The Montgomery advertiser., 1907-05-15
THE STOCK MARKET
GREAT CENTERs OF CAPITAL MORE OR
LESS DEPRESSED.
Technical Speculative Conditions May be
Advanced In Explanation of the
Seemingly Contradictory
Movements.

New York. May 1.-THE securities mar
kets at all great centers of capital were
more or less depressed today and It SEEM
ed clear that the immediate competing cause
was the bad outlook for the worlds corpo-S
rations. This diagnosis Is not necessarily
discredited by the fact that stocks rose in
New York yesterday when wheat jumped
and that the reaction in tho wheat market
today was accompanied by decline in
stocks. Technical speculative conditions
may be advanced in explanation of these
seemingly contradictory movements. Be-
sides the special operations in yesterdays
stock market designed to sustain or lift
prices, 1t was evident that an outstanding
short interest was seeking to take advan-
tage OF the bad crop news to cover short
contracts The fact that their covering op-
erations was effected in lifting prices was
significant Of the narrow speculative inter-
est in the present stock market. either on
suit Of the large diversion obsspecuative ac-
tivity to the commodities markets On
the other hand, today's reaction in the
wheat market was attributed in large part
to the heavy selling to take profits induced
by the recent extensive advance In the
price Of wheat. This reaction did not serve
entirely TO relieve apprehension over the
crop prospects.
The large shortage In the winter wheat
crop already indicated makes the spring
wheat seeding a matter of paramount inter-
est In the forming of opinions the mar
ket The weather news from the spring
wheat regions today indicated continued
temperature deficiencies which made condi-
tons unfavorable for seeding. The violent
decline in Canadian Pacific was traceable
to this cause. That stock also reflected the
depressed conditions on foreign securities
markets. owing to the large volume OF 1t
In foreign hands.
The prostration of the demand for secu-
rifles in foreign centers is as pronounced as
In New York and this is powerful factor
In the disbursement felt over the sepcu-
lative outlook. The present impression
that a widespread shortage in the products
of the soil is likelihood for the coming
season. weighs on the situation and asgra-
Yates the dread of business reaction and de-
nlining prosperity. The money outlook is
not considered clear owing to the large
prospective requirements for capital For
eisn discounts continued hard today, but
the money rates here were inclined TO ease
from the recent firmness.
This was partly due to the failure OF con-
firmation of reports current yesterday that
the Secretary of the Treasury planned an
early withdrawal Of an 1etallment OF gov,
eminent funds on deposit with national
banks. number of minor facts added to
tho general influence of the poor crop out
look. One of these was the extension OF
the longshoremen's strike In New ioik.
Another was the tendency to extend the
recent discussion of defective steel rails
into the field of other railway equipment,
especially wheels
Some attention was given also a decision
YESTERDAY in the supreme court which at
firmed the powers of the interstate COM
rnerce commission to prohibit an Increase
OF freight rates by change of classification.
companies for raising charges for traffic
Last prices showed no important chanSo
from the low levels.
Bonds were heavy. Total sales par val
ue $l,252,00o.
NEW YORK Glazing STOCK LIST