The Birmingham age-herald., 1906-09-26
DULL DEPRESSION
 IN STOCK MARKET Selling ofAmaIgamated Breaks
 Whole Market MONEY OUTLOOK SERIOUS Politics Come In for Some consdera- tlon In the Market By Reason of
 the Session of the Two N. Y. Conventions.
MONEY OUTLOOK SERIOUS

New York, September 25.-The market was held under dull depression for the most part today but this influence was contested and was not allowed to make much headway in affecting prices until the selling of Amalgamatel Copper to realize broke the whole market in sympa- thy Immediate active factors were not an influence on the market so much as the belief that the conditions of the money market would become an active factor in a short time again. Rates for call loans fell below per cent early In the day, and conditions in the department of the loan market offered no sign of disturbance
 Nevertheless the expectation is quite general that the preparation for the octo- ber settlements will Involve a furry in the money market. The requirements then are unusually heavy and money is un- deniably tight in all departments.
 The universal confidence that the Secre- tary of the Treasury intends to extend aid is the only assurance felt against se- were pinch. Confidence has been very strong in Wall street that the usual re- course to stock market liquidation for relief from such a situation was to be escaped. But there is no disposition to extend commitments in the market even amongst those with whom this opinion has prevailed. That there is an element not so sure of examption from the usual pressure, was indicated by the growth of the selling movement towards the latter part of the session. The sums to be paid out next Monday in dividends and interest will be very large
 The Union Pacific semi-annual per cent dividend and the Southern Pacific 21s per cent dividend alone will call for nearly s15,0O0,0O0, and the aggregate of such pay ments on that date is estimated at SG0.000,- 900 or more. In addition the New York trust companies will be called upon to in- crease their cash holdings on October l to the extent of $10,0000O0. There was no relaxation in the demand making upon New York bank reserves from interior sources and an unusual amount of redis- counting from Interior banks Is being of- fered to New York banks. The amount of new gold secured abroad for New York fell today to a meagre $200000. The stock market settling in London revealed high carrying charges and discrimination ngainst American securities in that mar ket In Paris the private discount rate adyanced to within a shade of the bank rate. and the weekly statement of the Imperial Bank of Germany showed the continued strain upon the money at that center. The compilation reported in con- ditions of national banks throughout tine United States as of September 4, given out at Washington today. shows clearly that the ihfiation of credits is common to the whole country. The percentage of legal reserve to liabilities on that date was 20 compared with 2144 on June IS, the date of the preceding reports to the comptrol- Ter and with 1.69 on August 25, the near est corresponding date of last year.
 Politics came in for some considera- ton in the market by reason of the ses-