The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-07-14
THE STOCK MARKET

New York. July 1.-THE narrow
were marked distinetly again today
with the effect Of 70 discoursging the
70 ss.r they
The stagnant condition OF the later
market yers tho consequence The
net net. resuit nrosiiy speaking, was e
interest and Importance attached to the
rhovemsnt In Unttsd states steel and
y was considered q good omen when
II sold at the OPENING at 10 after its
81 .s sss sssssss
Reasons for tho caution with which
the market managers Of the stock APP
that price wsr Sy
spprectable amount OF stock was mar
keted at 10. the first four thousand
shares sold simuitaneously being
quoted s together st 60 "a e 20. After
s sns opening q "a . single hundred shares
Immediately below that figure, there
was q heavy, Active market for q time
with buying and selling orders quite
came the more urgent ami the price
ran off. Professional traders hold a
theory that when stock has success
Iuliy passed previous high level, i
Steel when It should touch 10 which en-
ceeded its record price by is. But
that price has also been pointed to by
market comment ~ possible limit Of
an upward movement. The event
proved that very heavy selling orders
were contingent on the stock market
making that price. and not necessarily
for execution at that price but at the
market when the signal should be given
orders followed the stock on its down
ward course and had an Influential
q the On daS S' osfeGsd smai help
the price movement. Large require
ments on the money market came out
and 1t is realized that the determine
present owes much to the cheapness and
plenty of money. There was no change
In interest rates to Indicate any pres
sure on borrowers More gold was en-
announcement was made OF weekly
shipments to the same destina ton In
tended for several weeksN ahead. This
was In spite Of further material fall In
sterling exchange rates.
The sub-treasury is absorbing f.
from the bank, and the $4,000 INSTALL
ment Of government deposits called by
the treasury for repayment on Thurs
by the interior banks. by means Of
drafts on their New York correspon-
dents A recovery in New York Ex-
cnanGe at chicago 20 small premium
today was an Incident of the situation.
In London there was an advance in the
private discount rate and an apparent
expectation that II might 60 further,
owing to large new capital Issues and
reviving trade. The same factors will
be considered here. There is a notable
subsistence of the talk regarding the
rapid Absorption of new bond issues.
The Wheeling and Lake Erie stocks to-
day came into the range of the ankle
~ caused BY re-organizations to be
faced. wabash preferred seemed to
benefit from this prospect. The talk
OF q combination Of the Illinois Cen
tral into the Union Pacific system
gave rise to rumors of incursion into
the southern railroad regions of other
northwestern systems by traffic al
lance and connections.
Stock market operators keep an at
tentive eye on the crop news and on
the tariff bill conference. Some ex-
PLANTATION of the disinclination to specu-
late In stocks might be found in both
these topics.
Bonds were irregular Total sales
par value s3,03S, 900. So
United rs declined Ia per cent on
nv norrrf, arnrxr vrs,u