The Montgomery advertiser., 1908-07-10
THE STOCK MARKET

New York. July s.--It was plainly to De seen that speculative liquidation was in prosress In today's stock market to sesuIs % has occurred in prices since last week. The effect of this. in Itself. was depressing to which had a sustaining effect on the gene ral list but they were not in such proini- nent issue as yesterday and were less spec. tacular in the demonstration. and so had less sentimental Influence.
 The outside buying orders attracted by yesterdays strong showing were taken ad- vantage of to supply stocks in profit talk ing sales and this kind of selling occur red pretty regularly fin all favorable oppor- tunities. The seeming change in the tenn per of speculation was not based on any new developments affecting general con ditions. unless it were suggestion current action to be taken by the Democratic con vention at Denver might be upset. The reactionary tendency of the United States Steel stocks after yesterdays brilliant dis play of strength was a marked restraining influence on any upward tendency eise- where.
 in their weekly reviews was in rather strik. nig contrast with the mater on that subject which was passed abut the floor. of the stock exchange by word of mouth. while the steel stocks were soaring and this con- trast had some chilling effect. There is general confidence on the other hand that to be published later in the month will show substantial ex9ansion in the volume
 
 ton of the quarter.
 There was obvious profit taking going on in Union Pacific with the powerful sen- tlrnental effect on the whole list which this stock has come to have. The strong fea- lures were no more than sufficient to ball. ance these depressing factors.
 Other metal industrials were substituted for the steel stocks in the upward move ment. Another rise in the London price of copper helped the copper stocks Baltimore and Ohio showed a favorable effect from the maintenance of the dividend on per cent. basis. expectation having been of a reduction of at least to percent. and perhaps to per cent. basis. The good effect the stock was moderated by the announeemsnt that the prorlt % ana loss & extent of s1. 1.300.000 to pay the dividend As affirmation of confidence in an early roads by an influential authority in both railroad and financial quarters. the action was not without Influence in keeping up strength was in the northwestern granger group. This revived old rumors of an in- tended extra disbursement on Northern Pa- cific stock.
 A more substantial factor was the bril- liant spring wheat prospect and the report for heavy traffic movement by calling home their freight equipment.
 Weekly statements of the great foreign banks showed the equal revulson from the violent strain of the great periodlca money settlement. In the local money market return of government deposits thu, ment disbursements in payment of obIiga- tions and appropriations. The days profit taking was conducted cautiously and with out serious inroads prices at any time Whatever declines were involved were made up before the end of the day with the grow ing strength of the sustaining stocks in the dealings.
 Bonds were firm. Total sales par value s3.ss4.000 United States bonds were un- changed on call.
 CLOSING STOCK HIST.