The Montgomery advertiser., 1908-09-10
THE STOCK MARKET


 New York. Sept. s.--An unusual thing aoout the current upward movement In prices in the stock market Is the freedom with which admissions are heard near, ,, of the part played by profes.. ps. are common to most of the market letters and advices sent out by com mission houses to their clients or ap- A small combination of very wealthy capitalists Is given credit for the sum mer rise Tn prices and there Is no dis. guise of the belief in the large part played by manipulation in tine advance. Even MT. Hartman himself. while as- serting his faith in the value of his properties as reflected in the advance precision to his conviction that much of the market activity In the shares represents sales. made a circle" traders, may, in fact, make up the market transactions, and 1t Is clear that tn so long as the buyers are wiling wiling at an advance In price. the succession of paper profits will continue.
 MT. Harriman's description might apply to such dealings which sare not unusual in period of speculative ex- citement, until the same universal dis position to sell and realize profits in fairs. The description would also ap- ply to transactions on matched or ders" or even to washed sales" which are frowned upon by the rules of the disclosed as part of the methods brought out by investigation of firms which have fallen into disgrace .from times.
 While such centered and manipula- tive operations are generally recogniz- ed ed as responsible for much of the ap- mains true that holders of stocks out side the purely speculative ranks are small small sellers s, at any any stage of the ad- agreeing on the small outside buying demand for stocks. have to report equally small orders from such constitutes the basic strength of the market situation and keeps up the that effective obstacles to the rise are are not likely to be encountered so ance makes 1t easy and profitable for the millionaire operators to take on tbe s5eoEs and t9 emPlboy vast sums in movements of stocks.
 Both Union Pacific and Southern Pa- showed operating costs cut down suf- nclently to more than overcome the decline in gross earnings and to es- ta6iish gains in net over July of last
 The Western Union statement of earnings for the September quarter mad some effect on sentiment with its transformation of a deficit last year or Sl:96l 5S1 into a surplus this year oL $l6sl4S. But last years operations of the company were hampered by tn telegraphers' strike, leaving the com Parison of no value as a reflection of business conditions in general. The days crop news did not quiet. the feeling of anxiety over the corn crop. copper was lower in London. The day's changes in the money market were were not perceptible in the quotations. The rise. in discounts in foreign ex- enddngs end here compels some attention possibility of gold exports again. The requirement Is supposed to be for ahrge forthcoming Government loans abroad. There was small transfer of currency to New Orleans and other indications of rise in the tide of fhe currency movement towards the Inter r,or; Sales to realize prohts had some slight effect in reducing the days Tgxtreme advances. Bonds were firm. rotal sales, par value, S4,s96.o0O. united States bonds were unchanged
 CLOSING STOCK LIST.