The Montgomery advertiser., 1906-10-09
THE STOCK MARKET
MONEY MARKET CONDITION WAS A
FACTOR.
Tho Bearing On the Foreign Exchange Sit
uation Of the Outcome Of the Cot
ton Crop Received At
fentlO0.

New York. Oct. S.--A few OF the less
prominent stocks offered a rather sensa-
tional spectacle in today's market. but the
trading on the whole was dull and unin-
teresting and prices moved in q sluggish
manner The firm undertone of the mar
ket was largely sympathetic with the few
notable advances The only factor in the
general situation which could be held to
account for the apathetic speculation was
the money market conditions.
There was less confidence in additional
ease in the securing Of resources for stock
market operations. The disappointing ex-
hibit Of the banks in the weekly statement
of conditions was not held accountable for
the tone Of money as the actual conditions
was believed to have ben improved much
more than was indicated by this compari-
fresn haS mcre
distinctly reversed the easing tendency Of
last week and moved upwards. Discounts
were notably higher in London. Paris and
Berlin Discussion was removed on the
count rate of both the Bank Of England
week. Our foreign exchange market moved
upwards and the demand in that market
was said to be largely fro remittance TO
cover maturing finance bills. These matu-
rites known to fall into very large
amount during October and the rise in
foreign money rates adds to the inducement
to recall them or adds to the cost of re-
newing them.
The bearing on the foreign exchange sit
uation Of the outcome OF the cotton crop
fears Of the smaller crop that has been
estimated with the corresponding reduction
in the available supply for the export. The
reactionary movement in today's cotton
market was asatisfactory development in
that part Of the situation. More or less
active discussion is going on in financial
circles Of the great extension of banking
credits in the country at large and the part
played in them by real estate, mining and
special stocks today nearly all had rumors
Of happenings of individual Importance to
account for them. The General Electric
advance was accomplished by reports OF 3
coming stock issue with subscription
rights.
The strength in Westinghouse Electric
American Locomotive and Allis-Chalmers
was sympathetic due to rumors of &C
tual mergers in contemplation. Industrials
connected with the copper industry We're all
affected by the extraordinary market for
both in London and New York with appa-
renty no supply available for immediate
delivery or for the nearby months. In
contrast came the report of the dtermina-
ton of the United States Steel Cooperation
to make no advance in price Of finished
products in spite of the demand. Railroad
officials reported growing difficulty In tax
ing care of the freight offering for the
transportation and a certain prospect of
congestion II any obstruction occurs from
bad weather.
Union Pacific was the only prominent
railroad stock to show notable strength
United States Steel hung about 49, to which
1t went Friday afternoon on the eve OF an
nouncement of the terms of the ore deal.
A good proportion Of the days gains was
closed easy.
Bonds were firm. Total sales par value
$2,664,000.