The Montgomery advertiser., 1909-04-02
The STOCK MARKET


New York. April 1--Prics move
ments In the stock market showed .
showing irreguIarity during the pro-
Sssss % sn. q dhi isSas T os
scure the absorption power Of the
market and the effective character Of
the new demand which has come into
The high level At which prfces were
started TODAY added to the sharp adj
vances scored yesterday and combin-
ed with the material bro9dening OF
outside sources. offered 10 advanta-
geous an opportunity to convert pa
per pronts Into cash that It was ta-
ken adyantase OF on 2 very large
The professional element on the
hoor Of the stock exchange on evidence
Of this realizing added the weight OF
rsac,en Dy o nsss ana prss m
cessions. 1t was In the face of these
adverse conditions that the market
demonstrated most strikingly Its re-
was iesssned As prices rsceded and
protective measures were added by
pushing prices upwards at new points.
This aggressive show Of strength in
to reverse their operations, buying to
nover the shorts put out earlier, and
N some cases turning to the long side
Z The action Of the market In the last
few days had Its effect in bringing in
some increase OF buying orders at the
outset, but tho concentrated charac-
ter Of the dealings and the concerted
denco Of an organized speculative
party at work In the market.
Names were freely banded about IA
Identity OF the or1aniaation. S erppes
lions pointing to wealthy capitalists
associated with great market move
ments OF the. past These rumors,
were. were Of great - sffect n Shaping ass
speculatfve sentiment. nevertheiess.
The professional element viewed the
movement with suspicion and were
reaction. but without success. The
basis for the movement continued to
% the conviction that the bottom OF
sne business depression had been
Some Of the days news confirmed the
views of an upward trend OF busi-
ness. The public profession Of conf
feet was one OF the Items OF this news.
30, also, was the announcement that
the Ensiey steel plant Of the Tennes-
been shut down on April / as had been
previously determined, owing to the
receipt OF enough new orders TO extend
the active period of operations.
The large business booked in March
Tor structural steel was noted as .
consequence OF lower prices in that
trade. Notice Of wage reductions fall
ed to cause disturbance owing to the
apparent acceptance by workmen of
the situation created by lower pricep
for products. The action Of United
states Steel In the later market in
It's aggressive advance through enor-
nous sales made at SO TO a top price of
81 was OF material sentimental effect
News from Washington Of formid-
able opposition forming to some of
the proposed tariff reductions seemed
to be accepted with equanimity. Feb
suary earnings reports of railroads
are regarded as satisfactory evidence
OF improving trafic conditions.
The reduction In the Bank of Eng.
lands discount rate, although expect.
ed. gave the initial impetus to the
eigners.
Use was made by the speculative
element OF words and phrases from
the numerous Interviews emitted by r
n. Hartman to push inward move
ments In special stocks. Encouraglng
reports of the condition of the winter
for much of the hopefulness over bus.
mess prospects. The market was
strongest and most active at the close
Bonds were firm. Total sales. mar
value, 46,4e6,e0O.
United States bonds were unchanged
CLOSING STOCK LIST.