The Montgomery advertiser., 1908-09-02
THE STOCK MARKET

New York. Sept 1.-The firm undertone or the market again today was undosn.edIy , the strength in the Hartman stocks. South ern Pacific was the conspicuous feature of ment was perceptibie to greater or less extent in stocks of all properties with which the Hartman name Is connected ss This brought in illinois Central and Erie as well Union Pacific. southern Pa si sifie proceeded on @ its way to its new record
 Whatever realizing sales were brought out by he rise were absorbed with aRgress- i've determination that had an impressive tho whole market The movements else where were notable and the volume of the was not large Rumor continued busy with supposed projects for new financing of southern Pacific. looking to retirement of the preferred stock. These rumors are dis countenanced in official quarters. where the persistent rise in the shares Of these properties the preferably attributed 10 ir1- In their continuance. Such improvement was not strikingly reflected in any news as evidence of the siowness of the better ment. Such the statement of earnings of the Pennsylvania system for July.
 The drastic cut of $2,s00.7oo iu the oper- ating expenses elected for that single month fell sSiT.30e short of the amount of the falling off In gross earnings, which
  for the month. The lines west of Pitts burg and Erie also show a decrease of year. notwithstanding retrenchment of sI.402.600 in the operating cost. such a showing is not encouraRing for the oeilef in effective recuperation up to that time in the varied traffic of that extensive sys- tenn. The effect is offset to some extent by the claim that the rate of improvement has become more rapid since.
 The days developments regarding the crops were not helpful to an advance In values. The government report on the con decline in the percentage than had been foreshadowed by any of the expert pr.yate estimates which have preceded II. Tho date of the estimate going back to August % also leaves no allowance for the damage done by the storms and floods Of last week The cotton market itself showed no perturbation over the showing which did not disturb the control of the control or tno bear element.
 made an unpleasant impression and was of some infpence on the grain market The weather bureaus weekly bulletin confirmeo the view of needed elements in the wealth CT factors at work on both the cotton ana corn crops.~ There was some disposition [" await the result of the Vermont election of which nothing was known as 10 the result during the session of the stock ex- change and the dullness of the trading The market had a period of decided heavi- ness at the outset. during which selling orders were said to come both from west ern wire houses and foreign quarters. The profit taking sales were resumed at ditfer- ent times so that the sustaining influence of the Hartman stocks was partly neutral ized The large absorption of bonds is a feature of the present situation which is not surprising in view of the redundant state of the money market.
 August sales of bonds at the stock ex' change reached an aggregate value of SS2.- 647, 300. which with the exception of 1905, Is the largest August business in bonds in the record of the stock exchange. In con nection with this active market for mort. gage securities, 1t is regarded as significant that new interpretations for a million dol- lars and upwards of share capital fell to a lower total for August than for any other month since the of large corporations opened. The days opposing movements balanced each other so far as to leave the net results small.
 Bonds were firm. Total sales par value $3S4a.0 000 United States bonds were un- changed on call.
 CLOSING STOCK LIST,