The Montgomery advertiser., 1906-05-26
THE STOCK MARKET
COMPREHENSIVE RECOVERY IN
 PRICES IS MADE.
At Times Dealings Show Great Animsi- tf0n, Hut There are One or Two Conspicuous Exceptions to
 the Upward Sweep.


 New York. May 25.-Stocks under went comprehensive recovery m prices today on dealings wllch. at times showed great animation Inere tions to the sweep of the upward movement and select few stocks led the movement aggressiyelS ana he heavy congestion of activity Tn them; The undoubted strength of the, market was nevertheless fairly general. There was a notable unanimity or opinion that the, strength of the advance was largely due to the necessities of an uncovered bear account The dimen- sions of the short interest were quite unsupported on the part of the speeu- latiye element generally but the cam paign against 1t was evidently found ed on accurate information of its po- sition.
 At the same time reports were cur rent Of an absorption of some Of the days favorite stocks on account of the banking interests closely affiliated with the companies and entrusted with their financial operations or rep resenting the actual control or the properties. The belief in buying of this kind was particularly effective in intimidating the bears and in drlv- ing them into cover shorts Reading was the conspicuous leader Of the ad- vance and the upward rush In the price carried the price higher than that ruling when the news Of % ..ae received in New York Erie shared pretty fully in the strength of Read ing but outside of this tn" two coaI- CTS did not keep pace with the move ment. The suppositIon that the an thracite carriers were considering project to divest themselves of owner ship of the coal companies by dlvis- ion of these assets amongst stockhold- CTS was the main influence in, the movement. The Hill stocks made a characteristic upward flight without an" news to explain the movement: based on any known development in the situation to Justify the radical change in the speculative temper since the early part of the week.
 The speculative element Is fostering a supposition that in banking nego- tiations with foreign money centres have been going on which promise supply of money resources for the use will insure it against stringency the coming season. The Pennsylvania bond sale in Paris Is the concrete fact on which this supposition Is based, Be, Be on the subject is not to be had in banking quarters. The lack of other explanation for the days revival of speculative activity in stocks caused reports. The money market was firm today both for call and time loans, the later partly in sympathy ments account for the rise in call loan rates.
 A twenty per cent installment on Baltimore and Ohio stock subscriptions called for $500, 900 today and a fifty per cent installment on Delaware and Hudson convertible bonds subscrip- tions called for $7,000, 900. Next Tues day the subscriptions to the $50,000,00O Pennsylvania note issue are payable and later in the week comes due a payment on Chicago and Northwestern stock subscriptions.
 The sentiment of relief caused by any promise of replenishment of the money market under these conditions and with large new capital issues in prospect beyond Is understandable. London discounts were harder today. but the impression prevailed in Wall Street that there might be some early renewal of the gold import movement. The currency movement for the week indicates a small change in the cash item, but syndicate operations may have an influence on the loan item of the banks. The stock market showed some signs of weariness late in the day and prices receded consid- erably, with the closing tone easy.
 Bonds convertible into stocks were strong. rose In sympathy and there was heavy buying of Wabash deben- ture bonds. Total sales par value, $3,- 720,000. United States bonds We're un- changed on call.
 NEW YORK STOCK LIST.