The Montgomery advertiser., 1908-10-08
THE STOCK MARKET


 New York. Oct 7-The political compi- cations which have arisen in the Balkan Peninsual threw a shade of depression over securities markets today. directly on those or Europe, while our own market came within It's scope by sympathy. The influ-' ence was contested here with varying suc- cess but the modifying effect of the Euro prices was very obvious. Discussion about the stock exchange was not impressive in ns appreciation of the political. questions involved. although much was heard of The concert of Europe" The Balance of Power" etc. No wide knowledge was recuir- ed. however. to read the significance of or ders by cable from London and from Euro pean centers to sell thousands of shares of American securities in the New York stock market.
 This and other means of establishing credits in New York has had It's effect on the foreign market where the call for re- mittance to foreign points makes itself evil dent. At the same time holders of wheat testified to their doubts over the European prospect by the disinclination to part with their holdings, and mill owners showed corresponding desire to repensh their hold ings. The governments liberal estimate of the years wheat crop was equally eff of the factors of strength in the market.
 The foreign selling of securities converg- ed on number of stocks which have held a leading place in all recent speculative their weakness on the general list was cor respondingly great. The improved tone of the local market after the actiVity on foreign stock exchanges had passed was further testimony to the part played by foreign influences in the early movements sales for cash for several thousand shares of various stocks gave rise to some rumors of embarrassments, until 1t was explained that they were caused by the bankruptcy proceedings in the A. O. Brown and Conn pany failure.
 Of influence also were the reports of risk that politicians adopted to settle up ha affairs 0f bond house might be de- feated by the opposition of minority credit ors. reduction in the price of refined of the market and lower prices for copper in London also counted for that end. The abrupt relapse in Rock Island preferred. from its buoyant rise of yesterday threw some discredIt on what is regarded an attempted new leadership of the srecula- tion.
 alum of the operations towards rallytng the market fell on those of a lower grade and lesser price. Erie was conspicuous and there was a steady and determined accumu- iation of United States Steel The selec- tion later of some of the Southern Railroad stocks for similar operations gave the mar in Morgan properties. News to account for these special movements was not offered. l. The money market was not appreciably af- fected by the political developments abroad. call loan rates hanging near the level of the midsummer ease of rates. Discounts hardened both in London and Paris and the Paris bourse especially was greatly unset tied.
 TAe profit taking in Rock Island prefer red was facilitated by the movement in United States Steel. which was regarded as a diversion in large part from yesterday s active speculative rise in Rock Island pre- ferred. The closing tone of the market exhibited much uncertainty.
 Bonds were firm; total sales par value s3,420O0o United States bonds were un- changed on call.
 CLOSING STOCK LIST.