The Montgomery advertiser., 1909-10-27
HE STOCK MARKET

New York, oct ss.-4Ths spseuia tion n stocks showed clear evidence today ef coming Co . halting place foiiowing
 s ssss ssv:Fs s ns. ss ss: of the psrsisting uncertainty over the money outlook. in spite of tho relief sf. forded by yestsrday's developments srewins M f iss impses:icn p'HysSs in stock msrS& circles that while the relief mlght ne relied on 10 check the urgent prAeeafe which the iiouidation vas bSetnntng s ssmps r.nswsl % nSi of n iSors.ss ossss ss E ttons for the advance.
 The relsxation n the tension ef the money market which came yesterday sowins % sss' up or spseuissivs % S e demand S M on the money market and to be dependent on . continuance of . policy of mod. eration in that respect The approach meeting. also was calcaissed to have some oppressive effect on the specuja- tion owing to the question which has arisen as to the response the market is to ws;ss %ss ss $s sss
 The incressins weakness was due to
 The dividend action announced after accorded with expectations but the un- filled orders on hand were belew the The money market itself maintained followed the decision yssterday of the directors of the Imperial Bank of Germany to leave the discount rate of that institution undtsturbed. There holdings Of the Bank Of EnElsnS. enough to create the impression that the 6 per cent. bank rate would prove suficient to accomplish the protective purposes desisned by the series of ad-
 Importance was attached to the su- thoritative statement of the Bank of France authorities. made to the Asso- sssa rTsss of their epaisn of the yesterdays report from Berlin of an intention of the Bank of France to take active measures In aid of the money situation was not eenirmed by this dres were not called for by the exist ing condition was reassuring and even more so was the announcement that the Bank of France with it's unpsr- anxious. should the occasion demand, to loan gold to the Bank of England on the same conditions as in is01."
 The stock market settlement in Lon- rate for Americans which. while high CT than the rate. of two weeks ago, was not as much in excess of the mar ket TOT money as was reared would De the case. An encouraging effect was caused by this and by the receipt of buying orders from London When this had been executed the market began to show the effects of the uncertain fac- tors yet to be faced and of the re- auction of the short interest which has resulted in the course of the sharp recovery of yesterday and the early market today.
 There was q suspicion prevalent that the selling movement last week repre- scented an extensive movement of mar ket holdings on the part of interests which have conducted the prolonged campaign in the stock Imarket and who might be disposed. therefore, to await a recession In prices before re- placing those holdings. The special weakness of the Hill stocks had dis turbing effect on sentiment as an evil dence of influential liquidation of an investment sort.
 A show of strength at shattered points was insufficient to offset. One such point was in the Hawiey group and was the subject of rumors of a coming consolidation to involve a con- solidated mortgage issue. Further gold engagements for Brazil and withdraw. als from the banks on sub-trcasury op- erations were disturbing clements In the later market.
 Bonds were irregular. Total sales, par value. 2,s74.6o0.
 United States Is coupon declined Is per cent on call.
 CLOSING STOCK HIST.