The Montgomery advertiser., 1907-05-29
THE STOCK MARKET
EXTENSIVE COVERING OF SHORT IN
TERESTS.
Significant Sign of Character of Buying was
the Manner In Which Il subsided
at the Recovery Level where
Profit to Bears Was
Diminished.

New York, May 26-The support which
was at no time apparent In yesterday
stock market was offered today with the
change in the complexion of the specula-
tion as a consequence 1t a matter of
course that after 30 precipitate a fall in
prices as has occurred. there should be an
extensive covering OF short interests in the
market as the professional operators In the
board room Invariably continue short sales
up to the limits of a decline. They con-
tinued their sales in the early part of to-
prices In many stocks to below the lowest
prices touched yesterday and TO bring addi-
ttons to the list OF stock1 selling lower
than during the panic In March.
The demand Which developed after sup
port became effective was largely from tho
uncovered short interest. One of the plain
est Indications of this was the :lose propor-
ton OF gains today to losses OF the v"ster-'
day
Stocks which had been most acutely de-
pressed yesterday rebounded with most APP
parent vigor today.
Another significant sign Of the character
Of the buying was the manner in which it
subsidized at the recovery levi where the
profit to bears was corrasoondingly dimin-
ished. 1t died out entirely at the last.
when the final relapse in prices caused so
far ms there was news to account for the i'm
provement in tone the decline in the wheat
market and the doubt raised over the con-
tnnanss Of the gold export t n w n,s
of rising temperatures were of greater sem
timental effect in Wall Street because of
the emersence OF the sun from the rain
soaked clouds which hung over the financial
district yesterday. The fact seems not fair
ly negligible in view Of the grave we.sht
attached to the weather conditions in the
discussion Of yesterdays gloomy stock mar
ket. The weight of selling to take prof
its In wheat yesterday in face of the un-
quent of the extent of the purely speculative
buying. which has put up the price Of
wheat.
The weekly bulletin of the weather bu-
issued today was not reassuring.
Wheat, however. continued to decline. The
movement of the price OF wheat served TO
soothe Wall Street, approximations on some
in full tide today from the domestic re-
port regions. Foreign crop news was bet
ter and especially that from Russia .n WITH
The feature in the international exchange
situation today was a recovery of one CEN
time in the rate Of sterling sn, exchange at
more gold will be engaged tomorrow to ex-
port to France or makes IT certain tnat any
vii be smaer 'ha anattona rec
lieved the market from some OF the depres-
sion caused by yesterdays estimates that
the weeks outgo might reach four or even
five million dollars. Discounts continued to
advance today in London and were firm IN
Paris and foreign exchange held firm here
The local money market was unaffected and
for A short time loans were slightly easier.
For a time loans for the longer periods,
however, offerings were exceedingly small.
London and Berlin stock markets were de-
pressed still, although some recovery was
noted at Paris. The price of British con
suls fell back to the years low record ut
SAX which is also the lowest price touched
in over half a century.
There was much discussion of the expected
tenor of President Roosevelts coming deco
ration day speech at Indianapolis and some
of the buying of stocks was accompanied by
professed confidence that the speech would
improve the condition of financial senti-
ment.
The buying was not energetic at any time
and II steadily subsidized so that the bears
had no difficulty In forcing prices back IN
tho last fifteen monutes Of the tradinG,
some stocks falling to the lowest of the
day The closing was distinctly weak
Bonds were easy; total sales par Naite
s1s10,O0o. United States rs. reristered de-
clned per cent. on call.
NEW YORK CLOSING STOCK LIST.