The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-08-13
THE STOCK MARKET

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New York. Aug 12.-The specula-
ton In stocks took sudden burst Of
activity and reoulted in a frothy up
shot Of prices In today's market. The
as prolonged an advance as has now
occurred and with prices at as high an
altitude as the present, aroused the
suspicion OF operators Of professional
signs Of reaction. The relapse late
In the day was sharp. The compare
tive steadiness of some important
stocks In presence of the volatile
movements Of others around them sug-
gestive Of q process Of distribution go
Ing on under cover Of the excitement
caused by the sensational advance In
0' in tS sss Southern sroo which attract
ed attention, the realizing process was
tons and feversh fluctuations. The
conspicuous character of the stock In
their standing as stock market leaders
served as effective stimulants to the
speculation. With the nearer APP
proach of the average prices of the
with the other high record level of
1908, there was closer analysis of the
details of the price quotations than.
for the purpose of making compari-
sssreT pros rss part fsm aye Stocks Sy the
the previous advances stands out. For
instance, Great Northern preferred
sold as high as 32s rs in connection
ment and the subscription rights 70
new stock. That price compared with
157 7-S today Northern Pacific also
sold then at gil Ia compared with
Northern also sold then at 211 Ia.
compared with 159 1-2 today. Some of
the industrials exhibit some discrepan-
cies, the 1906 maximum for Amalga-
mated Conner reaching He 1-Z COM
pared with SO is today.
American Smelling touched ia In
1904 compared with 1o4 rs today and
Colorado Fuel SO u.s. compared with
LAT Is. These discrepancies lead to
an inference on the part Of some OBJ
servers that the present average
history. There are examples of dis
tortion of the averages by excuses In
prices of particular stocks now also.
For instance Union Pacific 210 IA to-
airy of 1906, Southern Pacific 1877 SIS,
compared with 80 rs and United States
Steel rs rs with 46 Ia. There was
much discussion in the financial dis
stock exchange admonished one of the
most conservative stock exchange
houses in the present market Of dan
gerous over extension and thinning
out of margins. Yesterdays heavy
selling was supposed to have result
ed from this warning, which was in
accord with the policy inculcated by
the report of the commission appoint
ed by Governor Hughes to investigate
changes and tacitly agreed to- 1t was
intimated by the officers of the New
York Exchange. This incident sharp
ened the watchfulness for signs of a
elimination in the rise. The news in
connection with price movements
moved away from the more general
consideration of conditions common to
all securities and took up deal rum
ors. The buy buoyancy of the Harri-
man Paciffcs grew out of a rumor that
the Union Pacific executive committee
crease in the dividend distribution of
the two companies. The discussion of
plan was reviewed with a variation
pointing to an issue of certificates of
participation in profits on the COM
ed from abroad that the. French
ing Gould loan and in Pennsylvania
stock subscriptions. Buying for Lon
don account was a helpful factor to-
ward strength. The days business
proved the. largest since the active
market in June when the Paris listing
ed. The later market was decidedly
reactionary and with a considerable
list of stocks selling lower than last
night. The feverish action of some
stocks increased the suspension of
bad technical position and prompted
to some heavy unloading, which broke
prices badly
Bonds were irregular. Total sales
par value $7,073,000.
United States bonds were unchanged
on call. .e-.----- -.,.,- .~ ~.