The Montgomery advertiser., 1908-11-03
THE STOCK MARKET

New York, Nov 2.-The tone of the stock market today wasreflective of the oetermlnatton to meet the situation adter the election from the greatest quietly and persistently lifted during he session, some of the leading stocks selling at the high level for the year. ana the average level of the list com ing to the election period not far be- low that. Union Pacific rose above IT., compared with l7S S-S on Fri. day when the extraordinary net earn. ings for September were made public. The clearing up of speculative ac- counts of the part of the operators tuned about carrying them over the election. which was in evidence on Friday and Saturday. seemed to. be completed and the way was opened to an easy advance In prices. It appeared that some of the selling late last week prevailing tendency of the market. These uncovered accounts, in turn, were closed up today and helped on the rise in prices. The professional ele- ndent that a further demonstration for higher prices will be made after the election as an attraction to an outside speculation and also for the advantage realizing. The comment of those op- erating on the market, concerned al- most entirely with consideration of this kind. Developments concerning values and the progress of affairs re- ceived little attention The Union Pa cihc September earnings was made the stock for the highest price of the year, There was more or less discussion, however. of the effect of this favorable showing of the plans of the railroads after the election. There was percep= tible in the weekly interviews with railroad traffic officials, stress laid on the importance of higher freight 0o f0 N hA railroads from their depression. which was believed to be prompted by the public impression produced by the two Hartman Pacific railroads. Fur ther reports coming to hand of fail- road earnings for September showed gains in gross earnings by the Vest ern grain carriers in consequence with the. Hartman showing. The heavy and early grain movement was given credit for this showing, The case of ferent. The Pennsylvania and New York Central statements for Septem- Der were both given out today and both showed heavy declines in. gross sufficient only to partly offset this Ioss. The same thing was apparent in a less degree with the minor trunk lines,
 Money on call held at the hfner rates established last week in con- nection with the November settle ments. The program of the govern ment finances was cleared up by the iptImation from Washington of a com ing issue of $50.000.o00 of Panama ca nal bonds, the proceeds of which will be used to reimburse the. treasury for expenditures already made on that work. This will provide funds for meeting the maturity of the $14,000,000 of treasury notes on November 20 and will obviate the necessity for any call on the depository banks for return of government deposits. This government borrowing and that already intimated on behalf of the New York city gov ernment, will be supplemented by the regular corporation requirements. Cop per rose again at the local metal ex- .-,..
 A stock market holiday abroad sub tracted something from the days deal ings.
 Bonds were irregular. Total sales par value. $4.714000. United States bonds were unchanged on call.
 CLOSING STOCK LIST.