The Montgomery advertiser., 1909-10-16
IHE STo(x MARKET

New York. Oct. 1s--Prices of stocks today continued the vigfrous recovery which sot in yesterday. United States Steel was the dominant leader of the the tone for che whole market
 of scarcely less influence on senti- ment was the new prominence assumed by st. Paul AmAlgamated Copper. Un- Ion Pacific. which are suppossd to be the fayorites In spsculativn medsnms Of the standard oil party. The msve- ment in- these stocks had the effect of qu-ettng and 'apprehenion profsNoed by an element of the speculation that the Aorgan movement In the market dfd the Standard Oil party. Such csihsia- erations were gwen weight by the pros fesslona1 element which was an im- portant factor In the days market by reason of the enormous tndividual transactions by several active traders.
 The concurrent revival of strength in Reading was an important addition to the favoring influences. There was no obvious explanation of the revival of strength in the market in the news of the day. The tone of the money market was somewhat easier In the call loan division in spite of the forecast or the heavy decline in the cash holdings of the banks for the week. The ruling rate for call loans was lower than yes terday and the supply of funds was re. Tent that foreign banks were lending money In New York and there was large offerings from out-of-town banks. The foreign exchange market held steady during most of the day and did not reflect offerings of finance bins.
 There was some recession in the pri- vate discount rate In London. but an other advance in the Berlin market. The weeks loss of cash by the eob banks e7. 100000. the express movement with the interior having been against New York on balance, in addition to the ab. sorption of s5.655,000 by the weeK's sub-trcasury operations The move ment of the interior excnanges 5indi' cates, howeverh that a Iuil has occur red in the demand for currency. such as Is not unusual for few weeks af- ter the first Of October. This interior demand usually revives before the end money market Is likely co. occur in the interim. The speculation today showed Itself prompt to avail itself of the prospect of this ameiioration of the money situation. which is called the sole obstacle to the demand for stocks.
 The extraordinary movement in United States Steel caused a circula- : ton Of new rumors of special develop rnents aside from the favorable trade situation to account for its rise. Re. ports Of contemplated dinner at which the heads of the independent steel companies are to be present In company with the head of the United
 States Steel Corporation, made the immediate occasion for this rumoi, which alleged an intended close work ing agreement to include all the pro. ducers. There was reported also bet ter feeling in the copper trade. but the effect was more pronounced on the securities of copper companies than on the market for ths mctal Itself. sorption helped the stocks of the coni- panies affected and induced some cred ence for reports of other railroad deals One of these pointed to a project for sharing control of the new Western Pa- cifc. or oven of the Denver and Rio Grande, which owns control of that road between the Gould interests and the Chicago. Lexington and Quincy. The above specimens Will indi9ate how large part unverified reports played in the days market.
 News of another damaging storm in the South was not helpful 70 the mar ket.
 Realizing sales deducted something, from the days gross gains. but there was new points of strength in the late market.
 Bonds were irregular. Total sales. par value, $4.f64,e00.
 United States bonds were unchanged on call.
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