The Montgomery advertiser., 1909-09-24
THE STOCK MARKET

New York, Sept. as-There was some further liquidation at times in today's stock market. When relieved from this pressure. prices tended to recover. but tent as to reduce the days total to the smallest figure in over week The day proved almost barren of in- cidents and the market of very little interest. In the period of dullnsss. one individual upward movements.
 The telegraph stocks were an in- stance. MacKay Companies rose buoy antly to new high record figures. ac- companied by rumors of intended divi. American Telephone and Telegraph were affected to a less extent. The movement in consort with these stocks invariably give rise 70 rumors of in- tended consolidation.
 Some resistance to depression was shown by Pennsylvania, which recover ed briskly from yesterdays sharp de- cline, caused by the non-action of the directors on any plan giving stock suo- scription rights. Today there were re iterated runners of coming dividend increase. Similar rumors were re- vived of other stocks when the down ward course of prices were arrested.
 Money, both on call and on time, haps as result of liquidation o5 stocks already affected. It was re. ported, however, that some further calling of loans was being made. both by the banks and the trust companies The currency movement was agains' the banks still
 The sub-treasury has started again to withdraw large sums from the banks. the amount since the last bank statement having risen to $3,6S2,ooV. although this compares with loss to the same source for the similar period last week of $6,642,000.
 New York exchange at Chicago de- clined further to thirty cents per $1,00n discount, and shipments of currency were resumed by the New York banks to meet the requirements thus produc- ed in Chicago. The deposit of $200.00e at the sub-treasury for telegraphic transfer to New Orleans was an incl dent of the day to attract attention as markingsthe beginning of new de- mand upon the New York banks. The storm losses and the high price for cotton, 1t was assumed, might have hastened this demand to some extent, of England and the Bank of France was significant of the forces that are working in the money markets abroad as well as here. and point to the cur tailment of further resort by American borrowers to those centers. The money situation. in fact was accepted as the explanation of the reluctance of the speculation to take up it's activities with vigor. even when freed from the immediate pressure of liquidation.
 The stress laid by President Taft on the need of further legislation for re. form of corporation abuses in his dir. ferent addresses of the West receives close attention in stock market circles and Is not a stimulating influence on the speculative element. On the side of business affairs there were none but helpful influences.
 The accelerated pace of the demand for iron and for different grades of steel products was widely testified to President Corey. of the United States Steel Corporation, contributing the as. sertion that i've are right now In the midst of the greatest development in the history of the iron and steel bus. mess. Next year will witness a record breaking production In steel in every line."
 The crop news was good. except for the storm losses in the cotton belt and more hopeful estimates were current of the dimensions of the coming yield of corn. These influences were re- strained by the money position, but they contributed to the recovery from the early positive depress.cn without availing, however, to hold the recov- cry.
 Bonds were irregular. Total sales, par value. $3,S6s.000. United States bonds were unchanged on call.
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