The Montgomery advertiser., 1909-03-02
THE STOCK MARKET

New YoSk. March 1.-Extensiye cov- ering of short contracts was the ac- cepted cause for much ofst the strength in the stock market today. This was there has come to be a continued spec ulatlou based on the assumption of the forthcoming decision of the Supreme Court in the coal roads case. As Mon day Is decision day with that court, the bears bought heavily of Reading be- fore the court convened to reduce their very extensive short lines In the stock. The result was a 5 point rise in Read. the level from which last Tuesdays 10 l-2- point downward plunge was not accompanied by any alleged infor; nation that the Supreme Court would decide in favor of the railroads. The speculative covering of shorts in Read vened and it became known that no decision in the case would be handed down today. While the rise in Read ing constituted an important sympa- firm tone was extended beyond the re- action in Reading
 There was no important selling of stocks at any time to serve as an ob- buying that much more effective
 An effective factor in sustaining the market was the strength of the Cop large sales of refined Copper for ex- port. which had been effected. and as- sertions that specifications now in larger amounts for forward delivery. These sales. 1t was also alleged, were being closed at prices above those of recent sales. Copper quotations at the metal exchange and in London were
 Reports regarding the Copper trade developments were anonymous and the parties to the alleged transaction un- sales but they proved efficacious in prompting large buying of the stocks concerned in that trade. The effect United States Steel included Nothing was learned of any definite develop ments in the steel trade to change the conditions of price cutting and still that trade. The rise in United States Steel was encouraged by the news from Washington that the Senate st1aa wSqld take sna no action the nvsst with the merger of the Tennessee Coal and Iron Company with the United States Steel Corporation. The an- continental freight rates which went Into effect on January 1. were to be rescinded in part seemed to be viewed with contentment. although the pros- factor in lifting prices of stocks. The early returns of railroad net earnings for January of which but few have been received gave satisfactory com parisons. The Hartman Pacific were sustained by the belief that their Jam uary earnings would be reported to- morrow. Foreign influences were pro- pitious to the market. the quieting po- litical outlook Joining with the easing money markets to bring this about. In our own money market the call loan division sensibly affected by last weeks heavy withdrawals by the monthly set clement requirements and presumably by the subscriptions to the Argentine loan The $9,730,000 allotment to the United States was offered and over- subscribed before noon. It Is now ap- parent that the placing of this loan here has affected the large outgo of gold from New York to Buenos Ayres. The strong tone of the market was impaired before the end of the day before realizing sales and by subsi- dence of demand.
 Bonds were irregular; total sales par value, $3,316.000.
 United States bonds were unchanged on call
 CLOSING STOCK LIST.