The Montgomery advertiser., 1909-06-05
THE STOCK MARKET

New York. June 4.-Powerful forces
obviously were at work In the spec
ulation In stocks today, the volume OF
the transactions and the size Of the
of the most abundant resources such
as are commanded only by speculative
capital which is of the first magni-
tnds; The example yesterday OF what
ern Pacific brought the speculative ele-
ment to the exchange In troops to-
DAY. Their efforts were directed 70
the stocks most directly Interested b.
terday. but they ranged up and down
the list at will during the day, ex-
plotting hrst one stock or group OF
chases OF fresh selections to cover
heavy realizing sales In others. i
was significant of the enthusiasm OF
the speculative sentiment that no de-
weak Tone Of United States steel
price Throughout the session. Not
since May II has Il happened before
higher every day than on the day be-
fore. This continuous advance In
United States Steel has been the back.
bone Of the whole market during that
made favorable argument for the
adopting of the general market sit
uation. That reaction was not ascrib-
ed in the current opinions about the
stock exchange to a pressure to get
out OF the stock at profit on the
merciful. and. It was considered. po-
had been accumuiating the stock for
the Paris introduction to allow the
shorts to cover at the existing levels
and not to push the punishment OF
would threaten financial damage and
hurt the whole market. Incidentally
there were rumors afioat OF private
settlement effected over night OF q
short interest alleged to amount to
$4,000 shares and at a price consider
ed States Steel In the market. This
from th wai intimation that cspitaists
considered high authority in the steel
industry were involved in the absor-
tive bear campaign. In the prelim-
there there were wide openings in South
ern Pacific, Union Pacific and Atchi.
son. Besides the expected change OF
Southern Pacific preferred for common
on a supposed treaty of comfy be-
tween the railroads of that group.
The Northern Pacific Union Pacific
agreement the Union .s Pacific i infTenoe
OF st. Paul on behalf of Its Pacific
coast extension. were pointed out as
confirmatory facts. This and the
plantations for the eager buying OF
those securities.
The new .Atchison convertible bonds
when issued were quoted on the curb
market at figures to make the stock
holders rights worth nearly per
cent.
Views of bankers on the volatile
character, but did not extend appar-
emily to the point of withholding
money credits from the conduct of the
speculation. Prospects are for a
much smaller accession to the cash
holdings of the banks this week than
last.
operations have taken cash from the
banks and the inflow OF currency from
the Interior has been decidedly small
err The net result promises less than
So. 000, 900 addition to reserves.
Bond fotations and the Increased
speculative activity have involved ex-
pansion of loans, but foreign money
have continued to place funds
A sharp rise in the London discount
rate today might not be disconnected
with this process. London Joined in
the buying of stocks here today. which
heiped TO keep down the exchange
rate The constant digestion OF
profits kept the movement of prices
irregular, but the strong dominant
til the end of the. day.
The great activity in the convert
ibie issues was the feature of the
bond market. The tone was strong.
Total sales, par value, $1O.044.00o.
United States bonds were unchang-
ed on call.