The Montgomery advertiser., 1908-04-11
THE STOCK MARKET

New York. April 1e.-The stock market enjoyed a considerable period of strength today but rave evidence during the later stages Of the advance of reactionary tend ency.
 The advances were especially sharp in, . rssn nSme or rsusy inactive issues ana sarsss .as in these gave the market an artificial as pect which begot spirit of caution in fol. element Is provsrbiaiiy suspicious of the passing of activity into this class of secur- ties because they are usually the last re- the capacities of the more active issues have been exhausted. There were besides several conspicuous stocks amongst the in- dustfials which were almost wholly unre- sponsive to the rising tendency of prices and these proved an increasing weight on the market.
 United States Steel was the notable exam pie, although Amalgamatsd Coppers heayi- ness also was of some sympathetic erect. Nhe % pSoleation Of stssement ~ rom ths Ifntss States Steel Corporation fully concurring in the view of Chairman Gary. published yes terday on the adyisability of and probabil- ity 6f niaintainins steel prices. did not have the effect it was apparentely intended to have. This was partly due to the con spicuous absence of any claim in either statement regarding present activity of de- mand or growth of orders.
 The repetition of protestations of the de- termination to maintain prices carries an i'm pression of enforcing ans argument to differing views in the trade and ooes not quiet the persistent runiors of hkey re duction in prices. These rumors came rom Pittsburg again today and were coupled with assertions of a further shrtnkaKe in orders for finished products.
 There were reports also originating Tn London. that the selling again of the Amsi- gamated Copper Company was putting the priceup of copper in London. It is impos- sibie to secure any official information of the acts of this company. but the reports depressed copper securities in Paris There was also another reduction in the price or copper warrants in London and in the price of copper at the New York Exchange.
 The early strength in the market outside of speciaities which have been referred to. was traceable to the influence of the Erie company and of Union Pacific leading the movement. The assumption of buyers of these stocks was that more intimate rela- tions between the two railroad systems would be the outrrowth of the advance of funds to the Erie by P. H. Hartman.
 Prospects for good bank statement had some influence on the market, althoegh the prevailing ease of the money market ob- scures the importance of the weekly changes to some extent The promise is for gain in cash by the banks of about the interior on balances as a result Of the express movement are somewhat small Ter than last week was occepted with com piacence. as continuance of full tide of the money flow from the interior would be regarded as of sinister import as to the shrinkage in business activity The sensi- tiveness of the wheat market to some re- ports of damage to wheat in Kansas rom dry weather was suggestive of the import ance which will attach to that subject in the formation of speculative sentiment for the future. rise in the private discount rate in London was the feature of the day in the international money markets.
 Bonds were firm. Total sales par value $4.72s, 900. United States bonds were un- changed on call.
 CLOSING STOCK HIST.