The Montgomery advertiser., 1908-07-22
THE STOCK MARKET

New York. July 2i--An added weight of sales had to De borne by the stock market today today an and sohis effect wss produced on ported itself. on the whole, in a manner to keep up the courage of those committed to
 oSs po%sn Of 0 sss r:' s n nsws % excellent recuperative forces with the pres sure lightensd An eiemnt of tn spscuiat- on the rss already sPSssa Pscssvs9 snd aothss PsGs. professional element. watchful for such contingency. Joined in the selling on the short side and offered prices down in an attack on the long position.
 The process of digestion of profits was healthy for the, market and the building factor for values. The realizing sales were conducted with skill ana caution and under cover of the sustaining Influence of strength In special stocks. Reading was prominent sustaining force in the market and ti was run up aggressivsly In the face 91 deennins tendency in the general list of the stock.
 The suggestion found currency that the movement was in anticipation of the out come of the suit to test the validity of the commodities clause of the Hepburn act in favor of the contentious of the company. As this decision Is still in the hands of the courts. the rumor was incapable of verification.
 The small effect produced on United and it's aggressive recovery to a price high CT than wes touched yesterday were cur rent that the revival in the steel trade cars In the Pittsburg district as to threat en shortage in few weeks and to cause a rush on the repair shops to prepare equipment. Railroads in that region, how ever were under the disadvantaRe of the poor showing Of net earnings for June re- ported by the Baltimore and Ohio. the loss or 1,Ibe.S54 in gross earnings compared with last year being reduced only sss0,s74 by the cut fin operating expenses for its showing in the net returns.
 In connection with the raartinnArv tAuA- ency of prices of stocks there grew up some misgivings as to the prosperous course of about a higher rate of compensatIon by advancing freight charges. The controversy between railroads and shippers as 1t finds of the contestants Is assuming a visorous and involving charges of motives that are lI5reassnins Ihs Hr pad effect on public sentiment might De thrown into the field of politics and such use made of it in the competing efforts to extract political benefit out of 1t as would prove embarrassing to the aims of the railroad companies.
 The announcement of an issue of s1s,00O,- 900 Central Pacific bonds proved of rather chilling effect both to the stock and bond divisions of the market. Southern Pacific which guarantees the bonds was noticeably new supplies offering. caused some reaction in the general bond market. just as Invest ment issues in Paris We're affected by the
 The money market is quite unaffected by the signs in the shift of the currency movement in favor of the interior The in terior demand is light as yet and the large disbursements making by the government treasury are keeping up the supply of New York Bank cash. The persistence of the realizing sales caused continual renewals of the declining tendency, but the net losses at the end of the day were small.
 Bonds were irregular. Total sales par val ue s4,7os,o0o. United states bonds were un- changed on call.
 CLOSING STOCK HIST.