The Montgomery advertiser., 1906-11-23
THE STOCK MARKET MA
STRENGTH AND BREADTH OF ACTIVI-
 TY STILL EVIDENT.
NotwithstandinR Publication of Great K0rthern Ore Land settlement h0an Shows Early, DeeIlne--NOrthern
 Pacific Sympathetic.


 New York. Nov 22-ZThe stock market still showed strength and breadth or aetlNl- fy today In some instances lhe adNaheeS sEs % fnnsssisSa l8ess Tss @ere thus affected however were such tbat the sympa1h,1st}c Nffect on the general list vas unset.l.ns scum of some. stocks with the speculative element has to dc with causes quite aside from the financial stannfng or character of the com panics themselves.
 Stocks of scomparatiyelY small eapltah or which arc closely held in q lew rat nan@. are notetavorite mediums of speculation li times of ordinary activity. Their sudden emergenee into prominence either by lafge transactions or violent fluctuations Is usual ly accepted as sign that market pos5l- utilities have been about eSnausaeu i l1 tpe the rpurse of elimination by exh9ustion has brought the speculation around to tiis This feeling was aceentuated by the pub lication at last of the terms Tor paFtlcipa- ton of Great Northern stoekneIaefs m sile she valuable nature of thoss beneklss was be- yond dispute But this @transaction has speculative movement after another while held iii t&e confines of vague conjecture that doubts are felt as to what can take it's place with equal effect now that 1t Is def6r nitely outlined and therefore placed without the realm of speculation-
 This impression oA sentiment was closely manifest in the movement in GEeat North ern preferred. which itself staaAed down. moved owed A in sympathy. The feyerish fiue- tuations in St. Paul also kept sentiment con- stantty shifting.
 in the market from the speculative stand point was Union Pacific which moved az excessively away from St, Paul after having been crossed momentariy by the seven per cent. poid earlier In the week.
 Revived discussion of D Southern iron mer- eer was reflected in that gfoup of which Virginia Iron, Coal and Coke was the con- spieuous figure with buoyant rise at one time of fS& points over last night. The coalers also ade sensational jumps apparent ly on the dgawing of an analogy bstween the Great Northern distribution and what might result from separation of coal mines and lands from railway company ownership. A great many low priced in- dustrials were concerned in the movement
 The course of the call money market show ed that the factors Of relaxation woEe not as rapidly effective as was indicated hy the later course Of yesterdays market. There was no rise to ten per cent. as in the rate was maintained at about seven per cent. until late in the day. The increase m, m gold holdings by the Sank of England cline in gold holdings of the Bank of France by it's relinqufshfnent to the London market was offset by a sealing off of cred
 Domestic developments were less satis- factory. New York Exchange at Chicago fell back to 8 small discount after having week opened. Another half million of dol lars was also transferred to San Francisco through the sub-treasury The late money market continued strong and very little was offered. The rate was seven per cent. Did up to three months. and six per cent. bid and six and one-half per cent. offered for six months -
 There was marked decline in speeula- tive confidence with the progress of the day and a decided reaction in prices from the high level Net losses were as conspIcuous as gains with the end of the day and the closing was weak.
 Bonds were. Irregular. Total sales par value S2.104,000 United States 2's register ed advanced A per cent. on call
 CLOSING STOCK LIST.