The Montgomery advertiser., 1907-07-27
THE STOCK MARKET

New York. July 2s.-There was . sharp shrinkage in the speculation in- terest in the days stock market. which was distinctly dull. The fault lay very which dropped out of their position of activity and strength, but without
 yielding the leadership of the market Tn the Influence on speculative senti- other stocks in the leadership but not with success. The policy adopted by the controlling powers in Union and southern Pactnc in the treatment Of dend news has left the speculative mind confused. The animation of the deal ings In the two stocks is gone and the supposition that the action of the head his confidence. as 10 the intended div idends was intended to this end. puts the market leadership into a quandary
 The following of the present move
 ah tna. % they 's we're a fsoilowlns ment designed or favored by the Union Pacific leaders. The supposed motive Of the movement was to afford a fa- yertible bonds of which s71, ,o00, 900 of the $75.000,000 issue fell to tho uh-' derwritfng syndicate. The recent sur- mises which have found much favor amongat the speculative element, in Wall Street as to the sponsors for the movement initiated in the market have dealt with the names of Hartman and .he Standard Oil group. Credence in these surmises is shaken by the pres ent situation and the present .conjec.. ture is with the possibility that the head of the Hartman system has sought to put stop to the use of his name and Rrestige by speculative. manipuiators. The abortive campaign of 1903 in South ern Pacific. the efforts through the courts to enforce dividend payment to further 1t, and the part played by MT.
 4arrimAn in thwarting the attempt are vassed with interest in the .,iscusslon of the present conditions today. This situation was given the principal credit for the drop in'the markets activity
 by the renewal weakness in :he Erier and by drop of 31-4 points in South ern Railway. preferred. The latter was attributed to the dread of the expense to be entailed by the struggle over the aggressive measures of the North Car. olina authorities in the matter. The maintenance of the preferred dividend was doubled at the last dividend pe- riod and doubts are now revived. The market had the advantage of the prom ise of Favorable bank return. The usual authorities are in close agree ment in the neighborhood of $6.500.00e as the figure of the accretion to cash reserves during the week. As $4,699.- 900 of this Ms derived from the opera tions of the subtreasury with the banks 1t fs said that the movement of cur rency with the interior is still consid- erably in favor of this center in ad- vance. Money on call continued easy in the neighborhoCd of 214 to ? 1-2 per cent. The influence of this condi- tion was modified by the strong ad- vance in the foreign exchange mar ket and the knowledge that the Bank of France had renewed its offers of special inducements to attract gold from New York. The opinion prevailed amongst foreign bankers that in conse. quence theN export of gold from New York will be resumed next week. The London copper market was weak again today. Bue the strength of U. s. Steel on the reported breaking of the strike in the Lake Superior iron mines was a factor in the metal group. Prices fuctuated with much uncertainty all day but were at a higher level at the last. Bonds were irregular. Total sales par value, $1.S5S.000. U. s. 3s advanced 1-4 per cent. on call.
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