The Montgomery advertiser., 1909-05-15
THE STOCK MARKET

New York. May 14--Pricss were high
again today At the stock exchange, but
the selling under cover to realize
market ali thropsh s1 TIE , ssss even 81 AT a
va. p ~ fs stsady s sn8 psa
sissentlx The market was undermined
strength n the nrst hour that was
more consistent and comprehensive
than at any time previously this week.
movea np~ards Il sonesss s'0 sontrss
, wstn the irrssaisr and contal asa.
Ing tns asmonssration seemed to rsprs e
market to make head against the
forces OF reaction. The rise was slight
~ extended after the opening. then
headway until the sharpest advance for
several weeks was in progrcss. There
was nothing In the news to account for
the decline which was universally at
tribnted to technical causes in the spec
uiatfye situation.
Prices have been carried. tor one
s hss J e ss highest 1907 evs hs eses a
prominent examples in the list OF
stocks that have touched record prices
this week. notably amongst the h,gh
leaders as Union Pacific. Southern Pa
cific, Reading, and United States Steel
are within a few points Of the high
have been pointed out with some per-
ststence In the last few days and at
tracted discussion for such prices. The
&c s s that ossn s s eoann
which would excel ali its past histary
The strength OF this conviction ID
witnessed by its efficacy in carrying up
prices to their present levels at stage
Of the business revival. which admit.
teddy Is yeu very immature. This week
has brought more tangible evidence
Of the revival than has yet been seen.
The speculation seems to have decided
insS these signs In
stock market. That was the only ap-
parent move for the heavy liquidatioa
There was something striking In the
unanimtty with which the leaders IN
the banking and railroads inuustry ex-
pressed their hopefulness today over
the business prospects. The news ef
rains in the Southwest was regarded a.
affording important relief from the.
optimistic estimats Of the Seop crop sn Out, e.
the Great Northern Railroad. q good
doal OF consideration.
Heavy sales of copper were reported.
Foreign influences were favorable to
the market, the subsistence OF anxiets
over the French postal strike being .
nelpkul I&CLOr.s the Deltef tnal import
ant new financing OF some OF the rail-
roads was in contemplation fosterea
the idea that the important banking
interests would support the marker
with determination. Even the money
outlook gave less concern than for
some days past.
The time loan market was called
somewhat easier and the preliminary
estimates of the weeks currency move
ment indicated the largest balance of
receipts oyer shipments in the interior
Tor any week of the season.
The hardening OF money rates early
In the week seems TO Nhave attracted
this inflow. London advices point TO
some borrowing there for New York
account In spite of the command by
London OF our gold supplies. This for
eign borrowing would tend to relieve
the loan account OF the New York
banks. In spite of this large prepond-
erance OF influances favoralAo Ia val.
ues, prices slipped away with the worst
Of the losses recovered. Strength in
foreign exchange pointed to further
gold exports
London sold stocks here. The foreign
trade statement for April shows the ef-
feet of the continued heavy imports
combined with falling on in exports in
the shrinkage of the excess of exports
s45,920,l29 In April OF last year.
Bonds were Irregular. Total sales
par value, $5.560,O00. United States
bonds were unchanged on call.
OE0sING STOCK Lrsr.
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