The Montgomery advertiser., 1908-10-17
THE STOCK MARKET

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 New York, Oct. l. The strength of individual 3tocks ar ,cted the general list by sympathy toCay. The causes back of the strength in the influential manner in which they were absorbed and the evidence of scanty market sup plies were accepted as evide ces of ac- cumul6tion. union Pacific and St. Paul were the conspicuous inctances.
 A marked demand for the Union Pa cific convertible bonds has been in ev- idence for several days past. keeping them well In advance of the parity eanse or which hs soef s PSe o the bonds Is iI rpreted. however. Tn favor of the -ok.
 In the csae of St. Paui the August earnings sfate.nent was favorable in its showing of an increase in the gross return over that of August last year. hut this showing was not much differ ent from that of the return to the In terstate Commerce Commission. which has been published before. favor able impression was made. however. by the decision of thts company to resume the regular publication of its monthly continued in 1906. while business activ- ity was at full tide. with the effect -oA a departure from the old time con- servatism of methods If the company
 The resumption at shis time is re- garded as expressing in some sort as- snrance In the favorable nature of the returns which sili be Forthcoming. The return of those high grade stoc&s influential in soothing the disquiet caused by the recent rcminence Of lower grades and less well known stocks. Some satisfaction was mani- fest over the preliminary estimates of the weeks currency movement. which indicated that the depletion of bank reserves by the flow to the interior has been arrested. The outgo for the week AA AaSf l.sawa uN&tI lion and the chaLge in the cash item of the banks on call accounts little more than nominal
 The nigh level of New York ex. change al Chicago during the week has given intimation of this and 1t Is be- lieved that the firmer money market here has had Its part IT. this result. The call money market today contin- of supplies. the demand to carry over until Monday at the stock exchange in- creasing the firmness In tone. It is expected that the financial sales of the new Southern Pacific bond issue and of New York City revenue warrants. nay have expanded the item of banks loans. to considerable ex- tent.
 The Comptroller's abstract of condi- tion of all the national banks in the country shows an expansion in loans since July 15. the date of the preced ADo S0AA. OA gAo1tOVVbVUVs tDAL lIStu HOW standing $72.02S,762 in excess of the total of Augu.t g. 1907 which was tho last abstract published before the fi- nancial crisis developed. The bank clearings of the country for the week according to Dun's, show a 0reater rate of decrease than war shown during September and this is taken to reflect considerable caution Tn commercial and financial line
 There was some revival of uneasi- n .ss over the situation in the Baika ns the truculent attitude of Bulgaria be- ing the assigned reason. Foreign ex- changes hardened in the morning but fell back to lat nights level later.
 There was some appearance of profit taking sales in the general list under cover of the strength in the two lead CTS, and in fact net changes at the end of the day howed the decline we'll rep resented.
 The activity in Union Pacific convert ibles stirred up some movement in other bonds of that class
 The bond di"ision was active and firm. Total stiles par value, $4,944,O ,O00 united States bonds were unchanged on call.
 CLOSING STOCK HIST.