The Montgomery advertiser., 1909-05-26
THE STOCK MARKET


New York. May 25--The stock mar
ket today did not reflect much inclina-
tion to resume active speculation on the
part OF operators OF great Importance.
The anxiety felt yesterday on account
OF the nature OF some OF the estimates
Of crop conditions IN Kansas and neigh-
boring States was somewhat relieved
To-Day owing to more cheerful views OF
the situation. but this RELIEF failed to
revive the stock market. reports Of
the besinning Of the wheat harvest In
ties that had been down as failure Of
the crop. The weekly bulletin of the
Weather Bureau took favorable view
OF the effects Of the rains of the last
few days. but showed general det-
cfencfes OF temperature for the week.
The small wave OF animation during
the first hour. during which some effort
to lift prices was made. was followed
by lapse into torpid conditions which
promised the dullest day for many
weeks. The threat thus conveyed OF
the speculation had Encouraging ef-
feet on some holders who were look
Ing for prompt advance.
Liquidation Of some Importance In
one or two of the principal stocks was
attributed to this motive, There were
several instances OF q sudden relapse in
the price of spectalties not of the first
rank, which have been pushed forward
into unwonted prominence in the ra-
cent past. In one instance this was
accompanied by announcement af the
conclusion of bond sale by the COM
pany. The Inference was suggested that
support was being withdrawn from
some stocks of this class and that adj
vances had been brought about to Ia
cilitate needed financing. There was
traceable some influence for depression
In the news OF the progress Of the
strike on the Georgia Railroad and the
dimensions which the trouble was IA
king on.
Some interest attached to the inspir-
ed announcement that J. p. Morgan 4
Co. had withdrawn from connection
with the proposed merger OF num-
Der of smaller fertilizer companies In
the South. That project had consti-
tuted the basis for some speculation in
y number of securities concerned and
they felt the effect of the abandon
ment. The early drop In United States
Steel threatened an interruption of the
daily succession of new record prices
which that security has been making {
but this was avoided when II sti1en
ed to 81 late In the day.
The beiated movement was OF eonsid.
cradle sympathetic effect on the whole
list. An advance In prices of refined
copper at the metal exchange was an
nounced and there were reports that
the selling price had been lifted by
thV SNAih6 d8EhNS u Inv PbfhCtpti Fta~
ducers. Their reports gave figures OF
sale thus far this month that pointed
to o volume of deliveries for May con-
stderably In excess Of any month since
the present revival set in and well In
excess of the prevailing rate of pro-
duction. The action of the copper In
dustrials in face of these favorable adj
vices was illustrative of the general
unresponstveness of the whole market
to developments.
London was seller of securities
here on balance after having been
buyer for several days past.
In the final dealings there was q
general setback In which Reading, ST.
Paul and Western Maryland were par.
ticularly weak. Business left off dull
with prices on the down grade.
Bonds were irregular; total sales, par
value, s3,416.0O0.
United States bonds were unchanged
on can.
CTnEUNG GTnrU TTaT