The Montgomery advertiser., 1909-10-30
THE STOCK MARKET

T. New York. Oct. 2s.-roday saw a oonsiderablc revival xof speculative in tereet In the stock market. The cause of this revival was found in the cas-
 % the mGnsy tsst ane sns would further relax with the passing | of the November 1 money settlements The sources of supply of the addition Was believed to be London. where Il was reported. private bankers had been Induced to replace some of the accommodation recently recalled In re- of England to raise the interest rate In the London money market in order to. attract gold to that center.
 The attraction for this operation, according to cabled reports from the British capitol was the payment of a commission to the bankers by the Am erican borrowers which amounted to sharp premium over the Interest rate ruling in the money market there. The feeling that with the passing of the stock market settlement and the November payments. money mar kets will relax seemed to obtain in London as well as here.
 The resumption of American bor- rowing in London, however. marks a defeat for the expressed policy of the Bank of England, when 1t set about to obtain control of the London mon- ey markets and to make It's advance
 
 The possibility came into discussion. therefore. of further defensive meas ures by the bank of defeat this move ha raf een wesns asans s New YorE banks according to the preliminary estimates. although the net result is ameliorated by the shipment of funds from the interior, the balance in ia 100000. On sub-treasury operations. the banks have lost $3,271. 900 while gold exports to South America and to Canada have taken an additional $3.- plus reserve at as high a figure as last week Is dependent therefore .up- on reduction in the deposit liability through loan contraction
 ing may be, the additional supply of funds to loan made themselves obvious today.
 The stock market proved broad and active and 8 comprehensive advance Tn prices was effected. The covering op- erations of a substantial short inter- est left outstanding as consequence of the recent bearish activity of the 1t for a good part of the days trad Ing. Xbere was evidence in addition of Wsumption of operations on the long side of the market from the same hands which have been responsible for some of the important movements In recent stock market history.
 Vigorous recoveries in some of the stocks which have hung back in re- cent movements, notably the Hill .rail- road group. were g feature of the day. United States Steel still absorb ed a large proportion of the total dealings and its aggressive advance formed an effective leadership. This was supplemented by fresh strength In Union Pacific Southern Pacific and Reading. FThe copper industriais held conspicuous position in the days ad- vances: Rumors were persistent that an understanding had been arrived at among the principal producers which would rebound to their common bene- ht. No official confirmation could be had for these reports. but the fact of conferences between persons mainly concerned gave color to the reports.
 The bond market broadened out quite materially and there was a sub- stantial demand ip small lots which suggested investment buying. The tone was firm. Total sales, par value $4,452,000.
 United States bonds were unchang- ed on call.
 CLOSING STOCK LIST.