The Montgomery advertiser., 1909-07-16
THE STOCK MARKET

...s sir ss s.d: iss ssse4 stsss. sss 'sssS 'ss.s S on. os ssr, 'ssa s.. s os: .toss ssS wholly in sympathy with the move ment In # There was explicit infor- so.ls mss,Sn r1m sSs wnSSily ssSsswD,fsS grogrsss In the iron and stssi trade; and gevs material aid to the conduc- sSis % Stock S priss Ds. ovsI"ns ssns Wss tri n umpn of a1roit and rssourcefui mar credited organs of the steel trade eRssrful sons that ss.ssTs Ssssadsa the gsoi: trade and the details of conditions were convincing on this point. Max. sn srs are s fsfraintns from accepting gr,cs: or. and increased pricss are demanded for etrly deliveries on old orders. The ad. vance in the price of bars. plates and steel co.npaniss is believed to to pre-. :age an advance zby the principal pro ducsrs. S. The pig Iron output of the United ssstss Steel eorporssioa wss scsis. unssf EstimStes " were M eurrsnt rHtss of the probable showing of earnings of the corporation for the second quarter of meeting Tnlss Se % on ss las; Tuesday of the present. Month pre- .iminsry estimates on this point have usually proved nearly accurate and the were of material influence in strength ening the stock. The departure of J. P: Morgan from England yesterday on with great effect by the bulls on the stock, notwithstanding the protesta. tions of Mir. Morgan's associations that his return at this time was in accord- sl operators in stocks asserted that return on ship not hitherto known as one of Mir. Morgan's favorttes must be regarded as indicating some urgen-
 The exercise of MT. Morgan's influ. ence in favor of liberal dividend policy with rsgard to U 5; stess, 9e 2, was suggested also that the terms or the proposed listing of United States Steel on the Paris bourse and the CTS were interested in that stock war ranted supposition of early increasv in the dividend on the stock.
 the purely ss sids aa the neighborhood of 10. which appar- ently was q critical rpoint In the up. which the price had approached that figure, the enormous sales brought out as soon as 1t had reached 1t. and the timidity now believed to have been feigned, with which the bulls retreat eh In facePof this flood or seliIng made the bears bold in selling short on a large scale in the neighborhood of
 when the stock forged upwards to above that figure in the first few minutes today ana iater extended it's rise to above n. the uncovered short interest. which had been thus encour- aged, were made to serve the purpose of the bulls in helping on the advance by forced purchases. All this was ac- cepted as demonstration Of consum- mate stock market generalship on the consideration made as much impression on the speculative sentiment regarding the stock as the more substantial trade and financial considerations. The market otherwise does not re- quire extended notice.
 change of Southern Pacific preferred into common stock revrveo the rumor of an exchange of two shares of Un- lon Pacific preferred for one or the common stock and accounted for the fresh spurt in the preferred stock The in sympathy with United States Steel.
 The money market was apprecia- ply but slightly affected by the pay nients being made to the uD-treasury on the recall of government deposits for shipmpt to South America. Tfe reaction in the wheat market and the promise of more favorable weather foi the harvest were helpful to stocks
 Bonds were irregular. Total sales, par value. ss,63l, 900
 United States bonds were unchans- ed on call.
 CLOSING sTOCR HIST