The Montgomery advertiser., 1906-03-29
THE STOCK MARKET
PRICES OF SECURITIES TAKE AN- OTHER UPWARD TURN.
Little to show That Operations Have Reached Beyond Strictly Pro- fessicnal Limfts-Aggress-
 i've Rise of Union Pa-
 cifsc Helps Market.

New York, March 2S.-Prices Of stocks took another upward turn today.
 The level established on the advance
 was rather higher than that on Mon
 days rise. This show of an increasing capacity to move upwards had the eff
 feet of improving speculative sentiment
 over the outlook There was little to
 show that operations have reached be-
 yond strictly professional limits. Tne
 traders who make up the market how
 ever, are of a somewhat more innuen.
 tial class than in the recent past and
 their operations are conducted with
 more boldness and still more force. The
 movement is based on the assumption
 that the turn of the quarter with the
 expected relaxation In the money mar
 ket will bring in some outside demand
 for stocks and inaugurate more gem
 eral speculative activity. The profess sional contingent in the market is
 keenly alive to a possible opportunity to secure the advantage of such re-
 vival in speculation.
 To obtain the advantage of higher
 prices for the meeting of this demand.
 measures for lifting the level of the
 market are inaugurated at this time. The continued tranquility of the money
 market with the near approach of the
 period for meeting the quarterly re- quirements has quieted the fears of fiurries in the call money market dur ing this week. Interest rates on time loans are distinctly declining and this aQuS to the COnuQe1CS over lHC AiiOACy situation. Apparently the hope was indulged that the remainder of the week was to be free from any disturb ance in the money market whatever, but the rise late in the day in the call loan rate to 6 per cent. proved rather a damper on this hope and served as a check on the price movement, which had gained considerable headway and | breadth by that time
 The movement started in very spot fu ma the Renar1l list remAtnlnR inert in spite of the sharp advances In special stocks, due to individual causes 1 Increased holdings of subsidiary stocks | by the Lake Shore disclosed in Its an
 nual report was the motive for some accumulation and sharp bidding up of | the so-calied junior Vanderbilts. The movement in Colorado Fuel was based on an assumption of advantage to ac- | crue to that company from soft coal strike from which it would be exempt | The rise in Reading seemed to be on a revision of opinion over the probable effects of the expected soft coal strike on the anthracite industry. The ar gument today was that if the soft coal
 miners go out 1t will be considered ad- visable to keep the anthracite miners
 in employment.
 Other sustaining movements were based on similar special considerations | London sold stocks in this market, re- versing it's course of yesterday. Dis | counts were easier here and the pos Sibtltty Of reQuctlOn In the 6aHk ol | England discount rate tomorrow was discussed. Sterling exchange fell back however, at Paris and the decline here was arrested. The sub-treasury con tinues to take funds from the banks | in New York, the absorption since Fri day having risen today to $1,e04,00t
 with other credit balances for the Gov | ernment at the clearing house this | morning.
 | The aggressive rise in Union Pacific late in the day revived the strength ir
 the market after 1t had commenced tt drop under the effect of a rise In the | call money rate.
 The sustaining effect of Union Pa. l cific was felt to the last although re- alizing nldde the close slightly irreg- | ular.
 Bonds were steady. Total sales, $3,' l 110, ,000. United States bonds were al unchanged.
 NEW YORK STOCK LIST.