gener-
al expectation. But the. heavy .realiz-
ing in that stocks and the Amalgama-
ted Copper had a bad effect On general
speculative sentiment as showing q
DISPOSITION to sell on good news IN O
stock that Is regarded as a specula-
/ tive favorits of the group of capital-
its most reliod on to carry 3hreugh tne
present speculative campaign: This
broke the whole market and led to
violent declines and weak and active
Bonds were irregular. Total sales
par avlue. S2.392.00e United states
bonds were unchanged on CALL
Nwyv YORK CLOSING STOCK LIST