The Montgomery advertiser., 1909-11-12
HE SHOCK MARKET

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 New York. Nov. i1-rhe money pc sition was the dominant influence on the sfock speculation again. and the topic Of principal interest
 The retention of the i've per cent Bank ot England rate was accepted certainty yesterday that this course would , sfo,lowed had allowed action to anticipate it. The influence on prices of stocke. therefore. was short lived. The building up of the banks .propor- cent fine ssrHo dsmonstrassd t S1Ys the 's sessy of the nleasures to that end which have been in force.
 There were fresh withdrawais of gold for South America and violent drop of two centimes in the steriins waning power of one influence in the
 This sign of the narrowing Of the point of ingress to the Paris money 2, market added to the ..:dr sffect or Ns~ tns York as depriving the speculative con- tingent of hopes of recourse to other sources to replace the credits which are being withdrawn in New York. New 1s YorS. mssA the spo aSsorption n of cash by by sub-treasury operations, and renew al of requisitions on New York from Interior points for currency. have de. pleted the slender surplus reserve or which Is forcing them to reduce their loan accpunt on an attempt to avoid the exhibit of deficit in the weekly bank statement to be published on Saf- urday.
 in New York. in response to the first demands of the interior for crop movement currency, the interior banks made loans in New York on large scale on their own account to take ad- vantage of the higher interest rate.
 The effect of this was to relieve the requirements upon the New York banks and to form large factor in the enormous loan contraction enected in New York during that period. Now cash from the interior there has been some sealing down of loans which had been placed directly for discount of the interior banks in the stock mar ket.
 not in position to take over these loans. The course of foreign money markets also throws obstacles In the way Of would-be borrowers from New and the dribbling of liquidation such as come into the stock market today: seem an inevitable consequence or these conditions.
 The unpromising outlook thus i'm. piled for capital Rotations has part In depressing the tone of speculation. The reception rendered to new stock issues sufficiently proves the distaste of the investment appetite for these offerings.
 Paul debenture bonds gained credence from the application of the company to the stock exchange to add to the list from time to time. but prior to July 1, is1o." s22.ooo.ooo additional of those sides the s2S.o00.o00 of the total au- thorized issue already sold.
 Credited official denials of this in tended sale within few days show the reluctance of corporations con- cerned to appear as applicants for new capital. In the present market.
 The special heaviness Of Union Pa cific in the days market was partly due to disappointment oyer the re- tention of the present dividend rate Tn the Southern Pacific distribution. Hold CTS of Southern Pacific preferred stock who converted their ! per cent bonds into the common\ stock when 1t was called for retirement. have hoped tor common stock dividend from the to the per cens rate.
 The two Hill stocks were under spe- cial pressure as well. with the query suggested whether a settlement or ment.
 Amaigamated Copper showed power of resistance to the prevailing depres- sion. Reports from abroad ansged some buying of calls on the stock ID London and Paris.
 Bonds were Irregular. Total sales. par value. $3.s7e.o00 w
 United States bonds were unchanged on call.
 CLOSING STOCK LIST.