The Montgomery advertiser., 1909-12-04
THE STOCK MAREET

New York. Dec. 3.-Prices of stocks defined explanation for yesterdays course. The Influences in the market sertions current yesterday which caus- ed prices to decline. or renewed as- serttons of changes in the course of events which we're depressing the mar
 Reports were circulated that the swftchmen's strike in the Northwest was not destined to long continue. Late In the day came Q report from Chi cago that If had been actually settled. lieved the market from considera bie pressure. The break in relations in this labor dispute has involved a good deal of uneasy feeling in financial circles. The necessity for wage adjustments on ted for some time, but there was ap- parent confidence that negotiations would bring peaceful settlement
 There have been reports circulated at on the part of the Eastern railroads to advance wages as q concession to possible demands expected. Since the switchmen went out in the Northwest, the fear has grown up that the trouble arrangements for smoothing over trou- bles. Sentiment was correspondingly benefited by the idea, which spread to- day. that the interruption of traflic will
 There was a parallel change of feel- ing and sentiment on the forthcoming Presidents message. It was said today that yesterdays report from Washing ton of radical recommendation to be in- corporated in the message was not well founded. Professed forecasts of the contents of the message have been con- fined well within the lines of the ad- dresses made by the President in his tour rf Al ur A reverse the opinion of people was taken to point to professional origin for much of the dealings in the market.
 The announcement of the acquisition of majority of the stock of the Equit- Morgan. together with the control of the Equitable and the Mercantile and other trust companies involved was of important effect The transaction was viewed in connection with the earlier pany by partner in the firm of J. P. Morgan and Co.
 The prodigious centralization in the direction of power of credit institutions policy dominant in the foremost finan- cial minds of the country, which seems to indicate confidence in exemption from effective interference in the pro-
 The incident was an underlying in- 1uence on the days stock market of considerable force. A resumption sf the concentration operations in the United States steel on a rising scale was not disassociated from this feel ing.
 Preliminary estimates of the weeks currency movement show some very strong cross currents in the movement Sub-treasury operations. including de- posits for telegraphic transfer to San Francisco, have absorbed s6,476, 900 and the gold outgo to South America has taken $5.35o,000 more. Gold has gone to Canada also in large volume dur ing the week. Yet bankers compute sufficient return from various domestic points to cut down the net decrease in the cash item to less than $2.Oo0. 900.
 The loan changes are obscure, owing to the effect of the December 1 dis bursements and the deposits against the retirement of Chicago, Rock Island and Pacific Railroad collateral fives in connection with the sale of the St Louis and San Francisco. The call money rate did not get above 5 per cent. and this somewhat easier tone in that department was more regarded than forecasts of the bank statement.
 Bonds were irregular. Total sales par value $4.496.000.
 United States bonds were unchanged on call.
 CLOSING STOCK LIST.