The Birmingham age-herald., 1909-08-12
STOCK MARKET
 IS VERY STRONG
Louisville and Nashville Makes
 a Spurt Upward
NEW RECORDS IN PRICES
Union Pacific Touches 2o7 and Other Stocks Are Bullishly Affected. Call Money Continues Above
 the Two Per Cent Mark.

New York, August 1.-The most con- spicuous movement in the stock market today was In the Louisville and Nash vile group, embracing that stock, the controlling Atlantic Coast Line and the controlled Nashville, Chattanooga and St. Louis. The advance in this group proved effective in sustaining the general list against the force of realizing sales, where earlier strength in particular stocks failed to do so. Union Pacfic's sudden advance to a new high record of POT late in the day transformed the market from weakness to strength The pro1ess1onal element was quite generally on the side of lower prices, and the disposition to sell stocks on good news was believed to emanate from quarters regarded as inf1u- ential in the control of current price movements
 The passing of influences relied on to keep alive speculation and to hold prices together with the hardening tendency Of the money market supplied the motives for this speculative attitude. The move ment In the southern group was account ed for by reports of an intended bonus to stockholders to take the form of a stock issue to cover expenditures made on the property out of income and the treasury surplus. There was no authoritative in- formation to be had regarding this plan. but the buoyant rise in the stock lent credence to it. The accompanying rise in Atlantic Coast Line was natural se- quence in view of the ownership by that company of a majority of the stock or the Louisville and Nashville.
 The jumps in the receipts for Hooking Valley stock was the result also of a "deal' rumor which pointed to the ap- sorption of that property by the Chesa- peake and Ohio, in furtherance of the supposed project for the junction of the so-called Hawley railroads. The rise in Northern Pacific was in response to the strong showing of June earnings, the net revenue from operation for the month doubling that for the corresponding month last year.
 Another strong point in the list was furnished by the copper industrials, which was common also to copper mining stocks in the outside market and elsewhere in the world An excited market for cop per warrants in London was the conse- ouence of yesterdays American copper statistics and the tone of the market for the metal in New York was reported decidedly firmer also.
 Advices from the steel trade Of addl- "tional orders for steel rails and for cars from the railroads did not prevent de- cline in United States Steel. The heavi- ness of this stock and of Reading and Union Pacific, while 1t lasted, had more influence on the prevailing speculative sentiment than the strength of other stocks, owing to the large extent to which operations have centered in these stocks all through the present stock market campaign. Call money continued to rule above per cent and interior money cen ters gave notice of their probable re- quirement to draw on New York deposits Tn the near future.
 The governments report on July agri- cultural exports reflected the small grain exports, while the enormous customs re- ceipts during that period made 1t certain that sustained heavy imports will give another unfavorable balance on the mer- chandse movement. The hardening Of