The Montgomery advertiser., 1906-02-20
THE STOCK MARKET
RALLY FROM THE LOW POINT OF
 LAST WEEK.
8enewad Show of Strength in Some of the Stocks Which are still the sub- kecf of Runaors of Important
 RrOfectn.

New York. Feb. 19.-There was some further contest in the stock market to- day. which proved successful after IT, regular movements and was followed by rally from the low points of last week. There was a renewed show of strength in some of the stocks which arc still the subject of rumors of im- portant projects yet to be announced, and there was the announcement of the valuable stocks subscription privilege to the proposed new issue of the Cht- nago and Northwestern stock These proved sustaining factors in the mar ket and helped to check the disposition tn Hquidate, which was running to ex- tremes in the latter part of last week. The action of the money market gave no occasion for fears that an acute condition was immediately imminent ana there was some relaxation from the tension of anxiety which depressed the stock market last week.
 The $i6.261.400 Chicago and North wesHrn stock is sure and the action towards the issue of s14,000 900 Dela- ware and Hudson convertible bonds showed that the Notation of the new capital was not yet completed But this rate of increase compared with last weeks total of nearly $250 900, 900 was regared as a moderate tendency in this process. The preservation of the surplus of the banks disclosed by Sat- capital requirements filled during the week was accepted as a hopeful indi- cation of the ability of the money mar kct to meet the strain on 1t. The con- tinued yielding of the foreign exchange
 market also showed resource still
 open in that quarter for securing capi- kst.
 The weakness of the exchange mar speculative circles of an early importa- ton of gold. The rate of exchange.
 however, Is still a considerable dis tance from the level which would make call loans was appreciably easier to- day. It was suggested that some ef feet might have been produced by an accumulation of cash by the trust com panies, In view of the consultations be- tween trust company and banking of- lftcialS over the question of trust com pany reserves. Such accumulations would be available in the call loan mar
 There was hopeful sentiment pre- valent over the prospects for a settle ment of the labor dispute in the anthra- cite trade. Discounts in London were a shade easier, although this weeks stock exchange settlement there was reported to be causing some anxiety. The Imperial Bank of Germany, showed 2 notable improvement of conditions favor of the banks this week, and have yielded million dollars since the bank statement compared with a loss for the same period last year of $z500.0 .000 The extraordinary rate of expansion in gross earnings of railroads reported for the second week of February was of favorable effect on sentiment.
 The per centage of increase over the corresponding week of last year of the Canadian Pacific and Denver and Rio Grande reached 42 per cent, Louisville and Nashville 36 per cent, Missouri Pa cific and Central of Georgia 34 per cent: Iowa Central and Minneapolis and St. Louis 30 per cent; Southern Rail- way 27 per cent: Texas and Pacific and Missouri, Kansas and Texas 25 per cent, and St. Louis Southwestern g per cent. Traffic officials of railroads re- ported the volume or shipments well maintained and operating conditions materially impaired by last weeks stormy weather. In uncovered short Interest added to the demand for stocks, except in few stocks the strength did not become aggressive and yielded on number of reactions. The market rallied at last. however. and closed firm
 Bonds were irregular. Total sales. par value, $2,490.000. United States 3s advanced yesterday IA per cent on call.
 NEW YORK STOCK LIST.