The Montgomery advertiser., 1906-05-12
THE STOCK MARKET
MARKET GAVE DEMONSTRATION
 OF RECUPERATIvE VITALITY.
Current Belief Tn Financial District Continues That Operatjons Caus. ing Advances Are In the Hands
 of s7rOfeualOnal

New York, May 11--The stock mar ket made a further demonstration of further striking advances effectsd in prices of a large number of impor- tant stocks. The current belief in the financial district continues to be that the operations which cause these ad- vanaces, are largely in the hands of professionals or habitual speculators formed into market combinations and mission houses repors that there IS small evidence of any widespread gen eral interest In the market The ac- source went on with great. apparent pushed up. Without meeting aeilinE 9rders sufficient in ogme noasS to room traders professed their distrust in the movement at times and. and tested ss5ed .nd its force by cppositing ,s short doyn sales Thase ane efforts to turn the market were uni- formly unsuccessful and the traders were forced to shift their action ana ana advance. Their distrust of the ris" was based on the extent to which II has reached and was not occasloned occurrences bearing on values. They professed their skepticisn also Of the capacity of the market to afford pronts at the highest level of prices on the been made owing to he light general demand for stocks which has shown it. self thus far. The action of the mar. profits going on from time to time tn the course of the advance. Thus the stocks which are strong one day are either reactionary or held only sta. tionary during the next day under the influence of the steady selling, while advances at new points serve as sus- taining influence.
 This course of prodecure has justified Itself f0 the nraSpnt time deSDlLe the distrust professed towards it by considerable speculative element. The broad undertone underlying the basis of the movement is the effective de- cline in interest rates. This was fur ther evident today in the rates both for call and time loans. The banks Han dollars on the express movement this week with the interior. The ac- count of sub-treasury operations shows Jn It's face loss by the banks of $409,- 900. but this includes the return by the banks of Government deposits. which were made contingent upon arrivals Of gold engagements. some having net gain in cash by the banks, there fore. of upward of $5,000,000 seepls in- dicated. Foreign exchange rates also eased off today and it was reported were being made on account of the British fire insurance companies.
 It is assumed by the speculative par
 
 whole volume of fire losses by the Brit ish companies yet remains to be remit ted. and it Is expected that these sums will remain on deposit in New York for some time before being ultimately dis tributed to the San Francisco claim ants. Attention was given to reports of the probable fixing of an early date for the resumption of business by the San Francisco banks as a return flow of currency to New York is expected to follow promptly when this resumption occurs and the demands upon deposits are defined. Some effect was caused by the arrival at the final stages of the railroad rate legislation as the defi- mite clearing up of that matter is ex- pected to relieve the stock market of some cause of depression.
 Reports of crop damage by the cold weather were Ignored in the stock market. An advance in the price of copper was an incident of the day and many rumors were revived of intended dividend increases and projects for consolidation and financial readjust- ment. The occasional irregularity caused by. the continual profit-taking was in evidence again and the market closed dull. but the strong undertone was not materially altered. and. in fact, seemed to gather force throughout the day
 Bonds, irregular.
 NEW YORK sT0Cx xusr