The Montgomery advertiser., 1909-04-16
THE STOCK MARKET

New York. April i6--There war quite obvious distribution of stocks Eo- ing on today and the selling to realixe profits kept the tone of the market un-
 and on prsss as in nsS: sSs with caution and skili with s view to cause as little effect on prices as pos sss sna ssye n se speculative campaign. The bear con l tingent made some efforts to push the decline in prices and take the market seemed to be timid about extending their position owing to the impression of the power and capacity of the con- ductors of the campaign and the fear that the letting down of prices was init themselves with the purpose of forcing them to cover shorts at higher prices later: The usual device of making selected stocks strong for was adopted as sustaining influence while the realizing sales were going on. The coalers as group were the sonspicuous example and especially throughout the session. The variety of rumors circulated to account for the movement detracted from the authority of any of them. One cause assikned was the confidence that the supreme court would decide in favor of the railroads in the case to test the commodities clause Of the Hepburn law. Another was that a plan had gency of an unfavorabie division by segregatfng the coal mine properties from the railroad corporations. By bidding up Reading second preferred vived the old report of the intention to use the privilege to exchange that stock half for first preferred and half for common stock. Another sustain ing force in the market was the south. a rate of activity much in excess of the recent custom and rose quite buoyantly On concentrated operations coming from a few houses.
 The professed reason for the move- ment was that the company had sold an additional t5.o0o,oo0 of it's improve ment bonds to the bankers, who have hsse scaa tSss Se DrSs of the bonds was being advahced at the same time The rise In national lead was due to report that the directors had 1t in contemplstion to retire the the directors with the announcement that no such action had been. taken. left the strength of the stock. unim- paired. The adjournment of the moving to advance the dividend as had been rumored made that stock vulner- able to weakness A reduction in prices of some grades of copper was made at the New York Metal Ex- change, but the copper stocks farei no worse than the general list. Re- ports were current of some large orders being placed for structural steel and an aggregate of small orders which gave promise of raising the April total to record. On the other hand. the rumori that a cut was im- pending in the price of steel rails was of contrary effect on the tone of the steel fndustrials. The crop promise Is canvassed with growing attention and with increasing anxiety and the back wardness of the development of the winter wheat crop, on which the hope for improvement in its condition de- bends. Some increased firmness Is re- ported in the money market, but the 2 Ia per cent rate yesterday for call loans was not repeated today. There was a general recovery in prices in the latter part of the day, but the closing tone was irregular again.
 Bonds were irregular. Total sales, par value $5,3S2,0 900.
 United States bonds were unchanged 9h call.
 CLOSING STOCK HIST.