The Montgomery advertiser., 1909-11-10
1M SHOCK 1ulRgET

New York, Nov. s--Dsaiines in stocks dfr1inishsd h . si4nincsnf man. ner today Co the Accompaninent of . suetete54 higher rate for call loAns in tee mnsy nasrksG II is svidsut that
 ss.r sssy sey:Fs ss ssu.ly .Is .s ssssa osS
 tone arc not propitious for pushine speculative operAtions bn securities for tne present. There wns no evidence Ss the heeytiy congestsd Gperations for inte activity. or its ssmblsncs. which have been feature of stock market eeeltuDs for many weeks past. It is Enc conviction of the professional class of opsrators that | period Of Quistude in tho speculation is designed by the financial powers which have fostered and prolonged speculative rtss in the msssarss mai make % ssslr uspGss spps.rssss upon signs of any considerable movement in either direction.
 An advance in prices develops sell ing orders on an upward scale. which tempts to advance prices. Any consid- erable decline fn prices, on the other hand. uncovers orders to buy at each successive downward stage, which act and to asu sSs pursv m tssdn9 operations. which are based on the chance of wide and sudden nuctuations in either direction The undertone Tn such q market inclines to be heavy. ment of speculative buying which re- suits from the immobility Of prices and opens the way to declines like that at the last.
 day to the market developments than to the stock market. An easing of the private discount rate in London was regarded as the most hopeful de- velopment as indicating the uniikeii. England discount rate on Thursday.
 The further rise in the Sterling ex- change rate at Paris pointed to . movement of capital from Paris to the sitnation at the latter point. The importance attached to this movement was shown by the rumors 1t gave rise to in New York of large purchase or gold from the Bank of France for ship ment to Londonl rumors which were not traceabIe to source beyond New York stock brokerage houses. The continued demand for foreign ex- change in this market, Kept alive the ments from here might be Commanded by London. although none was an nounced.
 At the same time. the domestic in- terior drew further on New York for currency and the sub-treasury opera tons made further inroads on banking cash. Tn view of the slender propor- lions of the surplus reserve of the banks shown by the Saturday bank statement, the operation of these va. rfous forces of depletion disinclined speculative borrowers to extend their obligations to the money market. Yesterdays reports of large buying or copper for export had lost their effect on the copper industrials and the gen. eral market lacked that sustaining in. fiuence. The persistent pressure on Pennsylvania since the announcement of stock subscription rights to stock holders makes bad augury for the reception to be rendered to further ef- forts to raise capital. which will be required in large amounts In the near future.
 New York Central moved in sympa- thy with Pennsylvania. It's subsidiary. Cleveland. Cincinnati, Chicago and St. Louis. suffered from the disclosure of It's heavy loss by speculation. The vo- latile rise in Wells-FarEo shares to new record levels on small dealings was believed to foreshadow some de- velopment In the Finances of the com pany not yet made known to the pub lie. It was not until late in the day that the dragging tendency of the market turned into positive weakness, when the money rate ran up to 5 1-f per cent. The rate for time loans for the shorter periods also was re-estah- lished at per cent. Active. selling of stocks was in progress when the market closed.
 Bonds were irregular. Total sales
 United States bonds were unchanged on call.
 CLOSING STOCK LIST. s 4s-