The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-09-26
STANDARD OIL IN
CONTROL OF STOCKS
Brokers for Its Interests Are
Closely Watched
HILL STOCKS ADVANCE
Unconfirmed Reports Say That Rock
Island Has Secured Needed Sup
plies of capital-Large
Gold Shipments.

New York, September 25.-Professional
operators in the stock market have come
to practical agreement on calling 1t a
Standard Oil market. The attention Of
this speculative element was wholly CEN
tered today on efforts to determine what
Standard Oil brokers were doing. This
was because of the conviction that the
market is under the control of conf
bination of capitalists having affllia-
lions with the Standard Oil company.
The followers of the speculation had
to be nimbe to follow the contradictory
evidences of what these millionaire oper-
ators might be doing. The most simple
method was to follow the movement of
Union Pacific, when that stock advanced
purchases were made either of that or
other stocks There was a close observa-
ton of the operation of members of the
firms supposed to be employed in the in
terest of the dominant group. The diff
ficulties of forming accurate conclusions
from this rough method of deduction Is
obvious. AS a matter of fact the market
was In constant state of hesitation and
unsetlement throughout the session.
Pacific, Southern Pacific and Reading
by the houses which were the largest
buyers yesterday broke prices from the
brisk early advance. The openness of
this swing then came under suspicion
and the market fluctuated under this
doubt. There were diversions from time
to time into other stocks, but without
conclusive effect on the market
The Hill stocks made an aggressive adj
vance without any news to account for
1t. Reports. unconfrmed, said that Rock
Island had secured needed supplies of
capital. There was a movement in the
metal and mining stocks in concert. The
marking up of the price of copper at the
metal exchange had some bearing on this
movement. Indeed, the whole market
was affected by this incident owing to
the close correspondence there has been
between the speculative movement of
stocks and the price of copper for some
time past Copper warrants were higher
IN London also.
Westinghouse Electric had the benefit
Of the report that reorganization would
pc effected without resort to the bank
iuptcy court. Little impression was
made by the estimates of considerable
the stock market was disturbed early
In the week, New York exchange at
Chicago rose to q sharp premium, sup
posed to be caused by remittances from
that center, due to stock market exigen-
ties.
The banks appear to have lost con-
siderable amount, however, from excess
Of shipments over receipts on the inter-
isr currency movement. The sub-treas-
Try operations have absorbed some ST.
$4,000 in cash. A 100000 shipment of
gold coin to Canada Is to be included in
the estimate and a 100000 shipment
made last Saturday did not figure In last
81 urdays statement of the clearing
/. Use institutions. decline of over
ST.. millions in the cash item, therefore,
would not surprise the banking world.
/ The weeks liquidation at the stock ex-
Change should operate to reduce the loan
Item The selling of stocks, however,
was matched by the buying and these
cpss currents always made the effect
on the loan item confusing. The rise In
the exports of wheat and flour for the
week amounting to the largest total for
the season confirmed earlier reports of
th& effect of the Russian cholera situa-
tion. There were supplementary reports
of further heavy buying for export to-
day. The effect of this on the exchange
market is modified by the influence of
tho English cotton mills put down on
the supply of cotton bills. Notwithstand-
ing strong demonstrations at new points
in the market, the uncertain sentiment
remained unaltered at the close
Bonds were firm. Total sales, par
value, $3,772,ooo.
United States bonds were unchanged on
rail-