The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1906-09-18
THE STOCK MARKET
SPECULATIVE CHOICE WENT RAG
mo THROUGH STOCKS.
Furious Activity with which the sud-
den Bursts of Buying Was no
More Startling Than
the LapSes.

New oYrk. Sept. 1.-THE speculative
choice of favorites went racing through
the lists of stocks usually prominent
In the market today and exploited the
individual stocks thus selected for what
they could be made to yield IN the way
Of price movement. The furious &C.
tivity with which the sudden pursts vi
buyins distinguished these stocks was
no less astonishing than their suuden
lapse into dizziness when operations
turned to the next choice on the list
AS the various stocks were lett benlnd
nv the tide OF the most active trad
ing they were inclined to sag back IN
rrices also under the influence OF tne
profit taking sales. Some OF the strong
est and most active stocks OF the early
dealings lost all their gains SUISSE
uuently, those that Immediately iQl.
lowed In the movement lost part apo
the latest corners into eemana c9Ii-
served the best part of the gains. IN
dividual transactions in separate STOCKS
were very large and gave the impress
sion executed from one source or uh-
der concerted operations purely spec
ulative operations by ROOM traders IN
following these movements were on an
enormous scale and without any pre-
tense of information to base the puy-
ing on Some of the days conspicu-
. Gus movements were advertised before
hand and were subjects of widely CIR
culated types before the market open
ed. Accumulation OF buying orders
l
weeks influences were on a moderate
scale The usual weekly summing up
of Industrial and business conditions
was convincing ct the HOOD we hrsr oh Oh
/ The car movement of all kinds OF mer-
| chandise over all lines was reported to
/ be limited only by the available equip
meht facilities and railroad officials ex.
| pressed but one apprehension and that
81 car famine and coming freight con-
| gestion from the insufficiency of means
to take-care of light Offering The
| railway equipment stocks responded
early to this showing of conditions.
| Amaigamated Copper responded to the
| showing of general prosperity in the
copper trade and to SPECIFIC rumors OF
intended increase in the dividend on
| Anaconda and on its own stock market.
The speculative element was disposed
to assume that the Saturday bank
lthe money market had been passed and
Fan obstacle thus removed to the due
reflection in the securities In the ex-
traordinary prosperity prevailing. First
| loans on call were made below per
cent. Compared with Fridays 8 per
cent. rate and this served to confirm
speculative confidence. The late rise in
the eau money rate to 70 per cent had
tendency of the later stock market.
although the speculative exploitation of
stocks that was going on and the man
ner in which different issues were
thrown aside as fast as their POSSIBLE
tiles were exhausted, excited some I'M
easiness. The hardening of the money
rate was attributed to the arrange
ments making for a payment of an in
stallment of subscriptions to Baltimore
\ and ohio new stock. which called for
something like s10000,000. There was
some small additional gold engage
ments in London announced and incom-
ing steamers brought several million
engaged abroad too soon to get the
benefit of the Treasury aid measure
and which therefore became newly
available to New York bank reserves
| with their arrival There were further
remittances from here to San Fran
cisco through the subtreasurer. Read
ing, Pennsylvania. the Hartman Pa
cihcs and Amalgamated Copper alb
sorbed large proportion of the days
dealings. The closing was weak and
not much of the days gains was saved.
Bonds were irregular Total sales par
value $3,3SS,OO0. U. s rs registered
declined 1-2 per cent. on call.