The Montgomery advertiser., 1907-07-09
THE STOCK MARKET

New York. July s.--some of the factors in ths financial situation evidently appeal ed to speculative sentiment today as con. tatning hazardous clements whicn served as an admonition to reduction of commit nents in stocks This did lot dissuad, a Sersstns ts m the ssr s ,Saa past. Betwen . few stocks that were pos- actively weak. M " The I ssnsrai % i,st ~ was ale most passive and was pulled this way and that in sympathy with the movement in the active stocks that happened to be dominant at the time.
 Aalsamted Copper and St. Paul were the conspicuous points of strength and were supposed to reflect the con.'nuance of the advertised eappaign for advancing socks. The advance In Amaixamated Cooper was has been received practicaiiy for sales of copper by the large produces for early de- livery at concessions from the prices now quoted. and which have induced deadlock between buyers and sellers. The movement m St. Paul was ascribsd to 8 prupose to further the demand for the new stocks of that company's subscriotion warrants fer which are now quoted fin the market.
 The recent active rise m Union t'aeific desire to help the demand for the new con vertible bonds. the first thirty per cent. of instaIlments of subscription ~hicn is paya- ble on Wednesday of this wsk The rae. that Union Pacific was reactionary today removed one important stay from the move ment for higher prices.
  a purpose of cash accumulation in :he United States Steel treasury which seent d stock operators that an increase sn the dividend rate had been determined on
 The money market positin lay at the bot market as much as any other. The engage ment of $1.750.060 gold for export to France today confirmed the expectations at tn the enS enS from the banks follows the showing in the Saturday bank statement of surplus aoove the legal reserve reauirements of ssee' <oV. The natural inference would be that the New York bank surplus was wiped out. NeN, ertheless. rates for call loans nere receded from the level at the close ef last week. This mphasized the disposition to distr1st the bank statement entirely reliable inceA of the actual banking situation.
 That the situation admits Of coming re striction of banking resources is. however. generally agreed.
 Today's engagement of gold had no effect in lowering prices on the fore gn exchanse market and 1t Is D, obable therefore. that the movement may extend to some ienRtn. lin the forer center being affected by repay ment of large obligations to the Bank 2f England incurred for rounding the haif
 The presentation of government four per cents. for redemption continues very scany and Wednesday Is the date fixed by the Secretary of the treasury for the return or $30,00O, 900 of government deposits by the banks This concurrence of circumstances leaves little room to doubt that naraen- ,ror,i- nent decline in New York exchange at Chicago to ten cents discount was an mel dent of the day which showed shifting tendency fn the tide of the currency move ment The large amount of attention gwen to the discussion of relations between the limited States and Japan was taken not CT. although not an active influence. The rnar- ket was dominated by ] heavy tone at the bonds declined 1A and the four per cents X in this market. ..,
 The bonds market avs irregular as whole. Total sales par value $1.021,000. limited states 2s advanced A. while the 4s. registered declined 5. and the coupon As' k per cent. on call.
 NEW YORK CLOSING STOCK LIST.