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Show UNCERTAIN TONE IN J THE STOCK MARKET Continued from Preceding Page. plan provides for a participation of the Hocking Valley to the Chesapeake & Ohio, Lake Shore and Michigan Southern com-nanles. com-nanles. The C. & O. will take tho Hock-'; Hock-'; lug Valley pr.oper and tho Toledo & Ohio '1, Central will go to the Lake Shore. Some " time ago I told of the negotiations of Ed- j . win Hawlcy for this line, and the present j , indications bear out tho previous report. i ' Tho iron and steel situation Is good, ' although a car shortage has hindered full ij operations In the Pittsburg field, owing U to the Inability to movo coke and ore. j The earnings of the Southern Iron and j ! Steel company arc named at 51.150,000, ;'; while it Is certain that the full plant will .-, be operated nine months this year. The , i Tennessee company is going ahead at ' ' ; i ' fuH head on the construction of a two bll- . N lion-gallon lake at Purely, which will fur- ,'' nlsh the Birmingham Industrial belt with sufficient water for years, '.j The Birmingham boom is tho greatest , .! In the history of the south, according K-J to reports. ! i The one million dollar plant of tho t, Ragland Cement company Is nearing com- 0 pletlon. Tho Southern Steel company is . , taking steps to build another furnace at Gadsden. The Woodstock iron works, which la In the hands of receivers, will soon be put Into operation. The plants of the Horseshoe Rolling Mill company are almost ready for starting, while the ' Louisville & Nashville railroad has taken over twenty-five square miles in Cullum county, Alabama, to found a new indus-trial indus-trial center which shall be composed of expert German machinists. if The verdict of tho appellate division of "1 the supreme court of this state, giving j the cotton exchange a clean bill of health was an optimistic Influence. 1 : The bond market is broadening and the ' s; foreign bourses, acting In sympathy with 1 '-r American markets, are Arm. Nothing Is j attached to the action of tho Manches- 1 ' ,i ter, England, cotton exchange members, ,t when they bodily forced James A, Pat- ,, ten from the halls of the 'change yes- .'J terday. That perhaps was merely an 1 'i' exuberance of the English sense of humor unless Uiey feared Mr. Patten would buy y the place. As a natural sequence to the profes- jj tlonal rise and fall of the stock market !!, . .this week, there was a period of apathy " today. The inactivity seemed to result M .from cautious Investors who are holding aloof while the market is being In- li flucnccd up and down by several master hands dealing In highly manipulative I . stocks.' , ' The foreign markets were sympathetl-cally sympathetl-cally apathetic while London is awaiting ; money developments. . .' The opening was dull generally, at Pmall fractional advances. Amalgamated . Copper started with a 3 advance, w'-hich : j wa3 looked upon as covering by shorts '? 'rather than genuine accun)u!atIon. ; United States Steel mndo an initial gain ', or" i and closed V up. Harrlman Issues :i showed good strength. Union Pacific clos- ;i ing i higher. There was considerable bullish activity in Rock Island, wHlch 'li closed i higher. f ! After the first hour the market settled ,i j .quiet apd without special' features. There i' was a Great deal of liquidation by pro- li fcsslonal speculators. (Amalgamated Cop- . ; .per, which was one of the strongest I , features In the first hour lost its gain on profit-taking. 1 :j 1 The bank statement today did not give a. favorable showing. The bank reserve "I decreased 53.718.000. leaving an actual , f-urplus of $7,700,000, a very low figure ' for this time. ) The effect upon Amalgamated Copper .j. v from the transfer of Its stocks from the, i J.i ."listed department." and tho resultant j J publicity of Its affalrn. has not been H' : more than noticeable It gavo some in- .'. terestlng facts, however, showing the i grip which tho corporation has upon the 4 ' Montana and adjacent fields. - 5 1 Unless tho foreign exchange rises and the Bank of England promptly secures ! sufficient gold to check the depletion of vij Its reserve, n rise in the bank rato from tr 3' per cent to 4 per cent will bo mado . ; next Thursday. After tho narrpw range ' "1 of trading, the New York market closed : ' . I uncertain and dull. .1' Call money ruled nominally at,2J per ' ij cent. I I Government bonds were unchanged, i'i) Industrial and railroad bonds were dull, , but unchanged, . H The total sales on the stock exchange jliit were 226,750 shares. |
