The Montgomery advertiser., 1906-08-23
THE STOCK MARKET
NOMINAL CONDITIONS PRE-
 VAILED ON STREET.
Trading Was Only Moderately Large Com pared with the Previous Days and More Logical Conclusion
 is Reached

New York, Aug. 22.-More nearly normal conditions prevailed in the stock market today. The frenzy of the four days fol- lowing the so-cailed Hartman episode gave place to saner and safer course. Trading was only moderately large compar- ed with the previous days of the week and the trend of events seemed working towards more logical conclusion, It was evident that the element to which respon- siblity attached for the recent movement had begun to take heed of impending fi7 nancial conditions. Indeed the days de- velopments in that quarter were highly in- teresting and called for serious considera- ton Not only did call money advance to seven per cent. the highest figures in sev- stiffening in time loans. six per cent. heing demanded for practically all periods. With the present weak bank positions the surplus of the associated institutions at its lowest for this particular period in thirteen years. and enormous crop demands approaching --it was quite natural that money condi- There were persistent reports of early gold imports and the further weakness in ex~ ehange lent plausibiity to these stories. but experts figure that none would be ob- tainable befofe the coming week, If then. The early feature was the movement in the Hin stocks which carried great Northern this movement and the fhreadbare story of the fore deal" with resultant rights" to with more or less wealth of circumstantiai detail. As a matter of fact the financial community is of the opinion that the ne- the United States Steel corporation for con trol of these ore properties have been prac- tiesiiy elosea, dnat a a s9ms very u,,, material terra rites Is also beiisyed but signs do not point to eariy8 announcement of this which chsracterised the opening of the he 10. 10. cal market was doubtless a reflection of conditions in London. which sold American securities. later taking the same attitude Tn this market. TruatWOrthy agree that that center has taken huge profits in American stocks on the recent rise
 The Hartman issues manifested halt ing tone at the opening. but later moved up with the remainder of the active, keep ing well above the previous days closing quotations. They held rather better than certain other active issues, whose early gains were wiped out In the beginning of the srtsrnoon session when the rsss for call this Juncture that room traders took an aggressive attitude on the bear side. offer hope of catching stop orders. This move was partly successful, but the freedom with which these offerings were absorbed a brief period of duiness, during which Great Northern preferred. Northern Pacific and Colorado Fuel lost the greater part of under the lead of United States Steel. The common stock was taken in enormous quantities, selling as high as 4s%c. the highest price reached in four years. The buying was reported to be of an impressive character and was accompanied by rumors that this stock will be placed on a per cent basis. it's original status. at the next quarterly meeting.
 The sharp rise in the steel brought out a large lot of stock and the price fell off The market underwent 6 complete reversal in the last twenty minutes, terrific drive by the shorts and the Western speculative coterte affecting prices throughout the list. Not only were all the days gains lost in this movement, but number of material declines were registered, the market clos ing weak. There was further loss by the banks to the sub-treasury, the drain now amounting to almost S5, 900. 900. In addition to this loss 1t Is understood that some of the banks have been making heavy direct shipments of currency to Western and Southern points.
 Bonds were firm. Total sales par value $2.2ss,000 United States bonds were all unchanged on call
 NEW YORK CLOSING STOCK LIST.