The Montgomery advertiser., 1908-10-13
THE STOCK MARKET


 s New York, Oct. f2.AThe price level In the New York stock market ad- justed itself almost spasmodicaily to the better outlook today for peaceful tion in European politics. So sudden ly was the change effected that un- covered bear had very little chance to meet their requirements. The extent of the foreign bear account revealed Induced some revision of last weeks views to tho extent of the actual liqui- dation for foreign account, precipitated by the war crisis The relaxation of cial and commercial markets. Wheat declined although with some new fac. tors manifest in a subsequent rally. Foreign exchange rates ran on fin con- pereeptlble on Saturday and the like lihood of gold exports at present seemed mach diminished. This pros pect reacted on money lenders who had been preparing to exact somewhat higher Interest rates on account of the threatened inroad on banking reserves of the gold outgo. coupled with the rate of loan expansion revealed by the necessary by the active selling Of stocks for European account. By turning buyer here today London ait- the banking surplus and of, difficulty for the support of the, speculative po- sition in the stock market. There was a mood of, congratulation over the demonstrated absorptive power Of the New York stock market in view of the admitted volume of last weeks foreign liquidation which Is placed by' competent authorities at s2o.900ooo. While New York had absorbed this amount of selling without serious in- roads on prices there was an expan- sion in banking credits for the same period of $25.000,o0O by the clearing house banks and trust companies com. bined. It was with sensible relief. therefore, that 1t was seen this morn ing that this strain on the market was to be relaxed and that the enc enormous nous not to be withdrawn and sent abroad at once. With the removal of the for eign selling pressure the organized prompt to replace prices at a level to compensate for last weeks declines The controlling clements had little out side denpaud for stocks t9 aid in this encoutnered as an obstacle. The first prices represented the greater part of the advances effected during the day. Then canne pause and lapse into ton to pursue the upward movement might be construed 10 mean remain ing doubts and app ehensions over the foreign political. position or desire to await the election outcome. The con- temptation of the S25,000,000 loan ex- pansion ana what it expressed of the effort required to meet last weeks sit- uation must have had some chasten- ing effect on speculative enthusiasm and served as warning of the desira- bility of -retrenchment and of outlay at that rate. Reports of coming set tlement of the labor controversy in received with satisfaction and caused an advance in the prico of cotton. Dis. counts receded in London and Berlin but Paris again took up the bulk of TnndnnsS rvaaklxy of pnld The feeling of reserve towards the ad- vance here was somewhat enhanced when foreign exchange rates recovered late in the day and call money rates stiffened slightly. Bonds were firm. Total sales par value $4,I54.00J. U. S. bonds were unchanged on call
 CLOSING STOCK LIST.