The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-08-11
THE STOCK MARKET

New York. Aug. 10.--The stock mar
ket fell into iistless and apathetic
mood today. which was suggestive of
the passage OF the influence most re-
lied to stimulate price movements
The last of these was the crop report.
and Its effect in attracting new de-
mand to the stock market was neglt-
lisible, Judging from today's 1ethar-
gic trading. The powerful forces
back of the. market apparently were
looking to the crop report to AFFORD IA
basis for selling some OF the accumu-
iation of stocks that has been made
In the course of raising prices TO their
present lofty altitude In the absence
of sufficient demand to absorb profit
taking sales. the sales were withheld.
sons e. he
ductors of the speculation and their
indifference TO ordinary discourage
ments. The professionals who at
tempted to anticipate the expected
profit taking by short sales yesterday.
were compelled to cover up their
shorts today. This bear covering was
responsible for large part OF the
market today. The covering opera
tions concluded, there was no inclina-
ton apparent to push the advance. a
few stocks were lifted on account OF
the particular considerations ana
with some sustaining effect on the
general list. but the market as a
whole fell into semi stagnation as the
day advanced. 1t is not Improbable
that the stiffening call loan rate had
an influence In restraining the opera
tons for further advance in prices.
Call loans were made above the per
taken at that rate readily by the Dor
rowers
Far as the rates are from money
strin9ency, they represent a iistinct
which have kept Idle funds pressing
for employment in the stock market
at almost nominal rates for months
past. Even the heavy money settle
year on July did not make any bet
ter rate for day tc day loans than
2 per cent. The immediate cause OF
the higher rate yesterday and TO-DAY
was the weak bank return OF Satur-
day and the heavy payments for Gus
toms duties which were incident to the
rush imports to anticipate the en-.
forcement OF the new taIlil Jaw; Womb
prove temporary. Customs receipts
are still heavy. however. From Int.
rior money markets some reports OF
hardening interest rates which prove
kept up to the redundancy with eust-
ness expanding and industry reViving.
Authorities in the Chicago money mar
ket expect an early return to fairly
Amongst the special points OF sire myth
In today's stock market. ROCK lsiana
was conspicuous and with erect on
speculative sentiment owing to the
suspected identity of the controlling
interests in the property and the most
aggressive forces in the present stock
market. The growing earnings of the
Rock Island company give occasion
for speculation over resumption OF
the dividends on the preferred stock.
suspended since the autumn of 1905.
The preferential right Of the superior
stock tc dividends which was limited
to four per cent. when they were paid
before. rises to five per cent. in 1910
and then six per cent. In 1917. The
copper group was strengthened by the
July statistics of the copper produc-
ers' association. The months redpc-
ton in stocks of 32.261. Asa pounds rep
resents more than half the total re-
duction which had occurred from the
maximum. Plus on April 80 last The
large part placed by domestic de-
mand In the increased deliveries, the
gain on that account over the preced-
Ing month reaching 14,92S.967. was
considered of especially good augury
and are believed to represent growth
of real consumptive demand.
Bonds were irregular. fetal sales
par value. SO. 43S. 600.
United states bonds were unchang-
ed on call.
CIOsING STOCK LIST.