The Montgomery advertiser., 1908-08-28
THE STOCK MARKET


 New York. Aug, e7.--under the influence or heavy covering movement induced in large part by ap evening up process of the Brown sa and Company la @ todsys ah1n stock K n mar ket made pronounced progress in the di- rection of higher prices. Again the trad- cifics advancing to q new high level and Union Pacific selling at its highest figure n n considerably oyer year As has been tended the upward movement of these stocks, but the board room was fuii of ern Pacific dividend and talk of better earnings for both roads for July Encour- asemsnt was found in the belief that no suit from the early weeks excitement.
 An excellent impression was created by the ease % with which the nsw Atchison tl1.0Oo.000 bond issue was marketed and by the generally better demand for high class bonds. In speculative circles more cheerful view of market conditions seemed
 To the careful student. IL is evident that the large increase in the number of share has greatly reduced the floating supply of securities Then. too. the continued cheap G sa tss pu chase of bonds and assured dividend pay CTS. Trading during the first hour was al- asy aad saes aeserss factors a 6s ooa damages in the south and numerous unfav- orable railroad returns seemed to call for
 For the month of July, fifty-five raii- roads reported a decrease of 16. 57 per cent month returns from thirty-six roads showed decrease in gross of II .73 per cent. and for the third week twelve leading lines % vidusl In ststemenss nss we're Northsrn Pacific with deficit of sss.0oC for June. and Lake Shore and Michigan Southern. whose quar. ter ended June 30th showed decrease of over ss25, ooo in surplus. The poorest ex- hibit was that of the Southern Railway. Theh yas ss ss rs R ross weeh o this month alone falling off s1s6.000. That the Western roads are. making slow pro July statement of Chicago Northwestern. which reported decrease of about $780, ooo in gross Reports dealing with the Southern floods were decidedly conflicting. Private advices from South Carolina es- asa the asmsss 'o Ss'op as no more s damage in Georgia. while more authoritat- i've reports declare that the flood Is one the hisotry of the carolinas. The weekly summary of conditions in the middle west eonfirms last weeks advices that further benefit has accrued to crops from the re-
 The Hartman issues became buoyant in hs n.s S the n Ss gam made net gain of 4h, and Southern Pa cific and Union Pacific scored net gains of
 Trading in the last two Issues constttut- ed over thirty-three per cent of the days business. which closed at the top despite heavy realizing for profits.
 Lacakawanna. on small transactions gain ed 1sh points. In the London markets Americans were strong and some demand for Erie issues was reported from the con- tinent. Tho demand for money here con- tiRnes at standstill with frser offerings. :.
 Foreign exchange advanced smartly on active bidding to cover short contracts. but later lost its early gain. Another S500,00n gold coin shipment to Canada was made tn- day, making the weeks total to date SL- 350,000 There were few notable features in the weekly returns of the leading Euro pean financial institutions.
 increased barely s1.50O.o00 making its pro- portion of reserves to liabilities 53.6 50 per ceut. e gain of 80 per cent on the prev ions week.
 The Bank of France increased its gold holdings by about S5So.00p.
 The general bond market was strong. To- tai sales par value. $6.430.00o. No change in Government bonds on call.
 CLOSING STOCK LIST.