The Montgomery advertiser., 1909-08-05
THE STOCK MARKET

y tH y
New York. Aug. l-IThs stock mar
conservation OF stock commisston
houses. which IL voiced in the warn
tngs contained In advices to customers
q the high level % the market ana
ing which the advancing tendency en-
dures adds to this spirit amongst the
professional element and habitual fol.
lowers Of the market, A number o.
was cited today with increasing In
frequency. as an evidence that reaction-
was imminent. The professional ele-
saoa. s. a ns S 3 se
the reaction The success Of this ef-
fort was moderate and was mixed with
the rise at various new points The
the market was accepted as renewed
proof Of the control held by large finan-
cial interests In the course OF the mar
ket This control has proved so effect
to intimidate the opposing party in
the speculation which 10 without the
leadership of any Of the powerful and
resourceful personalities which have
The news continues to Indicate en-
BANGING values Of securities and the
only question In the speculation is for
technical position and whether prices
they are entitled to. The Immunity
OF the call loan market from any In
iuence OF the shifting tide Of the cur
rency movement makes bulwark for
the holding Of securities. many OF
which still pay. q materially higher
investment return than can be secured
tn the money market.
for June and Of the fiscal year OF the
Hartman lines. was signalized by an
advance in the price of Union Pacific
to new record price. although O
intimations that no change was intend:
ed In the dividend declarations next
week. Union Pacific's revenue over
expenses and taxes Of sss,234.314 for
the year takes no account of the In
come from Investments. which amount
ed to $16.01s.e92 for the preceding rs
cal year. the aggregate Implying
sad ms se , Hss u Ssr cent
Ss 1870 year ~ ", POI ''A''
The comparison Of railroad earnings
has come now to apply to the period
last year when the railroads had So
ating expenses to meet the great de-
probation in gross earnings. The net
earnings at this time last year in con-
sequence suffered less In comparison
In June net earnings this year com.
pared with the last for that reason
have less Significance than the changes
in that item in preceding months.
Such changes already reported include
q sprinkling OF actual decreases in the
net showing. Last years heavy cut
In operating expenses Is being made
good by restored outlay for the up
keep OF railroad properties. the item OF
operating expenses invariably showing
large increases over last years figures.
The Industrial specialties were the ia
yorites In, today's show of strength.
Reports OF increasing purchases of
equipment by the railroads implied
value for stocks In that group. Their
advance Is corollary,, also OF the long
rise In United States Steel. the market
price Of which usually bears an ap-
proxfmate ratio to that of companies
which use steel in their production. A
cord prices. in emulation of the rise
In United States Steel, the market price
of which usually bears an approxi-
mate ratio to that OF companies which
use steel In their production. A num-
Der of these have now risen to record
prices, in emulation of the rise in
United States Steel. The number Of
stocks touching record prices on this
movement Is gradually expanding and
now includes quite a list Of Industrial
securities and minor railroads. The
coppers had the benefit of a higher
price for the metal in London and also
of rumors reported from London Of a
coming merger Of the largest compa-
MES now concerned in the mining and
sale of copper. -
Bonds were irregular. Total sales
par value, $6,022,000.
United States As registered declined
s-4 per cent. on call.