The Birmingham age-herald., 1907-06-01
BEARS AGAIN BUSY
 IN STOCK MARKET Effect of RooseveIt'S Speech
 Was 0verestimated SELLING IS PROFESSIONAL Indianapolis Speech Had Been Accur. ateIy orecasted-Reading a Con-
 spicuous Figure-Upward
 Move In Smelling.
SELLING IS PROFESSIONAL

New York, May 31.-The movement amongst the bears in the stock market which set in on Wednesday previous to the holiday, was resumed in the early dealings today, but with the satisfaction that the movement resulted in almost total stagnation for a time and then re- action. The extension of the movement was helped by special strength in few stocks, due to individual causes. There was also some buying based on President Roosevelts address at Indianapolis.
 The speech had been so accurately fore casted during Wednesday that there was little reason for changing operations adopted at that time on the strength of it, and which were on a considerable scale. The financial community was in- clined to infer from the tone rather than from the substance of the address that reassurance was intended against some of the assumptions that have been current in the stock market as to the attitude of the republican party towards corpora tions. The course of the days events in- dicated that the supposed market infu- ence of the address had been somewhat overestimated in the professional trans actions which sought to anticipate it.
 Reading was conspicuous figure in the market with net earnings statement of $6,000,0O0 for April, compared with only $351, in April of last year, the state- ment including all the system. The April statement. of the Ontario and Western and the statement of the Lackawanna tended to show favorable conditions to be general for all the railroads.
 An upward movement in American Smelling was due to talk of an intended increase in the dividend rate at the com ing meeting of directors But the de- mand for special stocks did not serve to ! mask the entire subsistence of buying at other points in the list.
 As this fact began to emerge the earlier buyers began to resell, and a sagging movement set in. The selling movement appeared largely professional in origin and showed no 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 specua- tive settlement, but with no conspicuous demand for securities yet manifest. Fore casts of an unfavorable bank statement helped the late reactionary movement
 The currency movement at the interior had been largely in favor of New York on balance, but not sufficiently so as to offset the absorption of over S3000,000 by the sub-treasury, to which is to be added the $500,000 gold engaged for shipment to France tomorrow. Tomorrow's payment of $15,000000 on account of subscriptions to new St. Paul stock serves as a re- hinder of clas sof obligations which will .recur at regular intervals to be pro- Vided for in the money market. Call money touched 3 per cent today.
 Crop news was mixed weather condi- tions being considered favorable for our own wheat crop, but decidedly unpromis- ing for cotton. Foreign exchange receded slightly and discounts were lower in Lon don and in Europe, but without preclud- ing the engagement of gold for export
 Bonds were steady. Total sales, par value, $S6200
 United States 2s advanced A, while the old As declined f per cent on call