The Montgomery advertiser., 1909-05-22
THE STOCK MARKET

New York, May 2f.--Dealings In stocks today shrank te small pro s The action of the market proved pug zling to the professional trade ele- ment. 6ubsidence of demand on an ad- vance in prices Is construed usually 2s unfayorable to the stability of the rise. The professional operations. acting on this principle sold stocks short when the market turned dull and tried to force a reaction. Prices did not re- spend, but showed resistanse without any Increase in the animaf ton. The rigid holdings of prices at the ex- treme of an advance Is unusual and resulted in 2 confused state of specu- prompted that most of the dealings were In the hands of operators acting Tn concert, leaving the movement ar tihcial to some extent and capable of the close control which was evident. The persistent rise El U. S. Steel was the mainstay of the advance The sentimental effect of the further ad- vance in that stock to above so was Traders were intimidated from pursu- ing their attack on values. Late in the afternoon the dealings sank to a state of stagnation.
 cided change in conditions bearing on values Reports of the breaking of the drouth fin Texas were received with satisfaction as grave fears have been
 
 There was help for the speculation in the copper stocks in the advance in the dividend rate by the Calumet and Hccia Mining Company. as 1t was con- conditions in the trade. Official changes in the Kansas City Southern director ate were believed to corroborate the expectation of closer relations be- cific.
 Much of the recent speculation has been based on the assumption that q number of proposed railroad combina- completed later on. On the other hand the movement of some of the low grade stocks of railroads in re- ceivers' hands indicated doubts of the Some attention was attracted also to reports from London that intended fo- tations of some American securities which have been partly underwritten unfavorable conditions in that saarket and a feeling amongst investors not considered friendly to American secur- tiles. New York borrowings In Lon very large scale, but these involve no direct participation by the lenders in the securities which figure as coi- lateral. There was an advancing ten- and also in Paris today, and there is believed to be due 10 New York bor- rowing which has been an influence In easing the local money market and thus bringing the two markets to an adjustment. The weeks wheat and hour exports rose some 274,000 bush els over those of the week before, but the supply of commercial bills in the exchange market Is still scanty and insufficient to meet the demand Rates still hover near the old gold point and 1t Is believed but for the Borrowing by. New York bankers In London, the shipments of gold would be much larger. Additional small amounts of gold were engaged today for export to Argentina.
 The weeks shipnens of gold will run to between $6,0O0,000 and ST00o. .000. but estimates of the currency move. ment indicate that the excess of re. ceipts over shipments on the interior movement has been sufficient toEther with the $1.551.000 from sub b-treasury operations to overbaianceA the gold ex. ports and yield a small cash gain for the banks. The intense dullness of the late market allowed some grayi- tation to a lower level, but the clos ing tone wa9 steady.
 Bonds were irregular; total sales. par value, $3,sS0.000 U. S. bonds were unchanged on call.
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