The Montgomery advertiser., 1909-12-01
THE STOCK MARKET


 New York. Nov. so.--The movement of prices In the stock market today was ascribed more to technical causes than to the reflection of opinions or
 sssre Ss G yspss yarss position to the operations which that position is intended to anticipate al ways infervened course of the stock narnst sara,on moyement; nss sn Today there was s uncovered shorts and by new buyers Tor long account to offset the liquida- ,lon vas caused by the events of the snn,,Ie sass rev ,.,ay days. There wss near inE, forces to bring prices back over their own course and to lead to con- siderable unsettiement of sentiment n ID. conssgusnce s.,, The professiona, on a, eagerly and constantly and their shifting of position had much to do with the variations in the price cur rent
 Yesterdays violent and closing break In prices evidently disturbed holders of stocks and widely extended fields. Lenders of money on stock collateral apparently shared this uD- calls for additional margins, in some instances. precipitated liquidation. There was free and. general selling during the forenoon and the early buying to cover shorts was not suifi- cient to overcome the downward ten- dency. This buying found supplies freely offering and the professional bears, In consequence. put out fresh of new low prices. Later rallies de- veloped smaller offerings, although the demand for stocks at recovered levels proved meager and cautious. The quiet and hesitating tone of the latter part of the day was the natural re- suit of these factors at work. The one party in the speculation remained uncertain whether the selling on &C., connt of the apprehension over tho force and whether unpropitious fail- ures was suficiently cleared up to open the day for renewed advance. tension of tRe shore ams sible embarrassment in getting back stocks sold short.
 The prominent place held in the list of declines by the stocks of the great industrial combinations was witness to the influence on the market of un- easiuess over possible new anti-cor- poration legislation by Congress and the effect on public sentiment of the revelations of misdoing on behalf Of the American Sugar Refining Compa- ny. .4
 The additional engagements of gold for export makes continuing drain on the cash holdings Of the New York banks and the movement of cur rency from the interior implied by the maintained rate of New York ex- change at Chicago does not insure an entire offset to that movement The preparations in progress today for the money settlements, which call for an estimated total of $90,000,000 in New York had no appreciable affect on the local money market.
 The stock market liquidation ef- fected in the last few days evidently had released considerable body of credits. The strength maintained in the foreign exchange market indicate a demand for remittance which sug- gests the paying off of obligations maturing abroad. This process, which goes on in spite of the easing of the private discount rate in London and Berlin, is the measure of the neces- sity felt in London to safeguard the banking position until the finance settlements growing out of the budget rejection are determined.
 A good showing of October net roads notable Union Pacific and south ern Pacific. Rock Island and Wabash preferred held some strength on deal rumors.
 Bonds were easy. Total sales par value s3.320.o00. United States As registered decline 1-4 percent on call.
 CLOSING STOCK HIST.