The Montgomery advertiser., 1908-09-01
THE STOCK MARKET

:. New York. Aug. 3i.--The bull party cas- ny demonstrated Its conrol of the market again today. but it showed disposition to use its power with moderation There was nothing sensational about the market and dealings were on restricted scale. Any occasional downward tendency of prices, however was restrained and there were suf- ficient points of positive strength in the market to serve as adequate sustaining
 There was fair degree of realizing con- ducted at various times during the day. es- ders at the outset by commission houses, representing the accumulation of business over the end of the week. There was a good deal of curiosity in regard to this week end commission house business and the reliance placed upon 1t as index of the growth of public interest in the market. sions growing out of the investigation of stock exchange methods by the board of effect of deterring outside interest in the stock markets. Its influence was felt. 1t was believed In the small amount of new business coming from outside sources A growth of such business not lacking, however. and 1t was taken advantage of to effect some realizing sales. marking the conservative disposition of the controIling bull element. That element was practical " unopposed in the days transactions, the bear Dirty being alnfost non-existent, ac- eording to the common rumor of the best informed opinion about the stock exchange The punishment dealt the bears last week and those short, was not lost sight of and served as continuing influence of intimi- dalton against operations on the short side of the market. The days develop ments were not Important, but were gene- rally on the side of keeping up confidence in the speculative outlook. The interna- creasing attention as a bulwark of the money position here, which is mainstay of the speculative position.
 Foreign exchange experts agree that gold could be secured freely for the New York market on any evidence that use could be found for it In the banking reserves The continued r0dnndanRv nf he market is all that prevents our strong con- trol of the international exchanges from excess of merchandise exports from this country which is computed as probably s4oo,ooo,ooo for the seven months including August, the usual summer borrowings of the New York market abroad have been on an unusually light scale in view of the lib- eral supply of money in the home market. against us has been less than usual owing to smaller expenditure by our travellers in part by the tide of emigration which rose above that of immigration for that period. The depression in the shipping trade has also reduced the amount of our bill to foreign carriers. Finally. foreign investors have taken freely of securi- have shared largely In subscriptions to new bond issues by railroad companies. It is taken for granted that the heavy accumu- preparation for forthcoming government loans, especially a Russian loan. No doubt is felt, however, that rise in interest rates here by reason of interior withdrawals for crop moving increased business act ivity, or indeed, for speculative employ ment of funds. would draw gold from Eu- rope up to the point where interest rates there would rise to a level attractive enough to turn the tide of the movement again. The days strength was shown mostly in industrial specialties including the copper group and the New Tor kpublic util- ities. The railroad list was inclined to lag in spite. of the leadership of the Har- riman Paeifics.
 Southern Pacific raised its high record price again United States Steel pfd at 112h sold practically at a record price since the dividend of K per cent. was deduct ed this month. The stock sold at 113N in January of 1906. The late advance in wheat and forecasts of a severe decline in cotton conditions during August. without allowance for recent storm damage contrib uted to the late reaction in stocks and to the easy closing. The days net rise was small.
 Bonds were strong The special strength of the Japanese bonds was due to the adoption of the retrenchment measures by the imperial Japanese government. Total sales par value $4s206.000 U. S. Bonds were unchanged on call.