The Montgomery advertiser., 1909-09-18
THE STOCK MARKET

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 New York. Sept. 1.-The speculation In stocks moderated its pace today, presumably in compliance with sug- gestfons from those who held the pu-se resources of the money market have been. obvious all through the week. but apparently no account has been taken of the situation until today: With an actual surplus reserve last Saturday of less than y4,00o,000. the sub-treasury had absorbed enough by the middle of the week to leave the percentage of unless a scaling down of deposit iia, bilities had been effected in the mean- time by loan contraction. Of this, there was no evidence in the stock market where animated speculation was carried on day after day, suppos. edly with increasing liability for bor. rowed money. The summary of the weeks currency movement shows that the sub-treasury reduced its aggregate withdrawals for the week by yester- days operations, leaving the total at $5.430.00O. The banking position here also has had the effect of reversing the current of the interior currency move ment, as was foreshadowed by the rise in the New York Exchange at Chicago to par. In place of last week s heavy loss on the Interior movement gained several million dollars from that source, reducing by as much the loss on sub-treasury operations. Fears that the surplus would be entirely wiped out. therefore. abated, after the appearance of theestimates of the cur rency movement. The movement of foreign exchange during the week has made 1t evident that money was being banking position. Foreign money markets gave additional evidence today of the effect of this process. Discounts mittee of the Imperial Bank of Ger many did not advance the official dis count rate as 1t was expected they would. but another meeting of the com- ther consideration of the subject. The active speculation in Berlin as weB' as the demand of Russia upon that center for gold has made 1t a com This promises to affect the chances of American borrowers for securing addi- tional resources. Stock market collate- ral on loans is the most satisfactory to be had, in the view of the bankers, but the security depends on the main tenance of prices. To stretch the loan account for purchase of stocks on mar gin to the limit of capacity, with the invite a situation where the necessity of calling stock market loans might preciyitate too urgent selling and break prices. The extent to which the de- mand for stocks Is incident by the ad- vance of prices in itself adds to the risk of cancelling the demand by al- lowing prices to secede. Tne actiou of the market today proved that some cautious reductions of outstanding commitments was going on. The stocks which have been most active ana prominent recently were consistently pressed for sale on any advances. but the selling orders were reduced or withdrawn on recessions. St. Paul was picked out for operations on rising price to afford sustaining force in the market. The recovery from its early decline in Reading served the same purpose and there were only scat tered points of strength, especially amongst the minor specialties and In. dustrials. The bulk of the days busi- ness. however. was done in the neign- Isn The spurt in Reading was responsible for the strong closing at the days highest prices.
 United States Is. registered. ad- yanced 1-4 per cent on call.
 CLOSING STOCK LIST.