The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-05-29
THE STOCK MARKET

stock exchange Ia the two hours be-
fore noon today reached almost as
great volume az for the whole SEES
sion yesterday The enormous trans
almost altogether responsible for this
revival OF activity. 1t appeared that
the demand for that stock came large
" from 9 short interest and the eye
OF pre-holfday seemed to make the
uncovered shorts uneasy Not only in
New York will the three next days
De closed ones In the stock market. but
abroad also in observance Of the
Whitsuntfde holidays. An aggressive
ed the price up from the start today
and when II touched SO and again at
% heavy stop orders for the bear ac-
count were uncovered. which Furnish
ed q medium for large unloading on
the part Of longs. As 1t is not Gus
tomary to record transactions made
on spot orders, the transfers Of Unit
ed States Steel effected during the day
There was some movemnit In other
steel stocks in sympathy with United
States Steel, but the market as q
whole was little responsive TO this
| leadership. Steel trade advices con-
tinue favorable. but there was nothing
IN them to account for the sudden
change from the. upward creeping
movement n United states sesd Steel 70 ,h .ae
three points to the best previous rec
ord price. Demand and production IN
all forms of steel are growing, but
some apprehension Is felt that an I'M "a.
to stocks. being melted by the convic-
ton that bottom prices had been reach
ed and aiming to provide not only for
| present but for future. needs Inc
| al exchange, but the copper industrials
had but little part in the movement
Of the market Here and there .
stock. preferably an industrial was
Most OF these were of the more OBJ
scure class. The preliminary estimates
ut the weeks currency movement gave
promise Of a large accession to pan ,a-
| Ing cash, the influx from the interior
having, been heavy. Srp-treasury OPP
erations have supplied s1.267,000 to the
banks and there has been no gold
shipments of Importance during the
to Increase the banks holdings OF cash
to the extent of nearly 100000. THIS
would bring the amount received os
New York from Interior points since
the middle of March to upwards OF
sec. 900, 900. The current redemption
OF bank notes at the United States
Treasury is running very large ana
furnishes anothsr evidences " the
position precludes all uneasiness on
the part of the speculators over the
money prospect. Yet, New workers.
continue to- borrow largely In Lon.
don. Bankers finance bills. are said
to be offering these In increasing
amounts. Not this only, but 1t In ru-
mored that large speculative accounts
are carried in American securities IN
the London stock market for New YORK
account attracted by relative cheap
ness OF carrying charges there COM
pared with New York. 1t IL esti-
mated that New York would be max
ing large shipments OF gold to Lon
dom were 1t not for this borrowing.
Debts thus contracted are estimated TO
come due and be liquidated when crops
begin to move and the autumn msr-
begin 10 swell. The air of indifference
to the movement In the United States
rather increased than diminished ana
net changes in the general, list are
small.
Bonds were irregular. Total sales.
par value, $4,344, 900.
United States Is coupon advanced
half per cent on call during the week.