The Montgomery advertiser., 1908-08-06
THE STOCK MARKET

New York, Aug s.--The speculation for the advance of stocks was hampered again today by the disquieting buoyancy of the wheat market. Speculative operations discernible partly responsible for the successive jumps which have occurred in the wheat market in the last few days and allowance Is made for the fact in estimating the significance of the price movement of an index of crop conditions. The financial district has not relinquished it's comforta- ble faith that prosperous crops for the year are already practically assured. The news of the drought and high temperatures of the last few days. however, have not been without disturbing effect. coming at a pe- riod recognized critical for the spring wheat crop.
 Private experts in the employ of specula- tive houses both in grain and stocks have added the burden of alarming reports of the extent of the harm done to spring wheat by rust. These influences were al work in full force in today's financial markets The Ohio State crop report was not considered
 The weather map was more so with re- ports of cloudy conditions in the threatened regions and with no undue excess of tenn pcrature. With the aemperature at the excess of discomfort in Wall Stret itself. the professional speculators were more than ever impressed with the possibilities of burning up the corn crop before 1t Is gath cred The government crop report to be published on Friday Is awaited with more than usual interest. although there. also. the exhibit will be of past rather than present conditions. the estimates embodied being made up to August list only. The sinister
 
 wheat of effect in curbiHg rather than in preventing the advance. Prices in many instances, in fact. rose 10 new high levels for the present year. although yesterdays
 records were not greatly bettered in that respect.
 Of the stocks which are favorites with the professional traders. this is generally due. The advance in the price of copper at the metal exchange which has come to be looked for as an almost daily occurrence was again, and the group of metal indus trials were all notably stronE.
 National Lead and American Smelling especially were buoyant and outstripped their companions in the group. Some of the railroads running through territory In the Southwest took up the advancing tend wheat grangers. The spuft in Rock Island preferred was given some speculative sig entry into the movement of the group of capitalists in control of that property.
 Reports of negotiations for large new order of freight cars for the Gould system melted some buying in the railroad equip ment group. TheEe was stirring at var ious points in the list of industrials which is encouraged by the striking advance which has taken place ia United States Steel. Amongst factors making for restraint be- sides the wheat damage reports. were the merce commission to investigate the in- crease in great changes. The news of activity by the department of justice in seeking evidence to prosecute the suit against the Hartman railroad merger was regarded as a possibly disturbing factor
 The resort to flamboyant advertising methods to incite a speculative furore in stocks was looked at askance as likely to arouse distrust rather than to inspire fol- lowing. The sustained strength of wheat told on the speculative tone of stocks as the day wore on and helped to make the closing easy.
 Bonds were strong. Total sales par value Ss,9l6.O0o. United states ss advanced h per cent. and the As registered h per cent. In the bid price.
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