The Montgomery advertiser., 1908-07-29
THE STOCK MARKET

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 New York. July 2s The speculation in securities had good deal of mate rlal available for the formation of con- lecture tn the events which were ex- Pected 10 occur in course of the day. Insse included the delivery of the Tor the Presidency by the Republican candidate and the quarterly report of earnings of the United Sttates Steel Sorporation4. There was injected into tne situation also the official intimation that the Interstate Commerce Com mission would investigate the reason aoleness of increases in freight rates or which they might receive notice in those rates. There were furthermore the conferences over the affairs of the Gould railroads and the surmises which these gave rise to. The result Of these various factors was to sir up con siderable degree of feverishness in the stock market which was reflected In the nervous fluctuations of prices. The situation in the Gould group came in TOT an unexpected amount. of attention. The returns from Europe If the head of the system was followed by statements Tor publication indicating that plans Tor providing for tS,000.O00 Wheeling and Lake Erie notes Falling due on Aug. l, and guaranteed by the Wa bash, remained to be formauited. The statement of the situation caused un- easlness and was responsible for the early violent break in Missouri Pa cific. The early impression was re- versed with the growth of a conviction that settlement of tie Wheeling and Lake Erie note matter would involve the entry into the Gould properties of the Hartman interest looking to the neutraiiation of the projected Western Pacifc as competitor of the South ern Pacific. Another line of surmise regarding the new alliance was indI- cated by the strong tone of the Erie Awra sos& a nr.t, between the Erie and the Gould East ern outlet project was inferred from this movement. The declaration of the regularly quarterly dividends on the Hartman Pacifics fin advance of the usual period and the announcement of the early departure of Mf. Harri- man on an extended vacation trip. kept alive the supposltion of urgency in engagements The determination irn- piled by the statement of the Inter state Commerce Commission to impose an increase in freight rates was att srinuted to the inspiration of the chief executive and was the subject of some troubled commend in the financial dis trfct. Much has been based on the ability of the railroads to bring about higher rate of compensation for the services as a method of extrication from the financial pressure. After the appearance of Judge Tafts speech of acceptance, prices generally reached the highest of the day. These were near the highest level of the year in some cases, including United States Steel, the Copper and Mining indus tries. and the Pacific Railroad stocks. Reports from authoritative sources pointed to the substantial betterment of the health of the copper market It was known that the United States Steel quarterly report would not be pub lished until after the market closed, and It was counted upon that any un- favorable sh owing in the report would be accepted as past history. It re- mains to be seen how the fact win be digested that untitled orders on hand on June 30 had fallen to 3.S1s,000 tons, and falling off of 452, 900 tons from March 31, showing the lowest tonnage on the order books since the Septem- Der S0th report in 1904 News from the crops was unfavorable. Profit taking took something from tho ex- treme advances in the late trading Bonds were irregular Total sales, par value. S2.340, 000. United Ltates s's. registered, advanced i-4 per cent on call
 CLOSING STOCK LIgr.