The Montgomery advertiser., 1909-10-06
THE STOCK MARKET


 New York. Oct. 5.-Speculative con- fidence was jared today by the dis covery of a vulnerable point in the market position in United States steel Moreover the call loan market, instead of relaxing as the date of the today to higher than on Friday and by consequence. higher than since early In 1908: The rates touched six per cent There were points of prevailing tone of stocks was depress- ed and uncertain. The constant sue cession of new high records in Unit ed States Steel has encouraged pre- sumption that the market protection for the price was inevitable and that uninterrupted progress to par ar above was an assured fact. It ap- pears. however. that a growing pro- the recent past has been accompanied ny the precautfon of stop loss sell ing order, placed at a given point un- der the purchase price: An element amongst the professional spectators learned of the existence of these orr ders in large volume at about 92 and again at 91. By offering the price down to these levels they saw oppor- tunity for profit by buying 1t to cover ing orders were being executed. The result was drop in United States steel or over points from yester- days high level. The most discon- certing feature of the movement to the bulls was the lack of demand for tho stock at the most precipitate stages of the decline. Concessions of half a point were made without meeting buy ing orders--a violence in the consec- stock as United States Steel and in which the market Is so broad and constant. Below 91, the support of the stock became effective again and the price rallied. Movements for the in decision and the whole market was greatly unsettled in tone with a fin al violent break. Oracular intima- tions were set afloat of important de- affairs of the United States Steel Cor poration but they did not avail to re- vive strength in the stock. A con- siderable liquidation of speculative &C., counts must have been effected Dy the money market was not eased cor respondingly. The s3.279.00o whIcn the sub-treasury has absorbed since the last bank statement is sufficient der surplus reserve then actually ex- fsting. Apparently speculative bor- rowers, when called upon for repay ments by the New York banks find less ready resource elsewhere. For eign exchange rates which would be yielding to the old import level in or- dinary seasons. now hold steady In spite of our tightening money market The flood of merchandise imports con- tinues and the exports don't grow, while the foreign lenders of money seem to hesitate about extending the huge credits already extended to American borrowers. There has been some transfer of banking credits all SO from New York to interior points, according to the views of a well known banking authority In Chicago. An approach to the limits of this re- port is also indicated. although there was a recovery in New York Exchange at Chicago today from 40 cents to I5 cents discount per $1,000. Financial markets are looking for important new issues of securities at an early late but the method of money market sup ply for these flotations is now clear at present. A notable point of strength tn today's declining market was New York Central. The rise was attributed to the next meeting which is ex- pected to elect a successor to the late E. H. Hartman on the board of di- rectors. The strength of the Fries was regarded as sympathetic to an ex- tent. The renewed Encouragement over the statistical position of refined copper and fresh decline in the con- sumptive demand made up part of the days market material Call money, by rising to six per cent. belied the assertion of number of bankers that the rate would not go higher than per cent for the remainder of the year. The market closed weak and in some excitement
 Bonds were irregular. Total sales, par value, S4.0S6,000. ------ --- f-~
 United States bonds were unchang- ed on call.
 CLOSING STOCK LIST.