The Birmingham age-herald., 1909-05-24
PRICES OF STOCKS
 FLUCTUATE WIDELY
But Course Is Shifted Very
 Often
GENERAL FIXED LEVEL
Most Conspicuous Securities Show Striking Advances, Giving a Sem blance of Strength to the
 Entire Market For Week.

New York. May. 2S.-Prices of stocks fluctuated widely last week. but their course often shifted rising one day and falling the next with tendency to return to a fixed level. In a few of the most conspicuous securities there was strik- ing advance and this served to preserve q semblance of general strength in the market. That the high level to which prices have attaned induces some cau- tion In the speculation Is expressed by many financial authorities, and even in the tone of the advices from commission houses to their clients. those advising purchase not infrequently coupling the advice with the addition, lon any con- siderable reaction"
 The professional traders have been watchful for reaction.
 Given this somewhat suspicious atti- tude toward the market and its resistance to unfavorable factors, was doubly im- pressive in reyiving confidence. It was felt that if the market had been top heavy or vulnerable, as was feared, it must have succumbed to accident or fright. The small effect produced by the sudden death on Wednesday morning of H. H. Rogers made a special impression on spec ulative sentiment as proving the resist ance of the market.
 Actual Conditions.
 Actual conditions bearing on values moved toward their enhancement Trade and industrial advices pointed quite gen erally and conclusively to the rising tide of the betterment of the work Steel trade conditions were accepted freely as the key to the situation. Events there pointed convincingly to the restoration in progress. Special significance was given to the Independent steel manufacturers to restore wages It was inferred from this that the reduction of wages by the United States Steel corporation, which was SUD- posed to be in contemplation, would be avoided. The incident was accepted also as proof that the steel production was yielding good profits in spite of the drastic out In prices put in force to bring about the present revival of demand. The growth of the demand for all grades of the product was reported to be un- abated
 The weeks speculation converged large ly on the United States Steel shares, in conformity with the importance attached to steel trade developments. The rise in the price of United States Steel shares to above 60 was regarded as an event. The fulfllment of predictions for this price, at one time regarded as reck- less. brought some apprehension that a eliminating point in the speculative cam paign might have been reached
 Money Market.
 In the New York money market an easy tone has followed the hardening which reviving trade The easier tone is due in some part to supplies secured by bank CTS loans in foreign markets. These loans, accompanying as they do with drawal of gold from New York, present an anomaly Foreigners have been steady sellers Of American securities prompted by the high level of prices. The enor- nous volume of this country's imports of merchandise and the falling off In ex- ports of breadstuffs make another factor of strength in the foreign exchange mar ket Interest rates, however. are relative ly lower abroad than here, and New York bankers find 1t profitable to borrow funds abroad for unemployment here The ef- feet is to relieve the credit account of our banks. The relief is timely as the na- tfonal banks of the country have a volume of deposits and of loans outstanding in excess of any previous record in. the his- tory of the country. The expansion of the loan account of the national banks since May 15 of last year has reached $434 76S,- 993, and that In a period when revival of trade from a period of extreme depres- sion has progressed in but a moderate degree