The Montgomery advertiser., 1907-06-29
THE STOCK MARKET

New York. June 2s.-The call money mar ket was further disturbed today by prepara- tions for the July settlements. Loans made carry over until Monday. On Monday will begin the distribution of dividends and in- terest to an amount estimated at $ls9,- which prompted the pursuit of the early op- erations In stocks today. until the failure of the New York city bond offering threw a that much of this siss,ooo, ooo win find it's way back into the stock market for reinyest- ment It is expected also that the money market will subside into easier conditions scoon after the turn of the month. The dependence for success of the present move ment in stocks on the outcome of events. as expected is quite generally assumed
 On the size of the money market outcome 1t is quite usual for the month end require ments to be reflected in the New York mon
 The rise in the call money rate today was also accepted as cause for tho absence of gold engagements for export. Call loans touched IF per cent. todsy. Whas might happen when the rate for call loans subsidies again is an unsettled question The downward tendency of discounts in London indicates the expectation of easier condii- tions at an early period.
 No uneasiness was apparent abroad today over the approach of the settlements which riods both at Paris and Berlin. London reported an appreciabie growth of confi- dence amongst investors. and demand for
 
 continental account. This was reflected in arbitrage buying here for London ac- count which was a factor in the strenEth shown in the days market. There were further gloomy reports on crop prospects from the same source as caused yesterdays jump in the wheat market and the late re- action in stocks but both were comparative ly indifferent to these forebodinss
 Professional operators continued confident by reason of the very scanty offerings Of stock perceptibie and the sold-out condition of the market thus inferred. It is freely admitted. however that the buying now in progress is not generally designed for long holding but is destined for early conversion into the moderate profits. should such pr9f- it's offer. The investment buying after the first is relied on to supply these profits Not much attention was paid to the estr of the large loss in cash indicated and the low condition of the fbank surplus.
 There seems to have been heavy move ment of currency to this center during the reached total of s7, 236. 900 so that cash loss in the neighborhood of s5.oo0ooo is indicated without allowing for the under-es- ed to have appeared in last weeks state ment The shifting of loans that had been going on leaves the expectation of con- tive contingent has worked itself up into a professed state of great hopefulness over the promised success of the New York city bond offering which was to be absolute ac- cordng to the assertions current in the stock market. As the offering proved to be O fiasco there was naturally some disap- pointment amongst previous buyers and . sharp reaction ensued.
 The furry in the call money market az gravated the reaction and prices were forced back so that the days changes show more losses than gains
 $s64.000 United States bonds were unchans- ed on call.