The Birmingham age-herald., 1909-05-29
'FLURRY IN UNITED
 STATES STEEL Prices Are Forced Up to New ! Records By Bulls FEW STOCKS GO UPWARD spurt In United States Steel Fails to Affect Other Stocks and Prices
 In General Are Almost
 Unchanged.
FEW STOCKS GO UPWARD

New York, May 2s.-Business at the stock exchange in the two hours before noon today reached almost as great volume as for the whole session yester- day. The enormous transactions in United States Steel were almost altogether re- sponsible for this revival of activity. It appeared that the demand for that stock came largely from a short interest and the eve of a pre-holiday seemed to make the uncovered-shorts uneasy Not only in New York will the next three days be closed ones in the stock market, but abroad also in observance of the Whit suntide days. The aggressive bull party in United States Steel forced the price up from the start today. and when it touched 6S, and again at GA. heavy stop orders for the bear account were uncoy- cred which furnished a medium for a large unloading on the part of longs. As IL is not customary to record transactions made on spot orders the transfers of United States Steel effected during the day were larger than the total re- ported.
 Thero was some movement in other steel stocks in sympathy with United States Steel stock, but the market as whole was littlo responsive to this leadership. Steel trade advices continue favorable, but there was nothing in them to &C., counc for the sudden change from the upward creeping movement in United States Steel to the squirt of today, which added more than points to the best previous record price. Demand and pro- duction in all forms of steel are growing, but some apprehension is felt that an im- portant part of the buying is going into stocks, being. melted by the conviction that bottom prices had been reached and aiming b provide not only for present but for future needs.
 The price of copper rose again at the metal exchange, but the copper indus trials had but little part in the move- rnent of tine market. Here and there a stock, a preferably industrial, was picked out for an individual movement. Most of these were of the more obscure class and showed evidence of control by stock market pools. The preliminary estimates Of the weeks currency movement gave promise of large accession to banking cash, the influx from the interior having been heavy Sub-treasury operations have supplied s1,267,000 to the banks and there have been no gold shipments of inn portanee during the week. The combined result promises to increase the bank holdipgs of cash to the extent of nearly s9,otO 900. This would bring the amount received by New York from interior points since the middle of March to up- ward of S6o00O,0o0.
 The current redemption of bank notes at the United States treasury is running very large and furnishes another evil deDce of the slackened needs of the cir cuiation. The position precludes all un- easiness on the part of the speculators over the money prospects Yet New Workers continue to borrow largely in London Bankers finance bills are said to be offering these increasing amounts. Not this only but 1t is rumored that large speculative accounts are carried in American securities in the London stock market for New York account, att tracted by the relative cheapness of car rying charges there compared with New York It is estimated that New York would be making large shipments of goId to London were It not for this borrowing. Debts thus contracted are estimated to come due and be liquidated when crops begin to swell. The air of indifference to the movement in United States Steel rather increased than diminished, and net changes in the general list are small.
 Bonds were irregular; total sales, par value, $4,344,000.
 United States coupon As advanced F per cent on call during the week.