The Montgomery advertiser., 1908-07-02
THE STOCK MARKET

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 New York. July 1.--The new fiscal year opened in the financial district In condf- ton of profound apathy. so far as waa re- fleeted in the securities market. Bsnkers and trust companies had some occupation Tn the paying of interest on bonds and there were other seasonable money obligations to De met including psyment of sii'szs.eoo Sa.sc ern Pacific stock. Trust companies are com pelled under the law to fix their reserves eond,ion o1s of prs rsssrSes or ,hsss companiss shown by their last report would indicate that they must have withdrawin from the banks in the neighborhood of s2b,O0o.00o to meet this requirement.
 The financial community Ia in hourly ex- pectation Of call from the treasury de- of government deposits. The July dividend and Interest disbursements in New York arc estimated in the neighborhood of slso00o:- 900. yet heavy is the surfoit of funds in the money market and 50 feeble the de- mand for facilities from borrowers that notihng more than stiffen the call money rate temporarily to two percent. compared with ik to ih per cent. before prevail
 The fiscal year opens with.large sup plies of funds pressing for employment In the time money market where loans ear 3M per cent rate. The open market dis count rate in London gagged to within a shade of one per cent. today. Notwith- standing these plethorie conditions of mon ey the bond and stock markets lay in leth- argy and wholly indifferent to any devei- opments In the news.
 period since the summer at 1sot aud tho record must go back four years further iSity wi Ah iS stocks % today. @ The aggregate sales for day amount to only iss.soo shares. On August z2, 1900, there were sold ss.ooo shares at the stock exchange. It is of course significant that these comparisons carry back to years of previous national political campaigns. Then pendency of the political canvass must in all probability be gwen fmmobiIity of the markets. Railroad re- ports of net earnings for May reflected the drastic eforts to overcome the losses months economies in the Pennsylvania lines directly operated amounting to 32,ezS. 100 with the effect of limiting the net decrease to $773,e00. On the lines west Of PittsburE $2.ese.0oO was cut from the outlay for operating cost and still q faliiue off nf t4s2,O00 in the net return was indicated Louisville and Nashville had s311.15s de- crease in net to show after a s4so o2e re- duction in operating cost Erie was able to overcome less than half the gross de leaving sBbs.ssa for the falling otf in net Atlantic Coast Line on the other hand, met its s522,Sss gross decrease by cut of balance of increase for the net showing and putting itself into the list with its neigh Dor. the Southern Railway The Southern Railway group showed some benefit from this exhibit in spite of the strength de- veloped in the cotton market by the public ation of tiIe government report on that crop. The strength in the wheat market was without bear influence on the price of granger stocks A demonstration fin the New York Traction Securities was without
 Bonds were irregular U. & Steel sinking fives were strong. Total sales par value s2.S4o.oO0 United States 2s. registered ad- vanced h per cent. on call.
 CLOSING STOCK LIST