The Montgomery advertiser., 1909-10-23
The STOCK MARKET

ks. tos.y rspsss.d its sotien q sew !.
e er days prses;dins. Heavy a, selling ,ns
forsiSn eschsnsss wsfs In ssssion.
ed. owing f q the differences Ia time
s snss' .5IS sns ana m
The dominant fnfiuencs IN ali finan-
ciai markets continued TO be the Lon.
Bak Of Eneiand action. The rise In
private discount rates in London prov.
ID that the Bank OF Engiand found
the nowsr to make y; higher b. rate er X
the open money market This gave
added influences 70 the admonitory sd-
vices from London Of the Determines
r., e Sar m mat
ter from further inroads by foreign
borrowers or seekers for gold re-
cuper wao Effected int IN the position Of
the Englfsh bank during the past
week under the operation OF the = per
cent. rate threw some mystery about
which was made yesterday. This view
did not take account OF the fact that
there were heavy Withdrawals Of gold
from the hank ye;tsrS,y s9a sp ssI
ures. There were heard In New York
banking circles some whisperings OF
P sSs drssia m sston @
on knowledge of governmental affairs
not known to the public. This sus-
gestion was n some parts, 2 reply 20
ing world Of the responsibility Of New
York speculative operations IN the
stock market and the huge borrow
s, fs Sa them IL fS e. sh Tonass
The Bank Of England's action prov
ed its efficacy not only on the home
Changes aSnu which moved II, favor q Lon
don at all points, Money rates were
affected accordingly. giving point 70
the solicitude reported from Berlin OF
gold which would force further ad-
vance In the official discount rate OF
the imperial Bank OF Germany.
The rapid sdy sss s. In YORK fosssn marx ss
continued and engagements were an
America on London account. Negotia-
ton, were reported to Ss n Eyrons
next Week. Foreign exchanges react
ed sharply at the last.
The money market here was not un-
peciaiiy the time loan department. The
call loan branch remained tranquil
notwithstanding the action of the for
eign exchange market. Much Of the
selling Of stocks here were directly
for London account. It was reported
that very heavy shipments OF securi-
ties were in transit from London 70
stock market to borrow. stocks for de-
count pending the arrival OF the GER
tificates of stocks. Actual payment
for such stocks therefore. are delayed
until their arrival from Londan.
The weeks currency movement WAN
the interior afforded some relief 70
sentiment over the money position
The weeks higher money rates ap-
parently had operated to attract con-
siderable amounts of bank cash for
other points. The sub-treasury. opera
tons meantime have not ,, been v, burden.
Compared with Withdrawals last
week Of over s5.000.ooo. 1t is estimat-
ed that the banks have gained In the
neighborfood Of t3s,0o0.000 In cash
Ifrom various sources during the week
How the weeks operations In the
foreign exchange market may have
affected the loan item will be studied
with great interest on the appearance
OF the bank statement after the close
OF tomorrow's stock market. This
with the fresh selling OF stocks late in
the day, which closed the market
weak and at the lowest.
Bonds were heavy. Total sales, par
value, s3,3l0,e00.
United states bonds were unchanged
on call.
't -. ,sx~,-- - -