The Montgomery advertiser., 1909-06-14
FINANCIAL REVIEW

New York. June 13-A good deal of confusion marked the price movement of securities last week ard this gave rise to. or was the index of uncertain. ty In the opinion of the speculative outlook held by the operators in the stock market. Continued control was asserted by powerful speculative forces by the vigorous marking up in tho prices of stocks here and there. of a class caiuculated to exercise strong in. fluence on sentiment.
 Al the same time. advantage was ta- ken of favorable developments m equally influential stocks to push them for sale. even at the expense of sharp inPoads on the prices established
 Reasons were sought in the course of events for this mixed appearance of the speculation and some of the weeks | developments were held to be sum eiently dubious in their implications to account for the hesitation in the act- lon of the stock market although con-
 1dence in the progress of improvement in business and industry was unim- paired.
 The government report on the June I yield of the grain crop received close attention from financial observers and | 1t failed to offer the full encourage ment hoped for as to the promise of the harvests. The decline in the oon- ulltOu Ol WtnLST WncAI 0uFl0k MaX was q disappointment and the increase in acreage Of spring wheat planted fell short of previous estimates, al. though the high condition of the lat ter was a source of qualification. Spe. cial attention has been turned to the corn crop, but while a large yield is expected, the fact that official determ- ination of the acreage planted remains to be made, impels caution in the aS- sumptions of the final outcome.
 The disposition to realize profits on favorable developments was strikingly illustrated on the action of Southern Pacific following the announcement of the plan of retirement of the preferred stock. United States Steel showed the waning effect of the project to intro. duce the stock on the Paris Bourse. Reports of conditions in the steel trade showed further expansion and ad- Yances in wages by several independ- eht companies were taken as a proof of the healthy condition of the indus- try. The statistics of the copper pro- ducers association for May confirmed the belief in a definite check to the accumulation of stocks. the deliveries for the month having exceeded the fh- creased product by upwards of 13,0OO,- 900 pounds. Orders for delivery this month and next were said to be suffl- cient to absorb the stocks on hand, and AOul6 OA tllc lAAPOEt&hb were practically out of the market at pre- vailing prices. Copper industrials. however. were but slightly responsive.
 Interest rates on money advanced in all markets during the week Dis- count rates rose in London, Paris, and Berlin, but the out-go of gold from New York to Paris was checked. Rates both for call and time loans were high- CT in New York and borrowing from foreigners was extended. Southwest. ern money oenters reported some stir. ring of demand for funds In prepara- ton for the movement of the crops. The approach of the half yearly set- dement's will involve some preparation for the large disbursement then. Some withdrawal of government deposits from the national banks and a gov- ernment bond hotation are looked forward to and much important finance ing remains to be provided for the large corporations. It is known that very large holdings of bonds figure in the record loan account now shown by the banks of the country and the pos. sibIlity is offered of a movement to market some of these holdings In the event of any constriction of the money supply.