The Montgomery advertiser., 1909-03-10
THE STOCK MARKET

New York, March ,o.-The stock mar Ret shows with growing cleArness that substantial financial interests h hold more ane snd mope Yesterdays was the smallest days bus. mess since the period preceding the national election and the character of the market from week end to week mer before the national elections had been called. than the prediction pe-
 Events which would be considered to have an important bearing on spec ulative conditions at another time arc passed with scarcely any notice. N- nancial authorities consider that the on yesterday against the Missouri Rail road rate law Is of far reaching im- portance. not only to the railroads di- rectly concerned. but its indications of sss s.smSsre ss:IR:t The sa, ss E day to extend the moderate effect of this decision which was felt yesterday proved futile. Its influence may have been impaired by the news of similar Legislature and by an attempt to pass a new cent fare bill in Pennsylvs- mia. or by the consideration that the consdierat,on rS is subject to an appeal. professional traders in making this factor effective to life price of stocks and the consequent sense of discour- asgemsnt sn .hn nd. nsd much to do with divert, the market and with forcing the later declines in prices. No news was of- fered to explain this change. which was an Illustration of the present poll icy of the speculation in seeking op- portunities, either to force selling out Of speculative accounts or covering of short contracts. The slump in Amer. ican Ice after a sudden advance ao- ,rQ n lad hxy faI ot~t4 t0D an example of a tip gone wrong and served as 3 warning of its danger. The effect was bad on the tone of the mar
 Vague rumors of a coming bond is- sue by the Missouri Pacific and the Union Pacific had a moderate strength- ening effect for a time but did not last. The beginning of gold effrots to Lon- market as had been the outgo of gold to Argentina. but was interesting as marking the first shipments of the metal direct to London from New York 1907.
 London bore mos. of the strain of the conclusive demand for gold from New York in the panic and drew on supplies.
 When the current of the movement to New York began again London used It's command of the movement: to di-
 
 ment of its obligations. This situation was prolonged by the extensive accu- mutation Of gold by the Bank of
 The shipments tomorrow of gold from New York to London therefore represent in some ways the resumption Of normal conditions between the two markets.
 The fact that two months merchant disc exports from this country have fallen $43,000.000 in value below those for the same period lats year, while imports in the same comparison have increased $43, ,000, ,000 makes the reason for the movement plain.
 Continued liquidation of foreign hold. ing of American securities and some American participation in foreign loan subscriptions made up additional re- quirements for remittances abroad.
 The extreme ease of the domestic money market leaves no obstacle to the outward movement of the gold. Money rates were quotably lower to- day both on call and on time. Last prices of stocks were around the low est of the day
 Bonds were irregular; total sales par value s3.2ss,o0o
 UIited States Zs registered. rs regis- tered and coupon advanced 1-4 Dor cent. on call today.
 CLOSING STOCK LIST.