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

New York, July 6.-The stock market today threw of the lethargy, in which t was bound last week. and sprang in- 70 some degree of energy and anima- tion. The days transactions rtse to aslarger total than has hren touched TOT a month past. There was no direct development In the days news to ac- count for the change in form and it was attributed to inference drawn by an elcrient of speculative operators from the recent action of the market and which encouraged authorization on commitment of some magnitude. The feature most remarked for some time past has been the paucity of offering of stocks at all stages, which left the price level little affected in spite of the almost absolute stagnation of the deinan6. From this 1t was deducted that it would be easy to advance prices by courageous and we'll directed ef1ort and moderate emulation of holdings. Such an accumulation was evident today accompanied by deter mined bidding up of prices in its wake. often renewed after occasional pauses, which demonstrated that the supply of stocks offering at the advance level that therc was any growth of general demand for stocks. the recent inert market having given little encourage- outside sources. A feature of the days dealings was the large orders coming from single sources, the number of Ouythb Ofu0Fb TUT iUsvOU SHdTGS dHu upwards in different stocks attracting much notice. In the bonds market there was perceptible some buying that was believed to come from invest ment sources and this, althought In moderate volume. was regarded with satisfaction. The argument was heard. in behalf of the raise, that the resis- ef desnd ns and to the ties in the outlook had demonstrated the likelihood that the clearing up of uncertainties would be followed by rise. With the arrival of the week for definite foreshadowing of it's choice it was believed that some share of the hesitation in financial affairs growing ture was dlssipated. With the pub lfcation of the government crop report on Wednesday another stop will be measured in the dealing of the future the arrival at a definite opinion on theae general clements ,of the situa- ton which it is believed prompted the on the part of groups of professional or habitua1 operators of the larger class. Money markets both here and abroad gave edvidence of the renewed ment. The discounts were quotably lower in foreign money markets and the'' private call rate here was 1 1-ti per cent. with manifest pressure to
 
 vance in the London copper mark ct and the mining and smeiting stocks were conspicuous in the days advance. Large resumption in the steel mills in the Pittsburg district were a helpful factor.
 Another reduction in two weeks end- ing June 24 of s6.6s6 in the number of surplus greight cars was contemplat- ed with much satisfaction. The rec turn to service of idle greight cars since the maximum out of service on April 29, has now reached the impoB- Ing figure of 100,307, leaving, how ever 3,29s cars still Idle. The Am- erican Railway Association also notes that twenty to twenty-five per cent of the latest decrease is accounted for by retirement of ''bad order" cars which are sent to the repair shops and make way for re-employment of idle cars.
 Bonds were Irregular; total sales par value, $1,914. 900. United States 2's declined IA per cent on call.
 CLOSING STOCK LIST.