The Montgomery advertiser., 1909-09-30
THE STOCK MARKET

New York. Sept 2s.-The stock spec. sh auon started at gallop today. but sn sne stra,n of the pace became obvious trading. The rush to buy and bid up prices made an excited opening, which spread prices of the speculative favor which reached as much as 10000 shares Tn united States Steel and 10000 shares n Atchison. There were wide openings then made represented the highest rec ord in some instances.
 This was true of United States stee, Ohio topped all @ preyions eIaRss pliees in ih the course of the day. The high opening of 90 l-s in United States Steel had been exceeded earlier in the day in the at the New York equivalent of 90 5-S The realizing sales which that price in- duced in London were continued in after the first half hour this influential stock sold. for the most part, below last nights prices.
 enormous pressure of realizing sales in all quarters of the list and pause to take breath was necessary preliminary to a fresh start. There were many conspicuous points of strength in the later market but it never regained its uniform upward tendency again. While Few. stocks were aggressively ad- vanced. the rest of the list held back and in some quarters there were signs of positive depression.
 Erie and the Wabash securities were sympathy between those two stocks Is supposed to be the hopes for the in creased productivity of properties that were founded on the interest manifest ed in them by the late E. Fl. Harrimon Final assistance rendered to each of them bs that financier in time of stress was designated in the final district as a rescue of the properties. The pres ent weakness of the securities Is traceabie to a fear that MT. Harriman's plans for their benefit may not be car ried out, or. at least. may lack his effi-
 Supposed dividend prospects again played an important part in the speeu- latlye motive forces. The favora - showing of August net cal. ings which the railroad companies are railroad companies are beginning to publish Is fostering influence on this Atchison dividend meeting next week will lead the way in the series of gneet- ings to which the speculation is look ing forward. United States Steel. Pennsylvania, Southern Pacific and oth- CTS were influenced by this factor to- day. and each exercised an influence on other stocks, in which circumstances are analogous.
 The assumptions of dividends on the Westinghouse Electric preferred stock today after being suspended since 1907, was the only tangible development in the uIrectlon or Increased diSburSe- ment of profits. The effect on senti- ment owed something to the recoliec- tion that the difficulties of that com pany made one of the premonitory symptoms of the financial crisis which developed in October of 1907.
 The call money market remained tranquil, in spite of the forces of de- pletion of cash at work and the time money market was notably easier in tone. The banks report that large cur rency shipments continue to the South and Southwest, and the sub- -treasury's subtraction of cash from the banks for the week rose today to $4,71i,O00. Discount rates in foreign money mar kets were firm again today. The banks called attention to the import ant effect on the local supply of cash Of the large aggregate sum borught to New York by the enormous crowd of visitors to the Hudson Fulton celebra- tion. This may afford an important offset to the drain through other chan nels.
 The pressure of the selling to re. alfze increased as the day proceeded and made the support of prices increas- ing difficult. The closing tons was sold was the largest since the excited market in April in connection with the reported listing of United States Steel on the Paris bourse.
 Bonds were irregular. Total sales, par value. s6.387.O00.
 United States bonds were unchanged on call.
 CLOSING STOCK IIaT