The Montgomery advertiser., 1909-09-23
THE STOCK MARKET

New York. Sept. 22.--vArious osten- sible reasons were advanced for the weak tone that was shown by the stock market ma today. The real reason was was have played the leading part in the prolonged advance In prices and their party followers were selling or had sold q great part of their holdings. not of that determined and effective character that has been manifest at any period of pressure for long time This action engendered the fear that the almost limitless resources at the command of the men credited with the speculative leadership who were no cumulation and In protecting values of holdings already acquired. Efforts at sustaining prices were made plainly enough. but their ineffectiveness sug- from strong to weaker hands. The be- lief that this process has been going on is furthered by the numerous sto- ries recently influential in stimulating of conirmation. The giaring instance of the Central Railroad of New Jersey dividend. which was left unchanged ySs;sterdssy drew particui.ssr lar attention to speculation which has converged to Reading in the expectation that this dividend was to be raised. 4. sum %n %sh RaSs Gsnsr recent %a the persons responsible for the orisi- nal circulation of these runaors were time of their certain disproof to eff. feet the selling of stocks, the demand for which these rurnors were palpably designed to stimulate. There was a trust imitations of intended dividend increases, the granting of valuable subscription rights and the .perfecting of important deals. which have have done on
 The sensational demonstration of strength in United States Steel. as the market opened, was of very moderate tainins effect as 1t had was taken ad- vantage of at once to push stocks for half an hour fully two-thirds of the States Steel. but by that time 1t had lost its initial rise of 1 1-4, which had extended its record price by that much to SC 1-4.
 The preferred stock also made new high record during the course of the
 In Reading. Union Pacific. St. Paul meanwhile. the realizing sales were pushed consistently and wide. inroads were made on their prices.
 The money market showed no signs VI ulbtuTOduCot Dut tHG btbAAbbtGb OA the banking position make 1t evident that resource for merely speculative operations on a scale of millions, which had been so employed recentll. are be- coming restricted. with every evidence that the supply will be further and progressively narrowed for consider able time to come. The discount rate rose again today in London and Der lin. admonishing would-be borrowers that appeared of easy concession on that side was coming to an end.
 The New York exchange at Chicago, after having risen to paE in response to last weeks rise in interest rates here, has fallen back again and was reported today at 25 cents per $l,000 discount, reffecting the renewal of the increased demand for currency.
 The heavy damage wrought by the Southern storm was credited with some depressing influence. A reported i'm proving demand for copper metal did not save the copper industrials from the prevailing weakness.
 Bonds were heavy. Total sales, par value, $4,842.000. United States bonds were unchanged on call.
 CI0aING STOCK TNET