The Montgomery advertiser., 1903-06-13
WALL STREET REVIEW
CONTINUANCE OF THE ACTIVE
 BUYING OF STOCKS.
Close Active and Firm at Near the Top Level-Large Demand of the Morning Fed
 Freely.

NEW YORK, June I2-There was a con- uhnance hsas today of the active buying of stocks prices were carried to a substantially higher level throughout the list on dealings of over a million sha.es. The market closed active and firm a. near the top level, profit taking on the considerable rise making insignificant i'm piession on prices. The large demand this
 morning for stocks was fed freely, and the ac- tive trading of the first hour was within a fractional range of fluctuations after the opening advances. The confidence with which neewd buying. The demand showed signs of being satisfied at times during the day and there were lulls in the activity of the market with fractional recessions in prices, but no important pressure to sell developed at any tme during the day and the bulls had the situ- at on completely in hand. Evidently a con- siderable part of the demand came from the shor: interest which had failed to cover yes- terday in the hope of a reaction from the first round of which had put out fresh lines to contest the recovery There was some covering of short lines of older staiding well. which were put out earlier in the day stock market reaction, and which have remained uncovered through the occasional rallies. This demand significant of feeling of confidence that temporary.
 There is a recognized waiting investment in the demand which has held back from buy ing on the principle that so long as the mar ket was going down they might get stocks cheaper. Thursdays sudden rebound deprived this element of its opportunity to buy stocks near the lowest. but there seems to have been 6Ome DuylnH or tnlS character today. Inere was evidence also of some new speculative ventures on the long side and renewed tivity in certain stocks. The dealings in Read ing were on extraordinary scale and 1t rushed up points in the late dealings, help ing materially to sustain the late strength of the market. judicious decision affirming the right of the coai-carryinG companies to refuse to comply with certain demands for informa- ton by the Interstate Commerce Commission was the fnan basis for the rise. Rumors were circulated also of very strong showing of earnings for May to be shortly published. The Baltimore and Ohio and May statement show ing more than two-thirds of a handsome in- crease in gross earnings preserved for the net with 1t prominent features of strength. The Pacihcs and St. Paul in large demand and there was some disposition to attribute the strength of the Gould group to vague sugges- tions that the heavy accumulation of Penn sylvania on the decline had resulted in suf- ficient holdings to secure representation in that company for the Gould interests. The fore cast of the currency movement indicated a | sufficient balance of receipts from the in- terior to offset the loss to the sub-treasury and by gold exports and in addition yielded an in- nearly $2, 0oo. 900. It is hoped that the heavy liquidation early in the week will be reflected in a considerable loan contraction Sterling exchange continued to recede and addi- tionai engagement made of gold to go to South America.
 Bonds advanced in sympathy with stocks. Total sales (par value), S2. 635. 900. United States 2s coupon declined and the new 4's M per cent. on the last call.
 New Yr!k St~ck List.