The Montgomery advertiser., 1909-10-21
THE STOCK MARKET

' N hesitsting tone Of the speculative in- Prices did not move eve .ions n any one
 esoa Sd ses ssSn wss xsns on the same time.
 The more prominent issuss In which the greatest part of the matket deal time past were heavy in tone. At the same time special stocks of q less con- spicuous class and Including some low cd upwards. As no news was offered to explain these movements tt was in- ferred that they were designed for sus- anss The mmsa.e sss ae as ot s .hs oo. money market was not such as to force actually calling loans. Supplies of more liberal The a suspicious disposi. ton of the trading element towards the market was manifested in the way fass ths vss that these funds were supplied by former large holders of stocks, who had been selling at the profitable level lending the money on account of the ent.
 the part of a highly speculative els- ment have been passed largely on the supposition as to the personality of other buyers. presumably weli-informed that selling had been going on from like influential quarters was ssumcfent to determine similar operations on the part of the professional speculative
 Beyond the immediate ,easier tone of the local money market, however, the money outlook was regarded as pnas- iorlIsa exchanye market this week. and which persisted today, has been as- cribed to paying off of extensive obii- gations by the New York money mar instead of operating to relax foreign money markets. has been accompanied by steady rise in discount rates abroad.
 The private discount rate in London count rate established last week, and 1t was taken for granted that tomor- row. would see further rise in the aSiy A by " 1.s Der "e cent. And possibly by another full 1 per cent Continental exchanges moved moderately in favor of London today and the private dis sponse to these developments. In this country the exchange at Chicago moved against New York again and resump- was looked for. There were small transfers of gold also to Canada and Brazil
 The publication or the n&uEeb or IHc country's foreign trade for September showed a further large increase Of value of imports. which served to re- duce the trade balance again in favor of this country and thus to help ito ex- plain the strength in the foreign ex- change market and the lack of an eX- pected supply Of exchange to provide for remittance in payment of maturing loans abroad.
 A report of a contemplated issue of new Chicago and Northwestern stocks was greeted with a sharp decline in that stock and was a reminder of other necessities for new capital oyerhang- ing the market. Bonds of the Inter- national Pump Company also were of- fered both here and in foreign mar kets.
 The placing of new American issue abroad suggested another phase Of the question Of securing new capital Tn way that might operate as substitu- ton or funding of temporary borrow- ings from foreigners and thus relieve the immediate obligation to repay them.
 Money market factors are suhciently mixed to explain the halting tone or the speculation, which kept prices with in restricted range throughout the day.
 value, $3,004,000.
 United States 2s declined i-s and the As, registered. IA per cent in the bid price on call.
 CLOSING STOCK HIST.