The Montgomery advertiser., 1909-10-02
THE STOCK MARKET

New York. Oct. 1.-The call money market today showed the effect of the special requirements upon it and the higher interest rate or the limitation speculation in restraint.
 The further phenomenal rise in pnited states Steel to new records asl3est asipea .to to hold prices elsewhere mand. Atchison also sold at a new high record under the inspiration of intimations regarding the chances for ran advance, in the dividend rate next
 In some otheT stocks that have ad- vanced on dividend prospects doubts of an increase were asserted and the stocks suffered accordingly. The estimate of the weeks currency movement failed to show any great ofsetting influence to the drain on routine operations from the cash brought to the city by the Hudson Fulton celebration visitors. The express movement with the in- terior seems to have yielded a small gain on balance for New York but 1t which the banks have lost on sub treasury operation to which Is to be added s1,300.000 in gold shipped to Canada and s1,Ooo,000 deposited at the sub-treasury today for telegraphic transfer to San Francisco, presumably Tor shipment to Japan. The shipment IS Tor London account and calls atten- ton to the control of resources in New York given to Londn by the in- ternatinal exchange position. The exchange position gives added importance to the poor prospect for the cotton crop, unofficial estimates of which published tday indicated Ia de- cline in condition during September of between and per cent, which is expected to be reflected on the Gov ernment report on Monday.
 While the months decline is not ab- normal the resulting condition figure is lower than ever before recorded for the season of the year.
 Foreigners show small disposition to pay the price of our cotton which this condition has brought about, and the supply of commercial bills in the ex- change market against cotton exports Is scanty and promises to continue so A sharp advance in the private dis count rate in London today gave point 10 the prediction which came from there, that the Bank of England would raise It's official discount rate before the end Of October.
 The New York Exchange rate at Chicago fell back again today to 3n cents discount per $1,000, and showed York for currency. In addition to the adverse trade balance. there are heavy maturities approaching of obligations Tor American securities held in Eng land, notably $25.000,000 of New York City revenue warrants. which come due November l
 Meantime the ,fotation of important new bond issues in New York has been deferred and the expected partic- ipation in these 1otations of foreign banking houses is not forthcoming to take up part of New Yorks' indebted ness. As to our own interior banking situation. the compilation just publish ed of reports to the Comptroller of conditions as of September l, shows now well loaned up was the national banks of the country at that date.
 The local item had increased nearly 100000, 900 since June 23 of this year and over s37s.o0o.o0o since September 23 of last year. the deposits had in- creased s113,316.000 and $461,75S, 900 for the same periods respectively, while the cash holdings had fallen off in the shorter periods of $31, soc. 900, and in the longer period $14,300,000. As a consequence the per centage of reserve on September l was 21.67 compared with P. 37 on June 23, and 22. 97 on September 23 last year.
 Money on call was run up to per cent. this morning and then dropped to per cent, with assuring effect on speculative tone, and when the call loan rate stiffened to 4 1-2 per cent. late in the day 1t had a weakening ef- feet on the whole list
 Bonds were irregular. Total sales, par value. $5.955.000.
 United States bonds were unchanged on call.
 CLOSING STOCK LIST.