The Montgomery advertiser., 1908-10-30
THE STOCK MARKET


 New York. Oct 2s--Todays desult. ory fluctuations in prices of stocks were not reflection of any news develop ments affecting the individual proper tlss or the general situation. for there portanee. Wall Street Is concerning it. self almost exclusively now with the probable course of stocks as a baromet- CT of the condition of the country af- ter the election has passed.
 The financial world realizes fully that very large buying of itocks has taken place and that skillful devices have been used In the course of these operations to lift tI.N level of prices.
 The hrm undertone of the market on all occasions serves to convince Of the stability and resources of the leading elements in the present market to safe guard their holdings and support prices. The constant accumulation that has gone on at various stages from the panic level up to the current prices, has resulted In concentrating stocks in very strong hands.
 :, The source of doubt of the future is the demand which may develop on the part of the general outside investment or speculative pu'Ilic to serve as a me- alum for realizing profits on the pres ent large speculative holdings of mill Honaire capitalists. Tat these accum- ulations have been, made mostly with the purpose of re-selling at a profit Is not doubted. That such profits might be secured by sales at an average price level considerably below that now pre- vailing, is accepted as true, That the pront taking process need not be ur- gent so long as money supplies con tinue abundant and cheap Is obvious. ., Beliefs vary as to the extent of the future demand for stocks to follow the elections, and tho consequent ability of the holders of the large accumuIatioas made during the past summed to mar ket their holdings: It is the varia- speculative sentiment of the market There was further selling of stocks early today by those representing tho bellef that realizing sales after the new demand. This was a continuance or the cleaning up of speculative aa- counts begun yesterday,
 Prices receded while 1t was in pro- giving notice that the forces back of tne market had not relinqwshsd con troI- Operations converRed on thu same limited ~roup of securities for some time past with Union Pacific the real leader. That stock. it's subsidiary, southern Pacific. St. Paul, Reading, the Hiii stocks and the motai industries VIII pc seen to have made up a large proportion of the total dealings of the
 Money on call loaned at 1 3.4 per cent as a symptom of the preparations for tne november settlement which do not proPWeVer. oner arduous requirements iDIscounts it hardened in Loi.don and Ber-' m as renection of the same cause.
 pr more interest was a rise in the Prlce or gold in London, and a fall in the sterling exchange rate at Paris marking the continuance of the seetn- gold. '1s i"'
 strong weekly report by the Bank 9L England was principally duo to re. 1ePoslt or the proceeds of lately sold government treasury bills.
 aecrease Of $6.600.000 in the banks gests movement to oppose the gold
 Bonds were firm. Total sales mar ,,Sn.n' @ue' SS; 434,O00. United States bonds were unchanged on call. u'
 CLOSIN0 STOCK LIST.