The Montgomery advertiser., 1907-09-18
THE STOCK MARKET

New York Sept. 17.--stoclrs had a good recovery today and the vigorous move ment upwards Was in face of some very unfavorable factors. Operators In. stocks were very busy discussing the resumption of the proceedings in the government suit against the Standard oil Company but it was evident that the long course of prepa- rations for this occurrence had exhausted The same was true of the disclosure in sworn testimony in court of the precarious state of health of a former capitalist in me copper Industry, that persons serious Illness having been reported and exaggerat- ed to the point of an alleged fatal terrnina- tion many times In the course of the re- learned were given large interpretation of the whole course of the market in July and August.
 The market consequently gave every evil dence of being oversold. A confirmation was seen in the loan rates for. stocks. some of which have commanded smell premium with the loan crowd This fact was only accepted for its face value today after prices turned upwards. as 1t is a favorite device in a liquidation market to borrow stocks for delivery to avoid the transfer of holdings in the name of influential holders and give the appearance at the same time of a short interest in the market The bears have Ignored the significance of the demand in the loan crowd so long as they have the weak epot in the metal securities to help in forcing prices downward. With relief for that weak spot today, the infiu- ence of the strength for several days man fest in the railroad group asserted itself on the whole market.
 Besice the requirement of an uncovered short interest, the copper, industriais had the benefit of a violent rebound In the price of copper at London today. spot cop per rising there three pounds, twelve shil lings and six pence per ton.
 In contrast there was further reduction in the price of copper at the New York Metal Exchange of Ac per pound. Senti- ha In ms maj ket was appreciably improved, nevertheless, and confidence expressed that more effective demand was being approached which gave promise that the market would right itself.
 The conspicuous strength of the Hill stocks was evidently due to assumptions of the benefits to flow from the higher divi- dend distribution to Burlington stockhold- CTS Union Pacific shared in this move ment although in a lesser degree. Reports were current of strong showing to be made by Reading in its forthcoming annu- al report.
 Continued unsettIement in Che cotton market was the only indication of the re- adjustment going on of earlier unfavorabie views oe the crop prospects.
 Money on call continued firm and there was q stronger tone in the time loan mar ket. The feature of the money market is the large supply of mercantile paper and the high rates commanded by all but the choicest grades.
 Large transfers to New Orleans through the sub-treasury yesterday and today arc explained by the activity in the cotton mar ket and a failure of cotton brokers in that city offered additional explanation.
 Bonds were irregular. Total sales par val ue $1.7s2.0o0 United States bonds were unchanged on call.
 The market closed active and strong. Northern Pacific extended its gain to 4, but the rest of the market more less irregular, influenced by realizing. Rock Isl and pfd. rose IA, American Locomotive x. Great Northern pfd. 2%; Missouri Pa cific 2h and Anaconda 3h. Minneapolis. St. Paul and Sault Ste Marie fell 2N.
 NEW YORK CLOSING STOCK LIST.