The Birmingham age-herald., 1908-08-22
PRICES IF STOCKS
 SLIGHTLY LOWER Bear Operators Are Not So Bold
 As Formerly POLITICS CUTS A FIGURE Market ManpuIators Are Turning At tention to the Political Game In New York State and Let
 ting Stocks Alone.
POLITICS CUTS A FIGURE

New York, August 21.-Price movements in the stock market today were unimpor- tant for the most part with the terns to- days of the week, trading was in moder- ate proportions and largely restricted to the speculative element. That faction appears to be puzzled by existing conditions, but its more venturesome members are ar rayed on the bear side. It is the testi- mony of most large brokerage houses that outsiders are standing aside just now, awaiting more definite market tendency before taking on fresh commitments. The short interest has been somewhat reduced in the past two days, but remains large enough to be reckoned with at any marked turn.
 The boldness of the shorts has been somewhat arrested by the collapse of the cotton pool, which is said to have de- pleted the paper" fortunes of several well-known operators in stocks. Political conditions are playing a more important part in the financial situation just now by reason of the reported turn of events in this state, and the effect this following may have on the presidential election. In the way of general news, an official de- nial of dissensions in the directorate of the Pennsylvania road was one of the days developments. The filing of the governments petition for re-hearing of the appeal in the suit against the Stand ard Oil Company of Indiana excited little interest. The most favorable news was the publication of canvas by leading financial institution of the middle west, whose 4000 correspondents with few excep- tions reported the general outlook as high ly encouraging.
 Several important railroad returns were issued, that of the Reading company for the Il months ended May 31 last showing earnings of 7.S7 per cent applicable to common stock. Louisville and Nashville for the fiscal year reported a decrease in net income of $3.626,00O, while the Pitts burg, Cincinnati, Chicago and St. Louis for the seven months ended July 31, re- ported decrease in operating revenue of about $4, 100000, and a reduction of $37l5,- 900 in expenses and taxes With few ex- captions, the most notable being Union Pacific, which made another high record touching 1005s the local market opened lower, the bears renewing their attacks all along the line. Especial points of weak ness were Rock Island preferred and St.. Louis and San Francisco second preferred, both of which declined points; Reading, American Smelling, Great Northern pre- ferred and Atchison. The break in Rock Island and Frisco securities widened later and was attended by recurrence of gos- sip concerning the complicated financial condition of those properties.
 The market moved up during the noon hour under heavy short covering, fac- tor in the advance being the lending of call money at 7s per cent. Trading in the late session became desultory, with some disposition in the direction of higher quo tations, but the increased weakness in Rock Island had a demoralizing effect, re- sulting In a heavy close with Southern Pacific's gain cancelled. Americans were Harrimans on the pre-holiday covering. Trading here for London was again mere ly nominal. Estimates as to the week s cash gain vary from $7000, 900 to S, 400, 900, practically all of which is derived from operations with the sub-treasury. Gold to the amount of $1, ,500000 was forwarded to Canada, but otherwise there is no check to the inflow of cash International conditions are making for greater ease in the local monetary situation.
 The bond market was irregular with governments unchanged.
 Total sales, par value, $3,O16,O00