The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-09-21
THE STOCK MARKET

New York. Sept. 2o.-Encourage-
ment for @ resumption Of speculative
operations were found In the substan-
tial recuperation in the banking SUR
statement on saturday after the stock
market had closed. The fact that o
scaling down OF the loan Of the ac-
count was responsible for the reduc.
not detract from the satisfaction felt
at the restoration Of q broader margin
in the surplus. Neither did the fact
aa Hsn' a had sssn shsq e
make this showing. rather an actual
liquidation Of loans. The speculative
element apparently concluded that this
prSses sss could sra os sro saiy EXTENDED
The longtime favorites In the spec
ulation resumed their prominent POSI-
tion In the market at the outset and
os r eSSsy TO on the Ss ans as
cided shrinkage in the activity came
when 1t became known. that some OF
the banks were calling loans and that
readjustment Of accommodations was
ton of stocks was caused by this. but
renewed attention was called to the
money position. Interior money mar
kets reported a rising tendency In In
terest rates and an increased pressure
of demand.
On the foreign side. the Imperial
Bank Of Germany. after hesitating over
the week end, advanced its official die.
count rate from 1-2 to 4 per cent
as a measure Of protection against the
heavy drain looked for in connectian
with the coming October settlements
The private discount rate rose both In
London and Paris. and while the COM
petition for the weekly arrival or gold
In the London market was withdrawn.
Russia took all the available supply
at a reduction Of penny an ounce ip
market was thus affected and was APP
probably frmer. with lessened ad.
vantage to American borrowers OF
funds abroad. The speculation was
the rumors played a considerable part.
Oft-repeated rumors that an an.
nouncement was imminent that would
materially benefit Reading stockhold;
states Steel rose briskly to a new rec.
ord level helped by the continued
highly favorable conditions reported
from all branches Of the trade. An
pressing influence OF recent unfavor.
able copper trade advices by interest
limitations that rise In the price OF
the metal was at hand, although by
The price Of copper warrants in Lon
don had a small advance. and Rio
tintos were strong in the markeL
Southern Pacific and Union Pacinc
ance of the alleged agreements amongst
banking interests to insure harmony
In the control of those properties was
dwelt upon. The sympathetic influence
of these movements on the general list
was considerable. but was not without
exceptions. A notable case In point
was St Paul, which started out OF the
current of opening upward price move
ment and later became depressed. Inc
stock was affected partly by proht-
taking after last weeks material ad-
vance, but there were speculative buy
ers also who were disappointed that
no action was taken at the annual
meeting on Saturday, which would sup,
MY rights" to stockholders as had
been rumored would be done.
Railroad traffic of this character
showed some reservations as to In
creases In the freight movement, which
were most perceptlble in the corn and
cotton regions Impaired prospects
for these crops have had some effect on
the activity Of the demand for mer-
chandise The regular tone OF the
market increased as the day progress
ed. Bonds were Arm. Total sales, par
value, $500. 900.
United states bonds were unchanged
on call.
fVnsING STOCK LIST