The Montgomery advertiser., 1907-06-01
THE STOCK MARKET
THE COVERING MOVEMENT AMONGST
BEARS RESUMED.
The Extension Of the Movement was Help
ed BIZ Special strength In q Few
Stocks Due to Individual
Causes.

New York. May s1.-The covering rcove-
ment amongst the bears In the stock mar
ket which set In on Wednesday previous to
the holiday was resumed IN the carly deal
ings today but with he satisfaction Of the
demand the movement resulted in almost
'oeai stagnation for a time and then reac-
ton. The extension of the movement was
helped by special strength IN n few stocky.
oue to individual causes. There some
"uSine based o. ''r'si.is3 t nuos"vs,t's nd
dress at Ind t,lis yesterday. The
speech had bel . accurately forecasted on
wednesday chat IN ere was little reason for
changing operations made at that time on
the strength OF !; and when were on
considerable sct', The financial communi-
" was inlcfnHd ID infer from the tone rath-
er than ero,n the sub staa.e Of the address
that reinsurance was intendde against some
OF the assuin n,'ns tia. have been curren.
IN the stock market rs TO the intentions of
the Presidert policy sf'war Is eorp,rat IONS
TEe attitude os protest against some Of
. .'IeSa assaniatipns was intfrprated as q
.ieuee az mod rat~a poi,ry The course
II tbs DAVIS events ,ndica.rl that The smp-
posed market iaf.l,nca Of thu address had
sional tran sactions which .orsnt 10 entic-
ipate IT, -eas1n95la basis for the 3n-
proved fee ing was the showing of pot nara-
ines for "a 'fDa Is for April which cam$ to
pre- with net earnings for the nth Of
nearly 5000. 800 compared with ,'rly si;I,.
ciudink .esu.ts fos all companies in the
system. The April statement of the Ontario
ana ai Western and the quarterly statement sof
the Lackawanna tended to show these ia
Vorabie conditions to be general for the COAL
roads. Heading was advanced In eonse-
qnencc. The better showing Of net earn
ings for April are attributed partly to the
improved offerings due to better weather
and to lessened demand.
An upward movement in American smelt-
ing was due to talk of an in, sndsd Increase
in the dividend rate at tue coming meeting
OF directors. As this fact began. to emerge
the earlier buyers began TO resell and q
saggfng movement set in. The selling move
ment appeared largely professional in ocI-
gin and showed sign of urgency or of
the force OF liquidation movement like that
OF the earlier part of the week. Foreign
markets were similarly free from pressure
and reported an Improvement in speculative
sentiment, but with no conspicuous demand
for securities yet manifest. Forecasts 3f
an unfavorable bank statement helped the
late rcactionarv movement. The currency
movement with the interior has been large
ly professional in origin and showed no
sign of urgency or Of the force of lquida-
ton movement like that of the earlier part
of the week. Foreign markets were Emi.
larly free from pressure and reported an
Improvement in speculative sentiment but
with no conspicuous demand for securiti.s
yet manifest. Forecasts OF an unfavorable
bank statement helped the late reactionary
movement
The currency movement with the inte-
ror has ben largely in favor of New
York on balance. but not sufficiently So as
to offset the absorption OF $S.O00,00o
by the sub-treasury. to which Is to be add
cd the 100000 gold engaged for shipment
to France tomorrow. TomOrrow's payment
of SIS. 100000 on account of subscriptions to
now St Paul stock serves a reminder of
a class of obligations which will recur at
regular intervals to be provided for in the
money market Call money touched three
per cent. todav Crop was mixed,
weather, conditions being decidedly favora
BILE for our own whent crop but decidedly
unpronising for cotton. Foreign exchange
receded slightly and discounts we're lower
in London and in Europe but without pre-.
Guiding the engagement OF gold for export.
Bonds were steady Total sales par value
sS62 900. United States - advanced 4.
while the old fours declined Y per cent. on
call
NEW YORK CLOSING STOCK LIST.