The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1906-09-19
THE STOCK MARKET
b. & o. TRANSACTIONS LEVER TO
MOVE PRICES.
Passing of Control From the Pennsyl-
vania System VIII Have Inhu-
ence ON Reading Also--BOnds
Are Irregular.

1-
New York, Sept. 1s.--The principal
factor in the stock market today was
the admission by the banking house
negotiations were in progress for the
sale to the Union Pacific of the stock
of the Baltimore and Ohio Railroad re-
Gently sold by the Pennsylvania Rail
ton In today's market was in the
Reading movement the Baltimore and
Ohio transaction was none the less the
impelling cause. With passing of
hands than the Pennsylvania its share
of influence in the Reading control
would be affected also.
Wall Street was mystified as to the
full bearing of the new arrangement
and as the extent to which the negotia-
ton had actually gone. Kuhn, Loeb
sale to the Union Pacific was prema-
ture, while admitting that 1t was un-
der negotiation. Various problems
were thus presented for the consider
tor. 1t was assumed that the Pennsyl-
vania would insure itself against
harmful use Of the control of Baltimore
less certainty was felt as to the posi-
BILE attitude of other trunk lines to the
new arrangement especially in its
The Violent advance in Reading aroused
some apprehension that scramble
might be going on amongst the rail-
road powers to achieve belated read
5ustment of the balance in Reading
It was held to be plausible also that
in fixing the destination for Its hold
ngs Of Baltimore and Ohio the pen nv
policy Of hostility to the Gould project
for a through line from ocean to ocean
as was shown in opposition to the Wa
bash efforts to secure entry into Pitts
burg. The lurking possibilities of re-
sentiments and harmful contests thus
suggested made the Reading movement
to the speculative confidence The con-
tinued strength of the money market
also was a cause of dissatisfaction In
speculative circles and disappointed
week and the continued arrivals by
steamers this week had effectually re-
Taxed the money stringency. Some
the first Of October approaches, but in
the meantime easier conditions were
looked for. Not only was the call
rate Of per cent. but the premium on
time loans was again advanced.
The demand for time money was re-
ported strong and almost no funds
counts hardened in Paris and London,
the open market In the latter center
rising above the official rate OF the
tice of the rising course of the money
market at that center. New York ex-
change at Chicago fell rs cents dis
count The points of strength in the
days market were generally amongst
industriais Amalgamated Copper con-
tinuing conspicuous with reiterated ru-
mors OF a dividend increase.
The railway equipment stocks enjoy
ed the benefit of the known urgent re-
quirernents of the railroads. Republic
Steel was affected by the proposed in
crease in Tennessee Coal stock in view
of the belief in ultimate merger Of
the two companies. Minneapolis, st.
Paul. Sault Ste. Marie suffered from the
disappointment OF persistent claims
that the dividend was to be increased
at today's meetings of the directors.
The market showed some relief when
Reading yielded more than half it's six
point advance, but the closing was firm.
Bonds were irregular. Total sales,
par value. s2,0SS, 900. United States
bonds were unchanged on call.