The Montgomery advertiser., 1906-11-03
THE STOCK MARKET
ADVANCE IN STOCKS CONTINUED
 THROUGH SESSION.
There Was Evidence to Indicate Large Buy ing by Urgent and Uncovered Short Interest, Which
 Rose Sharply.

New York. Nov. 2.-The advance in stocks which was stimulated at first by the in- crease in the Pennsylvania dividend was business There was evidence to indicate large buying by an uncovered short inter est and wa was particularly urgent in the the ocks which rose most sharply. It man ifested itself first in the Hill stocks in the sA jump in Great Northern pfd, and 5H in No news was forthcoming to explain the violent rise in these stocks and it was gen orally attributed to the squeeze of an ir- cautious short interest which is partly vul, nerable in these stocks. owing to the small floating supply in the market The same n Te The ony
 garding that stock was the report of the net earnings for September which showed both for the coal company and the railroad company. the decrease for all companies reaching s427,15s or 2s per cent.
 been large amount of short selling in the market based on the assumption that pe- of , Sere a which would afford an opportunity to cover shorts at a profit. There was an extensive weakness of their position being aggravated by the sympathetic effect on the general list of the increase in the Pennsylvania div idend That stock was still alive today but it was held back from further ad-- vance over yesterdays high level by free net earnings for September were also pub Hshed and showed that the increase in gross earnings would be practically eaten up by the growth in operating expenses.
 There were some further conferences be- tween railroad officials and employees over the question of increase in wages and re- duction of working hours. but sentiment in the stock market was not affected and there was a growth of assurance that a set clement would be effected without an inter- ruption of profitable activity.
 The course of the call loan market did not interrupt the improvement in prices of stocks in spite of the prospect of poor bank statement tomorrow. The sub treasury had taken from the banks up to Thursday night s3,7s5.Oo and trustworthy estimates of the movement of currency to the interior indicated further loss on that account. Sufficient to bring the total de- crease to nearly $7.000.000. The shifting ments would tend to expand the loan ac- count. There has been a general supposi- tton also that the decrease in loans report ed last Wek were not a true reflection of the actual course of that item and that a recttfication in this weeks statement would be likely to work an expansion in the item. Foreign discounts today and the Bank of France and the Imperial Bank of Ger many reported a considerable impairment of condition both by decrease of reserves strong foreign exchange market here. the higher money rate abroad prompting the withholding of finance bills from this mar ket. while the demand for remittance from taking the days advance became gem eral under cover of the later stages of the advance in Reading and the market closed easier and materially lower than the high est prices of the day.
 Bonds were steady. Total sales par val ue $2.7S4, 900. United States 3s advanced A per cent. call.