The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-08-12
THE STOCK MARKET

New York. Aug. 1.-THE most con
spicuous movement In the stock mar
ket today was in the Louisville and
the Controlling Atlantic cast lane and
the eontrelaed Neshviile. Chattanooga
and 81. Louis. The advance in this
group proved e9eoe1ve IN sustaining
r rs sales. whsre earlier strength
In particular stocks failed to do so.
Union Pacifc's sudden advance to a
new high record or zoy late In the day
ness to strength. The professional ell
ement was quite generally on the side
NJ lower prices and the disposition to
sell stocks on good news was believed
to emanate from quarters. regarded as
influential IN the control OF current
price movements. The passing Of in
huences relied on to keep alive specu-
sas to hold s9ss se wsn
market supplied the motives for this
speculatiye attitude. The movement In
the Southern group was accounted for
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 authori-
ing this plan, but the buoyant rise In
the stock lent credence to 1t. The ac-
companying rise In Atlantic Coast Line
was natural sense In view OF the
tority OF the stock BY Louisville and
Hooking Valley stock wa. the result
also ct deal" rumor which pointed
the Chesapeake and Ohio. in further.
ance OF the project for the Junction OF
the so-called Hawiey Railroads. The
rise in Northern Pacific was in rc-
earnings. the net rsvenue from opera
tion for the month doubling that for
the corresponding month last year.
surnissed By X. poop copper h idnstrisis s
which was common also to copper min
ing stocks In the outside market and
elsewhere In the world An excited
was the consequences OF yesterdays
American Copper statistics and the
tone OF the market for the metal In
New York was reported decidedly firm
ey also
Advices from the steel trade of ad-
ditional orders for steel rails and for
cars from the railroads did not pre-
vent a decline in United States Steel:
Reading and Union Pacific. while IL
lasted. had more influence on the pre-
vafling speculative sentiment than the
extent to which operations have CEN
tered In these stocks all through the
present stock market campaign.
Call money continued to rule above
WV per cunt. utoncy cen"
tiers gave notice Of their probable re-
quirement to draw on New York de-
posits In the near future. The gov
ernment's report on July agricultural
exports reflected the small grain ex
ports while the enormous customs
receipts during that period made 1t
certain that sustained heavy imports
Will give another unfavorabie balance
on the merchandise movement The
hardening OF the local money market
10 making an impression, nevertheless,
on the foreign exchange market. The
lower rate for interest In London
prompts borrowing there for employ
ment In New York and me appearance
OF bankers and finance bills IN the ex-
change market to effect a withdra wal
from the London market keeps ex-
change rates down.
London Is able to command remit
tAnces to San Francisco, however
against shipments of gold to Japan,
which are In payment of English SUBJ
scriptions to Japan's Internal loan.
Another 100000 was thus remitted
today. The late bulge In Union Pa
cifc gave rise to renewed discussion
OF dividend increase and Louisville
and Nashville also rose its previous
pares with leo paid by the Atlantic
The whole mark ct turned strong un-
der these combined Influences.
Bonds were firm: total sales par
value $S.24S.0oo.
United tSates ~ coupon declined one
per cent.
CLOSING RT0Crx HAT