The Montgomery advertiser., 1909-11-05
THE STOCK MARKET

New. York. Nov. 4.--Today's stock
market was . twoeided afkAir In that
some stocks were strong and some
were weak. The great body Of securi-
ties. however, was inert and the price
movement was iistisss and insignif-
United STATES Steel and congestion
81 practically the whole activity OF the
later market In that security did not
nave favorable effect on the tone Of
that stock were largely responsibie for
the swelling Of the days transactions
to above the average for recent days.
Points Of strength otherwise were
e c,,. wideIy through z miscellsne-
decidedly obscure and seldom appear
Ing In the transactions OF the stock
market. The railroad stocks generally
and some Of the high priced industriais
the market were inclined to be heavy !.
This was true Of u. 8. Steel In the early
part Of the day, as well as Amalga-
mated Copper ana the railroad equip
ment stocks In contract with their spe-
tons which made stocks strong from
time 70 time were greatly concentrated
IN their execution and apparently in
their origin. The steel movement was
the Efforts towards securing the listing
OF the stock on the Paris Bourse was
about to be- crowned with success.
The rum6r that q formal announce
for could not be confirmed in authorita-
tive quarters. The admission to the
Coulfsse Of the Paris Bourse of the
81. Louis and San Francisco refund
PEI ss @as a ;Sd .aS
some credence to the reports regarding
United States Steel. The most strikine
movement In the other direction was
In New York Central. The fall OF Q
points In that stock following yester
days news Of a new issue OF stock TO
the extent of Is per cent. OF the pres-
ent volume was In line with similar ac-
ton Of Pennsylvania and New York,
tionai stock issues were announced BY
those companies. The effect thus shown
on values Of existing securities by ad-
ditional issues does not suggest favor
able auguries OF the consequences Of
Is known to be necessary In the near
future. An increase OF one-quarter In
the Fellowship OF q company having
claims TO a share In profits involves q
keep up the rate Of return on the stock
tnat Is taken account OF in counting
the advantage of the new resources
thus raised. The volume Of new stock
and bonds thus projected within q short
time past. the knowledge that similar
large requirements lie before foreign
markets. and the active and growing
demand for money for commercial use
combine to inculcate caution In the lse
OF credits for speculative employment.
The violent speculation in progress In
the cotton market and anxiety as to
It's outcome offer parallel case which
Is accepted as an object lesson in con-
servative financial quarters There
were fresh reports today Of conditions
In foreign money markets which were
not considered reassurtng. It was re-
ported that another advance In the Of
fetal discount rate OF the Imperial
Bank OF Germany had come into dis
England rate made cheerful impress
sion on spectators. but the decline In
condition of that institution as well as
the Bank OF France Indicated that the
hoped-for recuperation at those points
was not going on. Sterling exchange
here declined sharply
Bonds were heavy. Total sales, par
value. $4,652,oOo.
U. s. 4st registered declined Ia per
cent. on call
CLOSING STOCK I.IRT.