The Montgomery advertiser., 1906-11-27
THE STOCK MARKET
CONFUSION OF SPECULATIVE sENTT-
 MENT WAS DIsCERNIBLE.
Operations Left Largely in the Hands or Professional Tradere and Failure to
 Find Effective Transactions caused Disorder.

New York, Nov 2s.--confusion of spec ulative sentiment was discerniple m tne movement of prices of stocks today ana the activity of the trading contracted large ly. Operations we're left largely m the hands of professional traders I1eIF 1sls eonv sv effective transactions to any appreciaple following.
 The show of strength after the mixed tone at the opening had an encouaging eff feet and was Interpreted as an assertion of power to support the market afEainst such pressure as that which came on the market toward the close Of last week The way in which +.te Great Northern preferred especially effective in reassuring sentiment. The buying which followed came from pro- fessionaI buyers who thought they read an intention on the part of powerful operatoss to renew the advance in prices When they became distrustfui of this intention. stocks were resoid and the course of prices of Great Northern ore right 'when issued" |" as they are quoted the curb. had a large influence in turning the market downwards again The decline in these rights serves to discredit the extensive rise which occur red fri the prfce of Great Northern prefer ton of the distribution. The treatment of leans in which Great Northern preferred serves as collatsrel when the new certffl- cates are issued is compiicating factor. The weakness of the new srfgfFts On the curb would add to their unattractlveness for in-- clusion In the collateral for such loans.
 The call money market relaxed today and no immediate pressure was enforced on the stock market on' that account. The move ! ues $500.000 being transferred to that point through the sub-treasuFy today and precs- dents indicate that this movement may reach several million dollars Further shipments og money to the cotton regions are also likely.
 The position of the Bank of England continues to grow stronger. The tone of London financial comment shows, however. that a possible renewal of the demand for gold from New York is much dreaded as a colnplicattng factor in that market as that from any other source. rise in the Bank of England race to per cent. before the cad of the year would bave damaging effect cn English trade and foreign Tnarlsfts advantage to New York fro securing more gold from that market. The conservation of the surplus reserves of the United States Treasury that may be employed for relief mp confidence and their availability on any violent sign of money stringeney. The fm- mediate course Of the government reEenne operstions is absorbing but little from the market Che excess Of receipts over eN- pendltures thus far this month reaching on iy $3.S37, GOO.
 The weekly report of the Bank of GerTna- ny showed an improvement in condition. hlM in q moderate degree, considering the heavy banking requirements to be met in December There was some special strength in Missot- ri. Kansas and Texas stocks due to q sup position that they were being bought for control and connection by a larger system. St Paul and Union Pacific suffered espe- ferred. and the price level during the af- ternoon got generally below Saturdays clos ing. Slight rallies on short covering left the ciosing tone irregular.
 S1, ,458. .000. United States two's, registered, declined A per cent. on call.
 NEW YORK CLOSING STOCK LIST.