The Montgomery advertiser., 1909-10-19
THE STOCK MARKET

New York. oct Is.--Ths frequent fiuctuations In the price of stocks to- day gave the market an appearsnce of some of rh'ns the movsmsnss as were sse srsssssi: to special influences, but the aet1ou of the market as whole vas re9krded as 2 normal seduence of lest wsek's
 The more frequent and narrov mcys- ments today represented the dytns down of influences which cGused tho w9s more rss sdsS sscsnS a prices of the latter part Of last week was due manifestly to the covsr1ng. op- erations of 2 large outstandihg short at the outset today, but the rsdactioss which had occurred in the uncovered short interest and, by. consequence, In the potential demand for stocks. made opsnns pr.ess ssisnsy sns ta nnow Of side buying orders which accompanied them afforded an inviting opportunity. also to sell stocks. and this was taken of the day the market Underwent many showed itself in suspieious and a ,d. moSd % , and shs s.sk due tuf9s oe ten to these waves of suspicion and to no other apparent cause.
 The conspiouous place taken by the HSwisy and the comparative irrsspon- siveness of the general list to these movements, was one ground for sus- picion. which issued in free selling of stocks which have made up the bulk of the speculative operations for q long time past. The consummatfon of the Missouri. Kansas and Texas dea for the concentrated movement in the Haley group and the attention It at tracted was empnasized by the sappo- borough Metropolitan stocks were from
 The professional element deduced an inference from certain operations Tn sss loan srewd n tsst tssss had been concealed Liquidation going on in that security. which it was feared might come from informed inside that stock which followed and which caused a decline of almost three points from the high to the low quotation. This movement carried with It vnion stocks which have been most affected in sympathy with the prolonged rise in United States Steel.
 The securities connected with the copper industry were a strong factor in the early market. This strength was accompanied by rise in the price of the metal in the London market. pro,eeied pnS e formation t o of syndicate of American copper interests, which would exercise closer control of the pro- duction and prices Of that metal. A later reaction in the London copper market and reports from the domestic trade of declining ,consumpuye de. mands in face of the record rate of production left those securities vulner- able to the reactionary tendency of the whole market. The weakness of the mid-session were attributed to some extent to the expectation of possible divisions of the Supreme Court In Washington on ono or two cases that are deemed important from the stand point of security values The rally in the market came after 1t became known that no decision wovld be handed down today, but this was regarded rather as a coincidence than a cause and ef-
 The tone of the money market was called easier following the strong bank statement of Saturday. The absence of competition at the bank of England for the London supply of gold for the first time in many weeks. was con- sidered reassuring of the effectiveness of the last advance In the banks rate of discount to achieve its purpose. The material recuperation disclosed in the weekly return of the Imperial Bank of Germany was another helpful feature in the money market.
 Money loaned on call at below ! per cent for the nrst time since the per cent rate of two weeks ago. Foreign exchange rates were strong and the demand for remittance was active.
 Bonds were irregular. Total sales. par value, $3,513.000. United States bonds were unchanged on call.
 CLOSING STOCK FAST.