The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-08-10
THE STOCK MARKET

New York. Aug. s.--United States
Steel at rs 1-s; Union Pacific at 205;
Reading at 1855 la: Atchison at 40
Ia: Great Northern Ore certificates at
stock market that centered attention.
leading favorites Of the stock market
speculation. The three first named
portion of the days total dealings. The
only particular influence bearing en-
these movements was the news that
tie so,s ssmaining holdings iS the Union ion
certificates and OF Northern Pacific and
Great Northern preferred had been
marketed. thus adding to the enormous
Pacific. The inference drawn from this
was that a block of Great Northern
Ore certificates that had been over
hanging the market with threatening
was entitled to q rise. The profit in
dicated to the Union Pacific was a.help
to that stock also. Less was heard of
sur lsd that has , been greyalent since
ment holdings Of stocks became known,
OF the intended destination of thelpro-
ceeds of these sales for REIMBURSEMENT.
Bb sy,sas OF New York Central for Union Union
conjecture of the speculative element.
but 1t was not heard today. There
arose some question instead whether
holdings was not in force by Union
Pacific. Discussion was revived also
Of the condition Of E. H Harrimsn's
Another influence on the early stock
market. or on that portion Of It in
GLIDING the stocks OF Southern Rail
roads Companies, was the news OF gen.
s snns rains sa In Texas oyer Sunday The
ton of the cotton crop grown in that
State was clearly reflected In the down
ward plunge in the price Of cotton and
stocks of railroads which have a large
cotton traffic responded.
A rise In the London price Of copper
faiied to benefit Amalgamated Copper.
but American Smelling and National
Lead were among the early strong fea-
lures. Expectation had been raised
very high OF the favorable character to
be shown by the governmenk crop re-
port. This was help to the early
strength in stocks and led up to pro-
nounced dizziness in the period OF sus-
pense before the publication of the re-
port. This was due to fear that,
prove. sales of stocks would be push
ed to realize profits when the news was
published. AS a matter OF fact. the re-
port was disappointment especially
prospects for this crop have been call
ed very brilliant In the trade and an
improving tendency was assumed. The
sharp decline in the condition figures
reported by the Agricultural depart
mant to STA on August 1. compared
with s9.s on July l. failed to bear out
The profit taking sales. therefore,
instead of meeting increased demand.
encountered competitive selling and
prices broke sharply to below last Sat-
urday night. Hasty short covering
rallied the market, but the closing
tone was irregular.
The increase indicated yield of whit
or wheat and the slightness Of the de-
terioration in spring wheat for the
month helped to counteract the effect
OF the corn showing. The amount of
outside demand for stocks coming into
the market at the opening OF week
as q result of strength shown by last
weeks stock market prevailed mode
rate and prices made an early reac-
ton under the burden Of the selling to
realize
The recovery to top prices in a limit
ed number of stocks did not induce a
very general response. A firmer tone
In the call loan market was an incl
dent OF the day. which was the eonse-
Quence OF the considerable inroad up-
on surplus reserves Of the banks made
by last weeks decline in cash holdings.
The q liz per cent. rate was higher
than has been touched since the sec
ond week In June.
Bonds were irregular. Total sales.
parvalue $4,626.00u.
United States 4s coupon declined ia
per cent on call
CT19VNG GTnrEr waw