The Montgomery advertiser., 1908-09-03
THE STOCK MARKET

New York; Sept. 2.--The tone of the spec ulation in stocks today showed a degree or distrust and hesitation. The feeling have been carried already and found ex- pression fin refrainins from further buying ana bidding up of stocks. more than in any acuve attempts to get them there. The lesson of the punishment administered to the bears last month Is too fresh in mind
 The doubts about the warrant for inc present level ofp rices are due to some skepticism over the alleged rate of recuper- auon in business owing to the lack of con nrmation in figures of railroad earnings car movements, bank cIearings and other usual us indexes of any but moderate growth of the money market while constitutlng the mainstay of the speculative position on the long side of stocks Is itself matter for suspicion of tagging commodities and uare- chandise markets. The. absence of the usual seasonable demand from the interior marks.
 New York exchange at Chicago fell last week to s5 cents discount and this was sup posed to portend the coming movement of funds from New York to interior markets Tor the crop movement and the fall retail cls,ri6a.ion; ca sa b n; Now the exehangs at cni. again. There Is some trace of an inward currency movement discernibie in the sub receipts of drafts on their New York corre- spondents from interior banks for payment to the government of internal revenue ob-
 
 from the banks for several days past by such operations. more than offsetting com tributions of the earlier operations of the week. This is a symptom of use found for funds in the interior, the draft on New York deposits to pay the government being
 The movement in this way. however. Is not of Important dimensions. The opinion voiced in the monthly circular of a large be made this fall by the treasury on the national banks for the return of govern ment deposits. attracted some notice as promise of another factor towards increase of available money supplies The pressure of funds for investment under these com ditions of the money markets is perfectly logical.
 Even with prices of stocks at level to invite realizing sales, the difficulty of finding other profitable employment for funds deters holders from selling. Money on call Is almost drug in the market and the scanty supplies of desirable com vestment. The railroad mortgage market is affected in the same way The report that foreign investors are joining Tn this demand Is less easy of comprehension in view of the international exchange situa- tion With the crop products still to be ex- ported. the foreign commerce TOT the year ear credit of this country. while foreign banks continue to seek gold and to hold interest rates at relatively higher levels than in New York Ordinarily this would mean the sending home of American securities to market. London and Berlin were reported large buyers of stocks here today, never theless, and this an important factor in the early strength of the market. The price of copper marked down at the New York metal exchange and this with the poor showing of the annual report of the American Smelting and Refining Com pany made the copper shares vulnerable to pressure The increasing exclusiveness of the demand to the Harrimans stocks, with the neglect of the general list was a source of dissatisfaction to those long of stocks. American Smelting broke with some vio- fence and the whole list sold off.
 Bonds were irregular. Total sales par value s5,s12.000. United States bonds were unchanged on call.