The Montgomery advertiser., 1909-12-09
THE SHOCK MARKET


 New York. Dee. s.-Prices of stocks moved upwards again today with pe- riods of Interruption and hesitation. a fnal reaction wipfng out much of the gains The opening rise brought in Q sales from n element in the specuia- tion which has come to expect an ale ternating current in tho price move ment from one day to another. The way in which these sales were ab- oS Srpsc ese osc,asa the later upward course
 The renewed operations on large scale In u 8. Steel on a rising scale also had important sentimental effect on the general tone. The action of that stock was not explained by any news development, but the Idea persists amongst professional speculators that the price is destined to rise to par some tine before Christmss. Since It's has risen Y above ss on si19s three separate s Sss, occasions and has then fallen back On Tuesday of last week 1t touched the lowest level since the ef7-6 quotation selling on that day at s5 Is. Its ad- vance % today tc s2 l-s has been unusu-
 The buying of stocks was accompa- nied by professions of satisfaction witb the tone of the Presidents messAge servative and as warranting circum- spect treatment of topics reserved for future special messages, such as tho proposed amendment of the anti-trust and interstate commerce laws. The feeling on the subject was enhanced by the circulation of adyices from Washington alleging the likelihood of the suppression of attempts at radical measures in Congress. One interrup- Was due % ns to the wsasnsss in rhir1 % xs enue, which sold as low as 121 1-2 as . result of the computation of the return to; be had by payment of the proposed assessment and the price of the new in the outside market. There was 3 show of strength In the soft coal car rters as group, unexplained, except on the ground of the small part taken by these stocks in previous advances: The advance, in fact. was spotty and was not comprehensive at any time.
 Published reports of the rfpening of plans amongst railroad trainmen for a concerted demand upon the railroads for an advance in wages after the first feet at any point.
 The Census Bureaus figures on the amount of cotton ginned to December was taken as having a widespread interest outside the actual cotton trade. The rapid picking of the crop gave the ginning figures early in the season an undue promise of the final results and the later figures have widened the dis cFepanCy Wlln lOFfucr Cfops rapl0iy anu bear out the fears in the trade Of a shortage more and more. The rise in price of cotton to the highest price of the season was considered appropriate to the report and significant also Of the prevailing high level of prices in materials. A contrary tendency was shown today by the price of copper. one of the few materials which has failed to share-tn the almost universal rise in prices.
 The Western Union quarterly report of earnings proved unsatisfactory to some holders of the stock and the re- tention of the previous dividend rate seemed to bring some disappointment also. The fall In Amalgamated copper was an influence in the sharp reaction late in the day.
 Bonds were irregular. Total sales, par value. S5,135.0o0.
 United States As coupon declined IA per cent. on call.
 CLOSING STOCK LIsT