The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1907-05-08
THE STOCK MARKET
PROFESSIONAL OPERATORS HAD MAR
KET TO THEMSELVES.
Line of Least Resistance Found to be Down
wards and Accordingly stock Sold
and Prices Went Down
to Seek Profit.

New York. May THE professional op-
orators in stocks had the market much to
least resistance to be downwards and ac-
cordingly sold stocks and offered prices
DOWN to seek profit on the short side OF
the market. The sentiment Of the DAY
was one of depression, fostered by several
considerations Probably tae most effect
i've of these was the abandonment of the
recent operations for the rise In a handful
of stocks which have made up the largest
proportion of the dealings for a considerable
that profits were being taken in these stocks
and the running out of the demand for
them aroused suspicion OF a manipulative
origin for the extensive advances which have
occurred and affected the tone of the whole
market In consequence. Union Pacific and
Reading have made up the bulk OF the re-
cent market and their relapse today did
not leave room for the escape of the gene
raj list. The check to the rise in Reading
was reinforced by the marked weakness
of the Delaware and Hudson stock which
developed yesterday and continued today
The pressure this stock had the appear
ance of liquidation.
sue of new securities were amongst the at
tempted explanations. Union Pacific also
was the subject of recurrent rnmors OF an
issue of new securities to finance Its re-
qurement New York Central was under
some degree positive pressure whicn was
shareholders over the large deficit below
the dividend requirements shown by the
earnings for the March quarter This show
sion in the whole market and its influence
has not subsidized at the interval elapsed
since its publication.
Crops prospects continued to be dis
turbing Influence in the stock market, IN
spite of the published views of number OF
competent authorities in tone of warning
against exaggerated fears for the crops al
the present stage. The weekly bulletin OF
the weather bureau, gave the concise inform
alton however. of decidedly unfavorable"
conditions over large part Of the winter
wheat region.
Traders in stocks were inclined to dis
count an unfavorable report from the agri-
cultural department on Friday. There was
some discussion of possible unfvorable de-
velopments in the money situation prompt
cd by the suggestion of an early outgo or
gold from here to Paris and by fumors that
the secretary of the treasury was about 10
withdraw part of the government deposits
with the banks. There was q decline IN
sterling exchange here and rise at Paris
during the day, both Of these movements
widening the margin which still exists be-
fore gold shipments to Paris would become
profitable. The alleged intention to with
draw government deposits was denied
Transfers of 100000 to San Francisco
yesterday and today were said to be Undue
ed by the progress of reconstruction work
in that city. The movement is a factor I'm
the diminishing bank reserves in New York.
Some depression traceable to the opin-
ion of the revived chances of the enact
ynent of the public utilities bill at Albany
The longshoreman's strike was regarded
unpleasant incident in its possible eff
fects on railroad traffic centering here
Covering by shorts caused a recovery OF
part of the days declines. Atchlson devel-
oped some positive strength, attributable TO
more favorable views of the convertible is
of bonds
Bonds were irregular. Total sales par
value S1,564.00 United States bonds were
NEW YORK CLOSING STOCK LIST.