The Montgomery advertiser., 1908-11-13
THE STOCK MARKET

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 New York, Nov. 12--Transactions in stocks underwent a decided shrinkage from the recent rate of activity today. Accompanying this shrinkage in busi- ness was a wavering and uncertain at all times hesitating and the market movements were exceedingly spotty and uneven.
 The professional operators found themselves much puzzled to read the significance of these mixed indications ana constant shifting of operations by the room traders reflected this mood. The speculative element was disposed to work for reaction in the morning when 1t seemed that large additionai sales to realize had been attracted by yesterdays signs of weakness. Later this element worked for a recovery when the realizing seemed to be com- pleted. This effort was furthered by the marking up of special stocks.
 The languid response of the general list to this demonstration in several stocks proved unsatisfactory and led to renewed doubts over the speculative outlook. There is no stock on the list which has more sympathetic influence ordinarily on the whole market than United States Steel. It's rise today 10 56 3-4, eclipsing by more than a point any price ever before touched in the history of the corporation. was re- nlarkable demonstration. The prefer red stock at 114 sold at a record pElCe. Ine mO0eraIe response elSa- where was. therefore, the more notice able.
 Outside of Northern Pacific. the show of strength today was largely confined to stocks of the lower grade and small CT prices, the prominence of which Es accounted sign usually of the passing of speculative movement Into its de- clinIng stages. The lack of special news to account for the heavy demand for United States Steel gave rise to q surmise that a large and obstinate short interest in the stock was being driven to cover on such distressing terms as may be imagined from the excess of the price paid over that at which any previous sales could have been effected.
 The organs Of the iron and steel trade. while detailing the many evid. ences of increased activity in that in- dustry and of widespread receipt of new orders. expressed warming against what The Iron Age called the absurd exaggeration" of many state ments current Ia regard to the improve ment that has taken place, and the prospects for the winter. ft
 A violent slump in the price of cop ed to u, ss sd per ton. gave point to ton Of the market for that metal in recent advances. Supporters of copper locally were not affected. but falling on in demand was reported, indicating that tne iNlueuiAke needs or consumers have been provided for. The copper industrials were not conspicuous here for price movement in either direct ion, although in London they were acuteiy depressed in sympathy with the Hction of the metal.
 The Bank of England and the Bank of France both made strong weekly returns and the discount rate at Der lin declined. The sale of t20. 100000 of new issue of Illinois Central bonds and the immediate closing of applica. tions for the issue by the purchasing banker, was regarded as a proof of the healthy investment demand
 The days net changes show some stri- king gains. but the restraint on the movement of such prime speculative favorites as Union Pacific. Southern Pacific. St. Paul. Reading, AFnalgam- ated Copper and American SmeIting made itself, felt In the tone of the whole market.
 Bonds were irregular. Total sales par value, $4Se2.0O0. United States bonds were unchanged on call.
 CLOSING STOCK LYsr.