The Montgomery advertiser., 1907-08-06
THE STOCK MARKET


 New York. Aug. 5.--rhe duIlness of the stock market was greatly intensified today. This proved to be the principal effect of the news deveiopments which the market had to- race inis morning. although there was some active selling at the opening, based on them ana at the closing, In sympathy with the weakness of the United States Steel. when the dechne became precipitate. There seemed little disposition to support the mar ket just at first and the break in prices in consequence was sharp. The volume of the ic price readjustment support appeared and some subsequent recovery. During the noon hour the total transactions fell to less than I.uov shares or all stocks. rate of lethargy rarely seen on the local exchange.
 Although levying ofs maximum penalties on the Standard oil Company on the con- yiction for relating had been discussed a possibility and .had figured in the specula- tion of Friday. the actual sentence of the court was not known in wall Street on Sat- urday in time to afford opportunity for market operations based on 1t. The senti- mental effect of the incident was increas- ed by the publication over the Monday of the report of the commissioner of corpora tions. arraignng the Standard oil Company Tor It's methods and exorbitant aofits The effect was to revive the conviction of the de- termination of the Federal administration to push the pursuit of corporations with una oated yfgor From the viewpoint of capitol great influence has been attributed to this course in causing the deadlock in seeking new capital for enterprises.
 
 the prospect of that factor being brought into prominence. Other causes were discern ible. however. for the lethargic conditions in the securities market. Saturdays bank statement offered small encoura cement for more cheerful views of the money market. It is expected that the loss in cash of last week on the out of town movements of mor- ey which failed of reflection in the bank statement were thrown over into this week'e statements.
 Reports from the interior are of a sus- tatned demand for money which Is likely to increase at an early date with the be- ginning of the marketing of crops. Traffic officials of the railroads support the mer- chandise movement. which is well kept but the movement of grain thus far report net earnings of railroads for June were re- ported during the day and some of the stocks of the companies reporting suffered sharp declines.
 In general the expansion of operating penses continues so great to affect sSae net showing unfavorably. Reports of threatened miners strike in the Pennsylva~ mia coal regions was a minor factor of de- pression The labor situation in the Lak~ Superior iron region was said to be workins out satisfactorily and point made os the large part played by the plans for . new steel rail in the falling off of Jui~ orders of the United States Steel Corpora- tions. The stock weakened, however, late in the day, with losses running betwees three and four points for Union Pacific, Northern Pacific, Reading and American Smelling and one to three points in the act i've list generally
 The bond market was more actively easy today and declines were general in the iS- sues that usually figured day to day trad~ ing. Sales par value s744,o00. United statsr fours declined x per cent. on call.
 NEW YORK CLOSING STOCK LIST.