The Montgomery advertiser., 1907-08-09
THE STOCK MARKET

New York. Aug. s--The nervous temper of the speculation as a result of yesterdays violent collapse in prices was clearly enough flsoesS es,aenee i,, .oSay ana was promptly re- red in the first hour. The recovery which followed was not accompanied by any development and was due apparently to the fact that urgent liquidation had run It's course for the time. The shorts left uncov- cred an invariahleNrule after so considerable decline furnished sufficient satisfied demand to account for the raiiying tenden- cy. Conjecture continues busy over the sources of the heavy liquidation and it's mo- lives While the identity of the sellers was not disclosed the motives not be- yond defining in the money situation and the futilty of the campaign for the rise of the last few weeks to effect any distribution of stocks
 While there was cynlcai disbelief in the assumption that prominent rich men, sup posed to have fostered the rise in stocks. were being compelled to sacrifice their hold ings in crumbling market. 1t 2was not questioned that attempts to support the market were no longer in force on behalf of the absorptive campaign. Left without ar hficial supporting measures. the market was vulnerable to attack and was incapable of absorbing any sales to take profits The agsressiveness of the bears sufficed to de Velop this situation and shake the market. Such is the general view of the events of the week in Wall Street.
 It does not escape notice that quotations for the Union Pacific convertible bonds csr- tificates which had been pushed up to above 92 compared with the subscription of 90 at which they had been offered to stock hoedrs have disappeared from the tape In the dsordery market of the past two days. The reversion of S71. 900, 900 out of 75,oo0.- 900 of these bonds to the underwriting sym dicate was supposed to be the motivs for attempting to revive speculative interest in securities Payment of Sl5. 900, 900 subscrip- tons of these bonds falls due tomorrow and S75,o00, 900 subscriptions to Southern Pacific pfd stock on Thursday of next week.
 The obligations together may account for some of the pressure to secure resources by stock market liquidation. The course of the interior exchanges Is another clear in dex of the source of growing pressure, De- posits at the sub-treasury were made today of $500. .0o0 for telegraphic transfer to San Francisco and $500, 900 to Chicago.
 Discounts rose in London but the increas- ed firmness in the local money market was sufficient to depress foreign exchange again. With the relief afforded by the liquidation, stocks were able to contend with the unfav- orable factors in the situation and to main tain the recovery. low record for British consoIs was an incident of the day
 Copper went to a lower level both in Lon and on the New York metal exchange The New York central reported heavy deticit below the dividend requirements Tor the half year ending with June and the in- creased dividend requirement. for the quar- ter ending with the same date. but little more than met by the increase for that pc tiod in the earnings available for the diVi idend. The market far oversoid, sowever that these obstacles were over come on the recovery and the market clos ed strong and at net advance on the day.
 Bonds were dull and easy. Total sales par value. $1.212.0o0. United States fours ad- vanced M per cent. on call.
 NEW YORK CLOSING STOCK LIST.