The Montgomery advertiser., 1906-09-12
THE STOCK MARKET
PRICES or STOCKS GAVE GROUND FREELY.
  Speculative Operators were of Two Minds m Trying to Explain the Move ment-Call Money Hay-
 ing Effect.

New York. Sept. 11.-Prices of stocks gave ground in today's market and the in- crease in volume over yesterday was re- ponderance of selling in the orders execut- ca. speculative operators were of two
 minds in trying to explain the movement of prices The one supposition was that the easier rate for call money was taken aavantage of to realize profits bys previous easing of the money rate was less pro nounced than had been hoped for and gave iess promise of permanence owing 10 the continued causes of drain on the New York money supply
 Recent buyers of stocks on an advancing that possessed resources enabling them to ignore the ordinary extgencies or the mon- eonfidso ana m tho ,o tS vaue @ ' of % stocks The campaign of millionaire operations on this basis must recognize the small chance actual period of stringent money as me alum for realizing profits. Notwlth- have been held by the powerful spectators in control of the market 1t has been the common expectation heretofore that any easing of the money rate would find large holdings of stocks for sale on any new 1e, mand. It is evident also that measured by the actual snsagemep&ss & or vr eod tSe sr ayey vious estimates by the active spectators m stocks were extravagant.
 The actual gold movement therefore even with its alleviating effect on the mon ey situation represents disappointment 70 this element in the market: n Tne ne ci0e neguaf af government deposits against gold engage ments amounts, for the two days. the or der has been in effect to slS2SOiepV; g cnInd nni last week in London and which was snlp- ped to New York on Saturday. thus falling ury department for holding governMaent a deposits engagements made after Mon- day. Such shipments. therefore VII not become available for New York bank re- serves until the arrivals of the gold next week The same Is true of the Australian gold on the way. An arrival or shipment of over a million dollars today when add ed to the gains from the suo-treasufy makes a gain sufficient to make up the de- felt below the legal reserves of the banks, for expansion of credits forming additional requirements from the interior oL.
 A rise in New York Exchange al is on.. demand Over S5.000. 900 was secured from the Bank of England for New ,rS IorS in spite of yesterdays rise in the price of gold and went into New York deposits by withdrawal from the sub-treasury. H was intimated that the control of this gold Pennsylvania railroad notes in Paris.
 Discount rates continued to advance m York of some severe discriminations against American collateral in the Lonaon money market. Rates for time loans were firmly held and continued to command a preuium over. the legal rate for periods up to six months. The extraordinary promise of the crops contained fin yesterdays gov, owing to the large influence already plae- ed in the market by the crop prospects. Prices fell by successive movements throughout the day and closed weak and
 Bonds were irregular. Total sales par value sl.900,OO0 United States bonds were unchanged on call
 NEW YORK CLOSING STOCK LIST.