The Montgomery advertiser., 1908-08-25
THE STOCK MARKET


 New York, Aug. 24.--Discussion fin the fl. nancial nan midst today had to do mainly with last saturday's sensational market and an- determined to take immediate official cog nizancs ~ of the episode was received with
 4 closer study of the days businss. was said to have heightened the impression that in~very large part 1t represented neither genuine short covering nor legitimate trad ing or any kind. It is the avowed purpose of the governing body of the exchange to probe the matter to the bottom and prep srations to that end are already well un-
 That traders and the speculative faction as whole have taken warning was clearly rations. Business during the early session was less than one-fifth of that transacted in the same period saturday and throughout the day the market had frequent periods of utter inertia Reports deaiing with gene raj business conditions were rather con- cago admitted that long haul traffic contin- ued rather disappofnting with the grain movement much below expectations From the Southern mercantile centers came ad- vices of very slow recovery The coal, lum- her and live stock movements are somewhat better but stiii much below normal
 Grain receipts at Chicago last week were 7so.oo0 bushels less than the previous week. and 1,057, ,000 bushels under the same week h lass xr,s, year as same faiins off sppilss
 There was news today that the Texas railroad commission had urged the states DFOCeeQinRH against the Rock Island and other lines tra- versing the commonwealth.
 Lower prices were recorded in the local market at the opening. the greatest loss being sustained by Northern Pacific Gene ral weakness was shown throughout the act i've list, with occasional fitful rallies. re- sulting chiefly from the support accorded United states Steel and the Hartman is aues. By noon the market had improved with quotations. however, still below Satur- day Last weeks pressure upon New York Central and the Rock Island issues were renewed and had the effect of curtaiIing business elsewhere. The strength of South arn Pacific was the most conspicuous tea- ture of the trading. the balance of the act- i've list showing a weak undertone.
 From an authoritative source 1t was learn ed that several of the large commission had up to the close today failed to make delivery of all of the stocks sold by them last Saturday. This was not regarded as an indication of financial embarrassment but business.
 London's business here was small. moder- Pacific being reported. The market abroad was slightly affected by our weakness to- gether with fears of Paris selling because of
 The Bank of Germany strengthened it's position by cash gain of over S11. 100000. Further cash gains and the resultant in- crease in surplus reported last Saturday here today. Five and six month loans were made at 3h per cent. and plenty of call money was offered at z per cent. Shi- i dency. the marking up of rates suggesting change in the monetary conditions there. Estimates of interest dividend disbursements for September are placed at sra. 400. 900.
 Bonds were irregular. Total sales par val- ue $3,244 900. United States 3s advanced M per cent. on call.
 CIosING sTOcyR LIST