The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1906-10-03
THE STOCK MARKET
MARKET DID NOT MAINTAIN ITS
STRENGTH.
Although Surface Conditions Were In Form
Of Advance-Money Continued to
Relax In Rates for
LOans

New York. Oct 2.--The stock market
did not maintain the brave show Of
although surface indications were in favor
Of the market. This was particularly true
Of the money market, which continued, to
relax. both in the rates for time loans AND
for call loans. The premium on time loane
for over ninety days has practically disap~
peared: In the call loan department, even
the early nine per cent. rate was contrast
ed with restriction within the six Pc"
Forebodings Of a possible deferred effect
Of the heavy October requirements wer~
thus disposed Of.
indicated by the enormous. clearing hous~
exchange between the banks today. the to-
tai rising to s54s.oio7a2. compared with I.
this year of sSss.s44ssO,
On only two other OCCASIONS and that dur
ing the gres, Financial 9"erat9ns IS, in the
in 1901. have today's exchangss at thu
clearing houses ever been exceeded.
tions were arranged I is indicated by thu
small success over the average in the days
cash balances. which amounted to but SIS
work already affected and the escape Of
the money market from serious conse-
quences in the doing Of work. were consid-
cred very encouraging, as to the mone'
outlook.
Yesterdays payment of taxes in New
York amounted to sI20ooo.0oo and early re-
city is looked for as consequence The
weekly statement of the Imperial Bank o.
Germany reflected the strain Of the Octo>
Der settlements on that market. also with
100000, an Increase of loans of ss3,so5.ooo
and an expansion in the outstanding note
issues of the bank of $50 7s5. 900 Bu'
these figures also represented work al
ready accomplished, and the private rate OF
discount receded in Berlin today i Lon
don, however. IL advanced and the expecta-
ton became more general that the bank
rate will be advanced on Thursday promo
put a check 10 the outgo Of gold. This
was in reality, the only feature in the
situation on the money market side to &C
count for the hestating tone of the stock
market The easier tone in the none"
market is attributed to some extent to the
release to the market of funds which nave
been withheld waiting for rise in the call
loan rate The small promise today OF
ing of some of these sums of money in the
time loan market. with appreciate effect
in easing it's tone. The government report
on the condition Of cotton was not consider
ed favorable, the more so as to the effects
of last weeks tropical storm and damage
to the crop came after the period of the es-
Inmates in which the government report
was made.
The cotton carrying railroads We're
amongst the strong features. of the day.
Expectation of an announcement OF the
''ore deal during the day. played lare~
part in the speculation. the United states
Steel stocks hardening end the Hill stocks
moving irregularly. The reactionary ten
dency grew the market and persisted
after a rally The closing was weak and
at the lowest.
Bonds irregular, total sales par val
lie S2,606,e coo United states bonds were
unchanged on call.
NEW YORK CLOSING STOCK LIST.