The Montgomery advertiser., 1908-09-30
THE STOCK MARKET

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 New York, Sept. 2s.-The tendency or prices to settle to a dead level was stiil further manifested in the stock market today. The professionals con- and out operations. Trading became exceedingly desIltory as the swing of prices diminished and offered lessening attraction for those in and out deal ings. There were intervals of several minutes during the afternoon when no transaction was reported from the floor or the stock exchange, a condition of duilness rarely seen The stagnant con- dition convinced the doubtful ones that the wealthy capitalists who were cred ited with responsibility for the activity or the summer dealings were abstain ing from dealing in stocks for the pres ent. This fact constituted the news of the market. Nothing else received much attention nor was there anything In fact which seemed to merit it. Pub iished reports that E. H. Hartman had been in consultation with a med ical specialist were seized by the room traders In an atempt to make floor for speculative movement. The small ef- rect produced was evidence of the lack of basis for reports of serious impair ment of Mir. Harriman's condition. That the sustaining foroc of the stock mar ket during much of the past summer nas centered in the boyer of the Har- riman name there can be no doubt
 So much was this the case that dis quieting considerations of how much
 
 crept into the market discussion. The appearance of succession of the annual reports of the great railroad systems Of the christening on over-enthusiasfn in the speculation although they relate circumstances now became past his- tory. As an example of the depths from which complete recovery must be made, however, these reports cover force. The progress of that recovery Is Illustrated in the August net earn ings returns now coming to hand. For instance, the Southern Railway system. in spite of a falling off of Is "A per cent. in gross earnings, compared with August of last year. has established an actual increase in tte met revenues of no less than 23 S3 per cent This re- suit was obtained by a drastic cut of 2S per cent in the operating cost So striking contrast, even considering the comparison with last years period of enofrced extravaganza in cost of operation to accommodate pressure of traffic, does escape criticism as reflect ing a possible starvation of mainten- ance expenditures. The case Is shown in magnified form in the Southern Rail- way showing but the tendency is fairly representative. Some oppressive influ- ence on the speculation was ascribable to the preparations for the quarterly disbursements of the first of October. which are estimated to require about $150, 900 900. Monby rates were a shade firmer on this account but no actual pressure on the stock market resulted.
 The surplus reserve of the banks re. mains of such really unwieldy propor- tions as to leave no present room for actual money market disturbances. The cold wave which still ignored in the grain markets and SO was without ef- feet on stocks. The break in Nesting. house Electric was due to the reserva- tion which still obtrude on the proposed reorganization plan. Net price changes as shown at the end of the day are almost negligible.
 Bonds were heavy. Total sales par value s2,03S.000. U. S. bonds were un- changed on call.
 CTDsING STOrE HIST