The Montgomery advertiser., 1906-05-13
THE STOCK MARKET
IMPROVED CONDITION OF BANKS
 MADE APPARENT
TalEsn AAvantaxe of By Operaterv ID Secure pee6lts Which Have He ambto1 Prem Recent Advences.
 GFoVvnnw Ease h Money.

condition ur of q the banks shown by ths bank skAtsuasnt was expected ana wes tax taken a4ventage of in the stSck sx profits . the extensive rise in prices which has occurred during the wesk. The gain in cash shown by the panks mss Sy not es i.rss as had nsen of money The movement of prices in the stock exchAuge was unsteady. confused, sn0 ireguiar. Except for the reaiizlnf there was no time during the session when the general tone was at all coa. sistent. Advances in prominent stocks srs. Tsrs made at the same tim sw1n ae
 The movement was not wide at any time and the volume of transactlons was only moderate. Banking opinion money market. The confident specu- lation in stocks is based on an as- sumption of growing ease in the money market which is expected to pc osser. , Sa nFranctsco as soon as banking resumed there and by further remit tances from abroad by foreign insu- rance companies on account Of the san
 The market closed near the low prices of the day. Total sales of bonds par value. t1.7S5,ooo. x,.. which was inaugursted last week has attained notable proportions this week and much progress has been mace So gafd the or yalHations 11e rss sulting from the forced liquidation to which the market was subjected after the San Franciseo eaiamtyd ni1syd dsases Tne ,no ao the relief afforded by the drastic liqui- dation itself to the covering or the bear part yand to some factors or posi- tive betterment of conditions t,tvn ot Wh'cr or unpromising. The relief afforded by the liquidation made itself felt natur- ally through the money market. Funos market and rates for cali money loans have relaxed from day to day.
 The effect in time loans was more gradual, but In that department aiso tainabie for periods up to six months for as low as i've per cent. The course of the stock market offers evidence
 as snsrs ss nsso sos of
 week. Buying of substantial banking interests at that time % was .1S for psr,, psr, efSti of the o hsidiDnss thus acquired have recovered But it is Believed that
 o f5ss Pol.s TsTs sssp TOT been attracted by the inviting prices afforded by our securities. This serves
 otahs up ss%s par. of this which had reached large proportions; It was even supposed that the large shipments of gold to this country ~ere
 Future maturities. of these foreign obligations, especially with the large requirements now anticipated for the fa fp, DTsye ans se eaapefs,on this debt into more permanent form hy sale of interest bearing securities tends to the relief of the money market. The show anxiety over the proportions of the drain New York was making on its reserves. but the cessation of the move raising its ofiicial discount rate as 1t was feared would be done. The Paris money market has also relaxed.
 Besides the easier tone of the money ration has removed cloud from the speculative situation. The improved sentiment i nthe speculation was unaf-
 sssd ssa tr ss sx tss sf aEnE SE Fa o In traffic offerings In spite Of freight diverted to San Francisco. The reces- sion was attributed to the period of crops. Stocks showed no sympathy with the shade of anxiety reflected in the wheat market on account of the un- soasonably cool wes sther.
 port was of superior influence. The high condition of the winter wheat crop was regarded with satisfaction. The improvement in the immediate money situation has thrown into the back ground the ultimate capital require- ments for the rebuilding of San Fran cisco and demands for other large en- terprises The extent of the recovery in stocks insures some distrust from the technical standpoint and keeps the un- dertone slightly unsettled. In absence of any renewal of liquidation of the sinister character which awakened anx- iety in the first Of the week. 1t will soon be confident.
 Bonds have shown some improvement in sympathy of stock. The United States old As declined 1-8 and the new 4s 12 per cent on call in the week.
 NEVU UnDrx uwN<,~~