The Montgomery advertiser., 1909-06-30
THE STOCK MARKET

New York, June zs.--6uch expansion of activity and interests as occurred In today's stock market were traceable to the dealings in the industriai group
 The growth of activity came from the buying side of the market and fatr showing of substantial gains in prices was the result From It's incep- tion' amongst the stocks of dormant and obscure class the demand issued Into the better known industrials, es- pecially of those dealing in the metals and later with more pronounced effect In United States Steel. the news in the market such as 1t was. followed these movements instead of preceding them and this kept up the impression of the narrow and profesd onal nature of the market. Reading, meantime. which was practically the only prominent stock which rose yesterday, was held Dack throughout the session.
 The May statement of Readings earnings showed some falling off in surplus compared with the same month was attributed rather to the effect of profit taking than to any positive de- precision caused by the figures. Amer lean Sugar was prompt to respond fa- the statute of limitation had been found to operate as a bar to the pro- posed criminal prosecution by the Fed eral authorities for the acts disclosed
 
 pany's litigation. The advance in both classes of the sugar stock were fol- lowed by American beet sugar and then by a large number of minor in- smelling group was first in the copper and smelling sections.
 Reports of betteriny conditions in the lead market owing to the working down of stocks on hand and the result ing prospects of a rise in the prices were an influence in this movement. Use was made of the claim that such an Improvement in the lead market is usually a precursor of an increase in demand for copper. The copper stocks consequently shared in the strength caused by the lead advances although immediate reports from the copper trade were less satisfactory and prices of the metal declined in London. There change district an often prevalent ru- mor Of proposed combination of a large number of companies outside of the United States Steel Corporation. steel industry. The recurrence of this rumor had the effect of advancing the price of United States Steel apparently from the belief that such a combina- mony with the big corporation, rather than in competition with it. United States Steel preferred shared in the strength of the common stock. This MOFOHiChh PiVNcu to pc tSSlft anu affected sentiment towards the whole market. although the list still failed to make comparative response.
 Money markets are so little ruffied by the near approach of the half year ly settlements that the promise of sus- tained abundance has some stimulating effect on the securities marketI There were slight advances today in the pri- vate discount rate in Paris and In Ser lin but tie rates in London receded and the extreme ease of the New York money market was undisturbed.
 The rising tendency in the wheat market was in face of highly encour. aging advices regarding the grain crops. The good crop news was of some help to stocks.
 The variety of demand for bonds was taken to show some re-investment in anticipation of July distribution of profits.
 Total sales, par value. $5.466, 900.
 United States bonds were unchanged on call.
 CLO8ING aTnCR YYRT