The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-05-04
THE STOCK MARKET

New York, May s.-The violent COM
tortion Of the quotations for Reading
today belied the assumption that the
sSRdhfsin c Gcsrs e ess,lo5 iona n aSs sS
ont stock market influences In either
direction. The market slipped into a
condition Of stagnetion before the an
came almost equally iethsrgic in .the
P psrsr % Psrpisxity following tns irs
sssm. q a. siouusnt Of &c ns
the animation induced by more decided
o X Z q. The sentimsnt Fegsrdfns
plainly indicsted IN TIE downward
reimbursement that the provisions OF
s ss wnes hsa an When the the sssn
viction took shape that. while the
terms q the law we're upheld the gov
disaliowed. 1t was quickly decided
&hAt. while railroads were disbarred
from owning coal which they trans
stscls to their ownership Of shares IN
leave railroad companies which con-
sst mnss b lss:dy 1y tbs t nSrs ss
now. while in the. case Of the conlpa
MES which own the mines directly. *
has. been made an element of strength
we're supposed to be making plans TO
form separate companies to own the
coal mines, with the shares TO be dis
tributed to the railroad stockhoiders.,
from i4s So at the lowest to ISL la
at the highest. the latter ngure repre-
senting the highest price touched since
suiminstsd In A Price Of III II Janu-
airy Of 1906. There were Intermediates
fluctuations Of eonvuislve violence
uiation BY the room traders. for whom
the sudden changes in the movement
Of the stock represented nothing but
the biindest chance, The Reading
narSss sus Il i its more more exasgerased
terms. No other stock approached 1t
In point OF activity or range or move
n breadth ana afA Strength as h S il
the later stages Of the Reading ad-
vance. The disposition of the eommod-
tiles clause. II was felt. put out q the
Ing the market. with repressive effect
for months. The general effect OF the
decision also was regarded as cheer
p n sa Ths nsuls aea
Is to put up prices OF stocks. The
busysicy sxnd animation OF the later
heavy tone Of the early dealings. all
though Ii Is not certain that appreh en-
sion regarding the Supreme Courts de-
eision was alone responsible for the
early depression. The taking OF an
other million dollars In gold bars from
the assay office for shipment to Paris
tomorrow showed a force or depletion
Of bank reserves still In operation.
The per cent call money rate OF last
Friday left an expectation of possibly
irmer money rates for day or two.
No higher rate than 2 per cent was
touched during the day and open On
the money market settled back into
conviction Of prolonged ease. The
promise of extended abundance OF
money seemed to be the cause Of sharp
advances In Q number OF industrial
preferred stocks, United States Steel
leading with 9 rise q 2 points 70 the
Of investment returns on these stocks
with q period Of Industrial expansion
promised to add to the security Is Of
The war among the trunk lines over
import freight rates and the fear of an
unfayorabie showing OF progress by
the crops In the forthcoming govern
ment report OF condition had some in
fiuence on the early heavy tone. The
outburst Of speculative excitement fol-
lowing the commodities clause decision
swept away all other considerations,
and the market was strong to the last.
Bonds were irregular. Total sales,
par v4iue, ee,760,D00.
United States bonds were unchanged
on call.
CLOSING STOCK YIeT.