The Birmingham age-herald., 1909-06-07
LIVELY WEEK IN
 STOCK MARKET State of Excitement Issues
 Near the End FRENCH CAPITAL EASY Many Orders In Various Lines of Steel Are Reported at Record Figures-Large New Issues of
 Securities.
FRENCH CAPITAL EASY

New York, June 6.-There was sud den rekindling of the speculative spirit in the New York securities market last week, and toward the end of the week this issued in a state of excitement not witnessed in the market for over two years past. Various incidents served to waken the market from the semi torpid state, but apparently it was these projects that introduce the United States Steel stock to the Paris market, which was of most effect. This was supplemented by the belief that important plans were working out, looking to the harmonization of relations between the great transcon- tinental railroads.
 The great reservoirs of French capital comprised in the numerous small accum- ulations of that thrifty people are the most inviting field of supply for that at traetive commodity known to the finan- cal world. Not only does it furnish an abundant supply. but investments once distributed among French holders find a lodgment so tenacious and free from the usual vicissitudes of constant shift ing by speculative maneuvers that sta bility is thus insured for the financial af- fairs of corporations thus shared in.
 This field, however, is regarded as the most difficult of access by outside enter prise owing to the combined effects of the extreme conservatism of the French in- vestor, and the rigid requirements of the French law and the bourse regulations. The news that a way had beenN found by the United States Steel sponsors to 4l,ts Ial, ly to the speculative sentiment Inci- dental features of the operation had all most as strong effect on the speculative furore and enough has been lacking of distinct knowledge to leave room for the unauthorized differences which form the most potent factors in all speculative movements.
 Thus it was reported that the plan for entering the United States Steel shares in Paris would involve an accumulation of an much as 100000 shares for lodg- ment in trust against which certificates would be issued as the medium for trans actions in France. Also, the price ap- parently paid for these shares by the syndicate was made ground for assump- tions of the valuation placed upon them by the bankers connected with the prom ise thus inferred of early increased in- dorsements. The episode was regarded as adding greatly to the prestige of the stocks of the great American industrial consultations, and to be the outgrowth of the power of resistance to the la ate severe depression, and of rapid recupera- tion manifested by them. The effect was seen in prompt advances of many of the preferred stocks of this class. United States Steel preferred led the way but carried many others with it.
 The outburst in the transcontnental railroad stocks had its inception in the formal agreement made between the Union Pacific and Northern Pacific for the joint use of trackage in a region beyond Seattle. This was interpreted as definite treaty of peace between the two great railroad powers and as fur nishing final assurance against such a damaging conflict as was once involved in the contest for control of the Bur lington. Limitations were circulated in Wall street that the status of the St Paul Pacific coast extension was defin- itely fixed at the same time
 This group of railroads was affected further by an offer of $26,00O0 600 of con- vertible bonds and the consequent insur- ance of its financial requirements Ru- iloIs ol Intended increase in the dfVi- dends of the Hartman railroad stocks and of an exchange of Southern Pacific preferred stock for the common, induced generous speculation in those stocks.
 Little attention was paid to general conditions of business and industry Noth- ing to disturb sentiment was reported but nothing striking in the way of change oc- cured except the expansion of the steel industry
 Many orders in various lines of steel were reported at record figures. Opinions on the condition of the crops varied some what the news refecting occasional un- easness over the winter wheat prospect. New issues of securities continued on a large scale, with further heavy hotations in prospect. A gold shipment to France witnessed the continued control of the New York supply by foreign bankers. The money market, however, maintained it's undistnrbed ease and furnished the real incentive for the furious speculative ac- tivity.