The Montgomery advertiser., 1908-05-15
THE STOCK MARKET

New York. May I4.--The list of securities dealt in on the stock exchange had more thorough exploitation today than on any othe recession during the extended advance that has occurred. This was done by . process of rotation which passed from one quarter of the list to another using the sus- taining effect of advances in stocks. which were newly bought to sell stock previously
 The ady's turnover was in consequence larger than any day since the middle period of last year. The regularity and precision of the movements disclosed the skilled opefr ations of professionals and habitual speeula- tive leaders.
 room of the stock exchange that many pro tessionals of the large trading class. who have determinedly fought the. advance in and who have viewed the market with sus- picion and distrust. had come over to the the obvious current for the time being
 Some large orders in individual stocks ex- ecuted by single brokerage firms were be- banking interests for sustaining effect on the market.
 for the first time in several days and re- licved the situation from one of the forces have to contend Important digestion of profits were effected in the course of shift ing of holdings from stock to stock and tahly heavy in the transcontinentai group during the morning. but 1t was cautiously pursued and not allowed to make heavy
 The market was resilient on reactions and closed at the top with a renewed out ic news was heard of to explain the most important movements. but the action of the market was taken tc express satisfac- ton on the part of the financial interests with the prospects for ultimate business revival and with the money and political conditions.
 Reports from the metal trades were more definite as to improvement than from other quarters and this by reason of natural process of falling prices and resultant at i acton of renewed demand Sellers of iron have abandoned pretense of maintaining life in consequence is reported in the de- mand for that metal The condition in the copper trade is analogous and more confi- dence is expressed of improvement from the present basis. Rumors of deals continued to play part in the speculation, todays dealing with a supposed acquisition py the Reading of the control of Western Mary lean Smelting was another The sale of notes by the Southern Railway was taken as additional warrant for confidence In th" abilty of railroads which have been hard pressed to obtain resources which will re- lieve them from immediate embarrassments. although the terms of sale of these note ts- sues are admittedly onerous.
 The strong weekly return of the Bank of France and a further decline in the prf- Vate discount rate at Paris showed the need for additional gold to that point to be fully involved. Yesterdays heavy gold shipments: together with the previous repayments of government deposits by the banks have pro duced a withdrawal of only sS,605,000 cash
 the ,ianKs in making payments to the government. drew less on their New York t.Aposlts than is customary.
 The broadening of the bond market was a feature of the day. Total sales par value S1 264. O0U. United States bonds were un- changed on call.
 CLOSING STOCK LIST.