The Montgomery advertiser., 1909-12-11
HE SHOCK MARKET

New York, Dec. 10.--The choppy ana uneven movement of stocks today wal partly traceable to the profit taking operations based on the considerable see rlse in aor prices for the week :s Thsr: caused weakness in individual stocks and added to the irregularity of the market. The undertone of the market however. stiil showed the beneficial ef- the Presidents message and the clear Ing Of the money situation by the re- duction of the Bank of England dis count rate. The disturbing rumors had to do mainiy with Reading, which was said to be involved in some contem- plated action by the Department of Justice in connection with the commod- ities clause of the Hepburn law. In. quiry failed to bring out any definite inIormation on this subject and the later market showed some relief from its influence. M VI
 The strength showed by the Penn sy1vania group was accompanied by Nrumors that the directing control of that system through the medium of fbs flttsburg. Cincinnati. Chicago and Sf. Louis. The statistics for Noyember of tne copper producers lacked stfmulat- ing enect. The nominal decrease. in stocks Tn the hands of producers re- suited from reduction in output, the Qeltverfes for consumpti6n and exnorf railing slightly below those for Octo- per In spite of the stimulating effect of CTS to restrict the output. which en- iivened the market for copper early in the month. A good deal of interest at- tached to the report that sales had been enected by the block of United States Steel stock, which was taken by syndicate of French bankers at the time the project for listing the stock on the Paris Bourse was att tempted.
 The block of stock was creditabIy re- ported at the time to amount to 100000 shares. and 1t was inferred, from the price ruling In the market at about the time the transaction was accom- pushed. that the price paid was in the eral belief that the placing of this block by the banking house closest to the U. s. Steel Corporation carried with 1t implied obligations regarding future dividend action and also market management and that 1t was an inte- gral part of the great market campairn in the stock which gave signs of origin when U S. Steel broke to 4l 3-4 af- ter the open market for steel products was announced in February. Today's report gives additional interest to re- cent rumors of repayment of enormous loans to foreign tenders in which U. S. steel figures as collateral. These re- payments were an accredited influence sAO PCh Shctcnl strength Tn tn fOF- eign exchange market for some time past How far the closing up of a stock market transaction of great ma g- nitude Is to be inferred from these in- cidents may furnish food for conjec- ture
 Estimates of the weeks currency movement showed the strong counter currents still in force. The express movement with the interior has yielded heavy balance In favor of New York. enough 1t is supposed. to leave a small net gain In cash for the banks after allowing for the s4.469.000 absorption of the sub-treasury operations and sl,- 100000 of gold exports. The sustained hrmness of foreign exchange tn spite of this weeks reduction of the Bank of England discount rates indicates a continuance of outgo of gold to South America from New York.
 The expected St. Paul financing an- peared today in the announcement of the sale of s25.000.000 of general mort gage per cent. bonds. Railroads and corporation financing will make in- creased demands on the money market Tor the rest of December and January The bids received for $12,5OO,oOO of New York City bonds opened late In the day gave no suggestion of stimula- tion of investment demand.
 Bonds were irregular. Total sales. par value. $4.2TS. 900.
 Q. s. bonds were unchanged on call.
 CLOSING STOCK HIST.