The Montgomery advertiser., 1909-10-01
THE STOCK MARKET

New York, Sept so--Dealings in stocks underwent 6 decided shrinkage today from the large volume of yester- day. The desire to see the military
 in with yn ss,sas n, emptying out many of the downtown offices and left the stock market In stagnant condition in the afternoon. The market was dull and sluggish at the best and the professional element ficiently to offer profitable medium for trading operations.
 The slackened activity of the trad ing was partly due to caution on ac- ments. The amount called for by the October interest and dividend dis bursements Is estimated at S1s2, ,0o0.- 900 and there was some apprehension that funds accumulated to meet this requirement might have been placed in call loans until needed and that the recall of those loans then might dislodge stocks held on collateral
 The money market gave slight evi- dence of strain from such . cause to- day, the call loan rate rising to four per cent, the highest touched in New York since early in 1908. Declining interior exchanges indicate revival Of demand on New York for cash and the from the banks the mount for the banking week ending today to $6.6ss, 00O. London sold stocks in this mar has ns aea sSs 9r hs exchange rate. The weekly return of the Bank of England was weak owing to the heavy withdrawals of gold an the October settlements are likely to expand the joan account materially in the next weekly statements. The dis- count rate was retained at 2 12 per cent but the private discount rate ad- vanced in London. The money outlook <~fxr ~t. A~ natl 1af nar1f of sentiment.
 The London selling helped to turn prices downwards here after an ef- fort to lift them during the first hour
 The pressure on United States Steel was conspicuous in spite of the evil dence that the month just closed showed an output of steel and iron in excess of all precedents and de, mand is reported to be stili in full force.
 Recent buyers of United States Steel have urged not only the great expan- sion in the industry but there are bursement not only to four. but to a live per cent basis.
 The soberer element amongst opera tors in stocks is inclined to allow for the possibility of disappointment of some of the more sanguine hopes thus expressed. Besides influential selling of United States Steel there are some pressure on Reading. which proved 8 weight on the general market. The moderate and indeed nominal increase in the net earnings of the company for August called attention to the dull condition still existing in the anthra- cite trade. The August earnings of the Union and Southern Pacific were equally significant of the growth of traffic in that part of the country, the net earnings for Union Pacific show ing a gain of $711,551, equal to 20 per cent and the Southern Pacific $1,067,- 096, equal to 31 per cent over August of last year Joined with the AtchIson statement already published, the ex- hibit makes striking demonstration of the great prosperity to which the business of the great Pacific carriers has risen. Union Pacific and South ern Pacific benefited from this show Ing but the movement was not common to the group.
 Another sustaining point was c. & O., which added largely to its newly established record price level on the report that the Chicago. Cincinnati and Louisville had been acquired as an outlet for this system. The report was accepted as likely although not officially confirmed. The conflicting influences in the market brought prices back after many fluctuations to not far from the previous closing.
 Bonds were firm. Total sales, par value, $5,336000.
 United States bonds were unchanged on call.
 CLOSING STOCK LIST.