The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-11-04
THE STOCK MARKET


New York. nov. s--The quiet conii-
ed financial authorities have been adj
vising Tor several weeks past. was IN
evidence today. 1t was supposed to be
due In part to the delay In the return
from election day holiday visits on the
part OF the brokerage fraternity.
There was sufficient uncertainty
acknowledged in the money outlook to
account acc for the hating tendency IN
ss ad mot auc css .ss s. to n hs five B
tbs. figures Of the clearing house ex-
changes for that day gave q hint Of
the special demand on the banks. The
settlements effected between the
amounted to the prodigious total OF
y7Se,46l.b4s. The nearest approach
ever made to these figures was on
January 8, 1906, when exchanges AT
t sse 81 eiieaxrins house were reported At
went to SO per cent at the stock ex-
change and the daily sales OF stocks
averaged nearly million and a half
shares. In the present instance stock
market n sr operations were auiet ana the
transaction to swell the figures of the
exchange beyond the demands incident
to the November LIST payments and
possibly some anticipatory business
ftSh1Rtta ny bHc cLGCtiOh NAJ nOita6y
to follow. During october. clearing
house exchanges ran very hign
throughout the country, In many fn-
stances constituting actual records at
Important points. This is but one OF
activity of the country. and the con-
sequent demand for money. Reports
from Chicago today are of loaned up
conditions on the part of the banks
there. This and the active grain
mOvemanf rafSoa the nuaRffnn the
duration OF the customary luIl at about
this period in the interior demand for
currency. The further opening up OF
commercial demand for funds which IS
to be reckoned with. Abroad there
was an easing Of the private discount
rSte In London today which had some
effect on foreign exchange rates here;
stiffened and the exchange rate on
London ran off. The sub-treasury IL
lifting money freely from the open
market. here. the absorption on thar
account for the banking week rising
today to s4.Sss,o0o compared with So
week. All these things suggest the
advisability Of caution In speculative
commitments to conserve the money
market resources and to avoid the risk
which might embarrass holders OF
stocks on margin. The lull in activity
was especially noticeable in the hand
full of stocks in which a quarter 10
one-half of the total dealings for
weeks past have taken place. AT
the same time there was some diver
sion of speculative interest TO other
points, especially to minor. Industrial
stocks This was fostered to some ex-
tent by the slight response hitherto
made by the steel fndustrials to the
disproportionate advance In United
States steel The large orders for new
equipment now being placed by the
railroads also helped the stocks were
helped because the reports of large
sales of copper recently made. the
local metal market was called firm
today. but in London the price of cop
per warrants declined. Pennsylvania
showed further unfavorable effect
from the decision tc issue its new
stock to stockholders at as low
figure as par.
The subscription rights for the new
stock were quoted in the outside mar
ket at a figure which offered a profit
in buying the rights against sales OF
the stock on the stock exchange. The
strength in spots was emphasized with
the progress of the day, but did not
permeate the whole list at any time.
Bonds were heavy. Total sales par
value S4,2S4000.
United States rs and 3's coupon de-
clined Ia per cent on call.
CLOSING STOCK LIST.