The Montgomery advertiser., 1909-10-09
THE STOCK MARKET

New York. Oct. s.-Ths struggle to maintain prices of stocks met with poor success today. although rhe effect
 ahsS Is ssS sss a s' s sSa oS uncertainty in the speculation throughout the day. Early prices sem eraily were higher and after the first rsiepse there were numerous renewals prfces upwards. The growing convic. ton of the exigencieA of the money market situation prevailed over ther Sons,derstions and decided the down. of the preliminary estimates cf the weeks currency movement disclosed so heavy an inroad on cash resources of the banks as to threaten . dedcit in the legal reserve. uniess the position has been conserved by . drastic reduc- fion of deposit liabilities through loan contracttons. The idea that deposits 9f cash expended by visitors to the . helated effect on the bank abatement found no corroboration in the estimates by the banks themselves. The express movement with the interior seems to to the extent of upwards of S2,oo0,000. and the sub-treasury absorption has taken up $4.3s2,00o without counting 3z.ooo.000 with that institution today Francisco and shipment to. Japan. This transaction Is on London order, for meeting London indebtedness to Japan, but Is significant of London's ceiamand make the transaction. The incident gave force to c suggestion of London's ability to command shipments of gold from New York to Brazil in connection ttnued selling of stocks here for Lon. don account was . feature of the ex. change situation. The exports of wheat for the week rose Sl6,000 cush- 1A u.. l. 1~~. private discount rates held at ysstsr- days high point, which Is so near the Bank of England's soffictal rate as to preclude any further material rise institution. The pressure on the money market directs attention to the old time facility with which loans were shifted to the trust companies on such occa- sions. The present situation ,s the first when money has grown tight since the new law became effective. 0biiging the trust companies to mainratn i5 per cent. of cash reserves In thsir own ditional reserves by the trust compa- nies' was not without effect on money rates in New York, Seven durfnS the lethargic money markets of the resiod { per cent. for brief interval m the third week of December of last year was attributed to the preparations of the trust companies for the final in- ptaliucnt OI a00itlOnSl cdSn reserves. which was required by February 1 of this. year. There was an expectation in Wall Street today that the United s>ates Treasury will come into the money market shortly with Treasury notes to make good deficiencies in the revenues. It Is believed that the principal banks have been warned al- ready of such an operation in the early future. The incident calls attention to another change in the old custom of dependence on the United states rrras- ury for measures of relief for the money market with the recurring strtngency each fall. The growing ob- stacies being interposed to further borrowing abroad for stock market uses and the indications that the New York banks would be forced to a pol. Icy of further Europeon contraction to Keep pace with the inroads on their cash holdings. prompted further eAten- sive liquidation of stocks in .he ,ater dealings. The prices touched by the leading active stocks were the lowest Tor the week. The Government cron report was somewhat disappointtng on corn, but considered good cn xnrfnr wheat. It was of little effect on stocks however, which rallied but sligntlv fr, m the lowest prices.
 Bonds were irregular. Total ka1es par value. $5.575.000.
 United States bonds were unchanged on call.
 CLOSING STOCK LIST.