The Montgomery advertiser., 1907-05-14
THE STOCK MARKET
RUNAWAY WHEAT MARKET CAUSED
 SETBACK.
Speculative Interest Seems to be Wholly Diverted From the Stock Market For the Time Be-
 ing

New York May 13.-The runaway mar ket for wheat caused momentary setoack today, prices yielding most of the opening gains in the course of the first hour The market gathered force again and after that mounted to a higher leyel of prices h,nn put the volume of business fell away to nothing. |.
 Speculative interest seems to pc ~holIy diverted from the stock market Tor the tltn Z being. The strong undertone, in spite ot this total eglect very otaoie some special effect was produced In Atcnisoh py the excited rise in wheat and Canadian Fa- cific's one point decline seems to refieeI uneasiness over the backward seeding season in the Canadian Northwest EiseWhere the influence of the wheat price move ment was confined mostly to wiping our of the early advances The top level of prices was touched after the sensationai opening quotations for wheat were receiven. The sentiment of the securities market seemed to be to attach considerable Welsht to the contributing causes to the stIehstn in wheat Damage to foreign crops Is giV- en it's part in the strength or Wneat anu III maintaining better prices for our own crop The largest reserves in the farmers hahos, according to the government statlsncs EVE s, promise of handsome profits to offset deIl- ctencfes of this years crop. The argument was heard also that the cry Of dollar whea.' which swept the market today, Will stlillu- late to every effort to increase the ASie"eS of spring wheat. - -o,,o-+s
 There is some skepticism felt over reports of crop damage as to the real extent ot tne ne harm done. The undertone of strength m the stock market. however. was due 10 an important extent to sympathy Wltn lne strength in Union Paciflc, that stocAs ing tendency is 'variously attributed 10 the better opinion of the financial plan an nounced last week or to inside support 10 hold up the price of the stock ana so as, auu to the attractiveness of the offered convert ible bonds ., 4. .,a sustaining effect of Union Pacific CoVep- ing operations by an outstanding snort m. rerest were given credit for the rise Tn @ tnae stock American Smelling showeo some some depression due to rumors denying lorinel ne reports that the dividend rate on the stock was to be advanced Umteo states Steel also was heavy, although very slus, qisb The controversy over defective steel rails started by the Southern Paciflc au, thorities was disadvantage to the uhiteo States Steel stocks, .Sor
 Money markets were notably ilrmei abroad and the firm tone waA mahltaiiteu Tu U U here also Paris again a buyer TOT gold in the London stock mrket and LOOK s1 25O 0OO of the $5, ,OOO 900 in spite or the advance in the Bank of England's bid Tor fhe suppIy A withdrawal ofLoVer Hil- lion dollars from the Bank of Englaho also went to France. All money Hdi Hd. he.s H - - refIecting to some extent the expectation of further large borrowing opera'io2rnSs, 1
 p4cially by American railroads. ne in rreasing premium on New York exchahse st Chicago indicates the progress or 1SIils- Si "a nces from that center to New foFk' oniou Pacific and Reading were the principal iac- tors in the strong closing. .r
 Bonds were irregular TStai saies pa. value $ll36OOO. United States oonos "eFe unchanged on call
 NEW YORK CLOSING STOCK LIST.