The Montgomery advertiser., 1908-08-22
THE STOCK MARKET

New York. Aug. 2i-Prics movements in tbe stock market today were uuimportant lower level. AS on the previous days of the week trading was in moderate propor- tons and largely restricted to the specu- lattve element. That faction appears to be puzzled by existing conditions but its mere venturesome members are arrayed on the bear side of the market 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. Tho snort interest has been somewhat reduced in the past two days. but remains large enough to be reckoned with at any mark ed turn. The boIdness of the shorts has the cotton pool which is said to have de- pleted the "paper'' fortunes of several we'll 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 may have on the Presidential election. In the way of general news an official denial of dissensions in the directorate of the Penn ments. The filing of the governments pe- tition for a rehearing of the appeal In the suit against the Standard oil Company of Indiana excited little interest. The most favorable news was the publication of a canvass by q leading financial institution of the middle west whose four thousand correspondents with few exceptions report ed the general outlook as highly encouraging. Several important railroad returns were is- sucus that or the Reading Company Tor the eleven months ended May 31. last. showing earnings of f.s7 per cent. applicable to common stock Louisville and Nashville for income of $s.G2s.o 900. while the Pittsburg Cincinnati. Chicago and St. Louis for the seven months ended July S1, reported a de- crease in operating revenue of about $4.- 100000 and reduction of S3.715. 900 in ex- penses and taxes. With few exceptions the most notable being Southern Pacific which made another high record. touching 100A, the local market opened lower the lina.
 Especial points of weakness were Rock Island preferred and St. Louis and San Francisco second preferred. both of which declined three points; Seading. American Smelling. Great Northern preferred. and Atchison. The break in Rock Island and Frisco securities widened later and was attended by a recurrence of gossip con- corning the complicated financial condition
 The market moved up during the noon hour under heavy short covering factor in the advance being the lending of call session became desultory with some dispo- sition in the direction of higher quotations, but the increased weakness in Rock Island had demoralizing effect. resulting in a heavy close with Southern Pacific's gain cancelled. Americans were irregular abroad with late firmness in the Harriman's on the pre-holiday covering. Trading here for London was again merely nominal.
 Estimates at the weeks cash gain vary from s7o0o.o0o to ss,4oo.0oo. practically all of which is derived from operations with the sub- treasury Gold to the amount of 3i.500.000 was forwarded to Canada. but otherwise there is no check to the inflow of cash International conditions are mak- ing for greater ease in the local monetary situation.
 The bond market was irregular with Rov- ernments unchanged. Total sales par value
 CLOSING STOCK HIST.