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

New York. Oct. 9.-The war cloud over Eastern Europe was the princi- pal topic of consideration and inhu- of the resulting disturbances in the security markets shifted somewhat: The effect in New York was modified 12 some extent by counter fact factors; s; American securities seemed to be but the passing along of orders received rom continental sources, ana t1e English capital itself was relatively little disturbed so Tar as it's own mar kets and Government securities were concerned. Today conditions In the London lst ma market were deseri1ea na m PIE almost panicky. Foreign exchanges all turned strongly in favor of Lon. don, the movement being most marked Paris. The price of British consols | was down a full point at one time during the day and other Government securities in London were acutely de. pressed. The Liverpool wheat market was also greatly perturbed. The mo- | bilization of the British fleet in the Mediterranean was the direct cause of London itself. that movement seeming | to threaten the immediate entry of Great Britain into the field of warlike l preparation. The character of the New | York market was the same as yester- day and the number of shares sold for l foreign account ran close to those of 1 yesterday. The response was even 1 more pronounced in the foreign exs | change market than in the stock mar. ket. The tone of sterling exchange | was called demoralized. so much so | that bankers were dtsinclined to un. | dertake any drawings in view of the | seeming iniminence of a gold outgo. The baroness of the supply of bills was responsible as well as the strengtn | of the demand for the disorderly move 1 ment of the exchange. Demand sterl- ing rose at one time 50 points over the close yesterday and remittances by cable were about as much affected. There was less disturbance of the ex- cordance with the QuIeter aceptance there of the war news. The local stock market was relieved of the ef- on previous days this week and the tendency towards recovery after the foreign business had been completed. which was perceptible on earlier days of the week, was resumed. It was helped by the strength. of Rock Island and the Hartman issues, which was due to the significance attached to the announcement of the provision for the $I500,00 St. Louis and San Fran cisco notes maturing on December l.. A favorable effect in sentiment was to be expected from this relief from threatened embarrassment of an ex- the assurance implied that next years heavy note obligations of the same system. amounting to over $22,OO0Oo0 would be similarly taken care of in due course. Good prospects for a per- rnanent. refunding Of this indebtedness was inferred from this development. Put the speculative element rushed to far wider implications from the fact that the provision for these notes was announced by the bankers who finance all the important Hartman financing and not by the firm closest to the Rock Island management. A new di. rection for MT. Harriman's supposed complex projects which was thus in- dicated added to the speculative con- lecture. This accounted for the per- formance of Union Pacific. Erie, Mis- soHri Pacific and such properties as MT. Hartman has been credited with designing for his helpful administra- tions. '.'-
 Final prices of stocks show little changes from those of the day before.
 Bonds were weak. Total sales, par value, $3,566,000. U. S. bonds were unchanged gon call.
 CLOSING STOCK LIST.
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