The Montgomery advertiser., 1908-08-11
THE STOCK MARKET


 New York. Aug. 10-The tone of the stock market was nervous all day. but the sweep of the broadened de- mand was sufficient to dominate the upward course of prices in spite of some set backs and some obstacles opposed. Within an hour after the opening there was a break in prices that approached in violence that of last Friday. The same stocks, American Smelling and National Lead were con- spicuous features of the break which was supposed to be due to a phase of sensational advertising campaign to attract speculative interest in the mar ket now being waged by a Boston offered te the trading public to come into the market and make their for tunes was supposed to be taken ad- vantage of in timely manner for heavy unloading on this account The heavy selling was otherwise attributed to the account of the professional op- etators, wbo timed it with the morn ing's advertisements from Boston on the theory that previous similar out breaks had marked the continuation of a rising movement in prices. There was another opinion which attributed the shakedown to the financial powers which, nave conducted the present movement from it's inception. the oh- ject being to convey a warning against an unruly precipitancy in the bull movement calculated to alarm the pub- lie rather than to attract 1t.
 There was noticeable increase in buying orders from outside sources to commission houses through the mail end by wire. The volume of these mis- cellaneous orders was larger than on any Monday since the rise set in. The by the influx. many of the orders being for execution "at the market" without specifying a fixed price.
 The day was notable for number of Hnusually dormant stocks, which were wakened into activity. As some of these were obscure low-grade stocks they were of less sympathetic effect in strengthening the general list than were similar movements in stocks or more substance. Moreover. the moye- ment was heralded in more than ono case by widespread tips circulated throughout the financial district. These tips were sometimes the only apparent cause for rise in prices. The news of the crops was reassuring and tndi- cated that such damage as was before suffered by corn and spring wheat from drouth and heat was being limited and checked short of the actual disas- weeks rumors.
 More definite details of the Pillsbury- Washburn Company trouble left less room fer alarm than the uncertain ru- mors regarding 1t. which unsettled
 Copper advanced again here and in London. Germany and Austria secured the London supply of gold this week, Paris having withdrawn with its ra- quirements sated. The production of gold on the Rand for July was off . cially reported at 5S4.455 fine ounces, valued at S14.41a,3 BOO and constituting a record production for the region. This broad stream of replenishment of the worlds supply of money metal Is one Item of many making for the present heavy cumulations of money supplies. low interest rates and rising prices for securities. The highest prices of the the course of today and the advances were well sustained at the closing. Bonds were firm, total sales par value $4,6eo,OOo. United States bonds were unchanged on call
 CLOSING STOCK HIST.