The Montgomery advertiser., 1908-10-29
THE STOCK MARKET

New York, Oct. 2S.-The downward mowmeent of prices of stocks to-day was commonly attributed to the efforts of the professional element Their mo- tive was favorable in the conviction that stocks were being supplied on rising prices to meet any outside de- mand that developed. They professed to detect distribution which they be- lieved to be for account of financial powers which have conducted the spec ulative campaign for the summer. It was argued from this evidence that a contemplation after the election to take advantage of any new demand for stocks which might arise then. The snppositions current in the hnan- cial district of the extent of the speculative holdings which are await ing an opportunity for liquidation reach such formidable figures that the expected new. demand to absorb this stock and maintain prices. The response of the market to the quar- terly report of the. United States Steel sion for this process of reasoning of the professional speculative mind. The earnings for the quarter proved larg- CT than the preliminary estimates Increase in unified orders on hand of lOS, 900 tons over the previous quarters end, while moderate in amount. was distinctly encouraging In it's proof of betterment in the trade as showing the first arrest of the dlminutton in this item which has been going on since the decline began from the high water mark of December 31. 1906. The showing might fairly be claimed. therefore, as fully up. to and rather exceeding the speculative anticipation. after a momentary advance, prices sold off in response to this good news. The termination of the political cam paign Is the favorable factor on which lr al ha~ E~- weeks. With that occasion so near at hand it was argued that the defer ring of profit taking until the event was hazardous in View of the indlca- ton afforded by the effect of the Unit ed States Steel corporations showing that influential holders of stocks were inclined to dispose of them on favor s prSe 5f Gnfed stasy of see f with that In previous times when par nlleled with a similar comparison of the corporations business also showed Steel sold to-day at 4s 3-S. while the high price in January. 1907. in the high tide of the trades prosperity. reached only 30 S.s. At that time, the amounting to S,4s9,718. which stands at the maximum in the history of the September 50 last, stood at 3.42I.s7T tons. The earnings for the December Sl. 1906 quarter. reached s4I.750,125 q new high figure at that time, but ex- eeeded in the June and September quarters of 1907. the earnings rising In the June quarter to the record fig ure of $45.503, 7O5. Earnings for the quarter just ended reach S27106.2{4 There is explanation found for conpar- isons for the feeling that found place in the speculative sentiment of tbe day that the, improvement in prices or stocks possibly had gone far enough 70 fully represent the restoration thar has occurred in values. It was this feeling that accounts for the sagging tendency of prices. although United states Steel stock itself moved very sl9ggishly in the downward movement.
 The copper industrials gave way more sharply. although the price of the metal was marked up again at tha local metal exchange. Foreign mar Kets were more cheerful by the neana. able views expressed by the Emperor or r rGermany in a reported interview.
 Bonds were irregular. Total sales par value $S.318,000 United States oonds were unchanged on call
 CLOSING STOCK LIST.