The Montgomery advertiser., 1906-09-11
THE STOCK MARKET
STRENGTH IN MARKET WAS DE
 CIDEDLY sPOTTY.
The Speculative Element Which Count ed on Active Advance on Heavy
 Buying Was Sadly Disap-
 pointed During Session.

-
 New York, Sept. 10.--The strength in today's stock market was spotty and intermitant and was a disappointment to the speculative element, which counted on an active advance because heavy buying was evident on Saturday after the appearance of the bank state ment with its formidable showing, a deticit of $6,57S. 900 below the legal re- serve. Events occurred today Tn anout basis for the stron~ closing of thG~stock market on Saturday, But the stti K market response today was moderate and the ranges of the advancing stocks dently a good deal of realizin~ going on in stocks that were brou~ht on Sat- urday and this added to the impression that Saturdays buying was for pur' classes of support rather than for ac- cunula.ion. Erie, Reading. United States Steel, Amalgamated Copper and the transcontinental group were all eign money markets and the demand on New York fe. gold had it's influence in checking speculative excess here, There was much confusion in estimat- secured, owing to the possible duplica- tion of announcements by the private banks, making engagements and the pationa1 banks acting for them, and to which alone the privilege of holdirg Government deposits agafnsa the. gold engagements applies under the Treas ury order. It became evident early Tn the day, however, that he minimum es /. ment. which was Si0. 100000, was ex
 cceded. Call money loaned as high as Ii per cent early in the day, but ran oft the. neighborhood of $ per cent oe- fore the principal money. operations were concluded, rising again at r. per cent at the last. As an offset to last weeks cash loss by tn banks of over were not fully adequate, The new bank week starts with with dIawal of nearly .o. a rniliiion l1i,., ny as tas a creditor at the clearing house this
 morning for nearly half million dol- lars. New York Trust Companies have commenced the accumulation of cash to fill the additional reserve require ment in force October 1st, and with the movement of cash to the interior still in force the restoration of New York bank reserves to the legal re- quirement without additional loan contraction seems problematicaL The question thus involved had its part in the uncertain tone of stocks. So did the forces of oppos ton to the lmpo< of gold which were emphasized In the rise of discount rates in London, Paris and Berlin and the advance of gold in London, the rise in American eagles
 at the Bank of England amounting to
 one shilling 3-S pence an ounce In LGfeST aItaCneQ IO lflC OillSfcA ANPCA . of the August gold output on the
 land. which Increased no less than
 IT, a32 ounces over the July prodde-
 tion and reached a total of 5o9,l 1S
 ounces for the month. This rapid in-
 crease in the heavy output of South
 African gold promises large new sup
 plies to meet the New York demand,
 even though the state foreign banks
 are indisposed to part with any of their present large holdings. The
 Southern group, both In the railroad and industrial list were prominent amongst the strong stocks of the day,
 but they did not. hold well after the appeaGanee of the government crop report The large increase in earn | ings disclosed in the Atchison annual report strengthened confidence in a coming dividend increase and specu- lative guessers were liberal in their
 surmises of the increase. rawing an analogy from the Union Pacific div idend The late rise in call money
 added to the unsettlement and helped to make the closing irregular.
 BondS were irregular. Total sales par value $2.7S6,000 U. s. bonds were unchanged on call.
 NEW YORK CLOSING SHOCK LIST.