The Montgomery advertiser., 1909-09-15
THE STOCK MARKET

New York. Sept. 1.-THE stock mar
ket narrowed to q professional rut to-
day. Efforts were made to keep spec
ulative interest alive by concentrating
speculative favorites ana a few novel
ties. but the response of the general
list was languid. The tendency Of
prices to retrace their course was an
professional traders fransactions. The
hardening OF the money market IL D
natural check on free speculation,
While banking opinion does not look
tion Of the New York banking reserves
show that q restriction OF credits In
Imperative to conform to the heavy
drain nov making on the cash ~ hO "a.
Withdrawn from the banks by sub
treasury operations since the last week.
ly bank statement .was made upA COM
pares with an actual surplus reserve at
interior has continued to draw on New
York, In the meantime, in addition to
the sub-treasury requirements. A rise
in New York exchange at Chicago 70
$1,000 discount last week, has resulted
from the firmer money rates here. The
shifting of loans mpeloyed in the spec
ulative holdings Of stocks to other
lenders than the banks, seems to be In
dicated by the course of events.
The usual recourse Is to foreign
money markets at this time of the year.
but the money market in New York is
on that side. Estimates OF american
banking Indebtedness abroad have
pointed to figure as high as $500,0 600.
The low level of the merchandise ex-
ports for many months past and which
still persists has combined with very
large imports to leave the international
exchange market without its usual
material for covering foreign remit
- % a
demand for gold in London market also
projects a new element into the prob
lem, unusually heavy nrain exports
from Russia being advanced In expla-
nation.
In the home financial markets the
Investment appetite for securities has
been the occasion of complaint by
bankers and syndicates and various
ed. In some of these large foreign
participation was expected which has
been relied to meet part OF the ma
turing Indebtedness OF New York to
throughout the country are known to
be very heavily extended, how much so
the compilation of reports Of national
banks now making to the comptroller
With the season at hand when the
normal requirements of the interior
make requisition upon New York for
tens of millions Of dollars, the out
IOOk uO6S uOl lHNltS W cAtChDiONs
of liabilities for holding securities on
margin. The banks were inclined to
advance the rate for call loan rates
In concert and the making OF a per
cent. rate by one or two OF the largest
institutions made an example that was
generally followed. This Is as high .
rate as has been touched at any time
since the early part of 1908, when
money plethora was settling In after
the subsistence Of the panic of 1907
The stock market was strong In spite
of the money market situation which
was reflected in the dulness OF the
speculation rather than in pressure to
sell The speculation In Reading was
animated and was coupled with rumors
of coming favorable dividend action
following the return Of the president Of
the company from abroad.
The Hartman Pacifcs moved up-
wards again in compliance with vary
ing reports of the future plans Of the
successors to that financier's power.
The strength of the coppers was at
tributed. in London, to speculative COW
ering operations. It was accompanied
by a rise In the electrical equipment
company shares. The allied railroads
in the Southern territory rose in con-
cert in response to dividend rumore.
The days market was made up OF such
Intermittent movements. At the end of
the day gains were only partly held
Bonds were Arm. Total sales par
value. 81 1905 900.
u s. bonds were unchanged on call.
CLOSING STOCK LIST.