The Montgomery advertiser., 1909-06-15
THE STOCK MARKET

New York. June 14.--There was further shrfnkage in the volume of the stock market today following the ten dency of last week. Efforts of the or. sanized speculative element to effect profit taking sales to take advantage Of any outside demand. The entire unresponsiveness of the general mar ket to the impressive advance in Uni ted states Steel proved striking fea- ture of the days attractions The ob- stinate Inertia of -the general list 1 seemed to proclaim the hopelessness of any effective action of prices and had much to do In causing the discourage ment of efforts to move the market, which was responsible for the prac- The accumulation of United States Steel was most persistent and aggres- siye both for home and London &C., count Buying from both sources was considered important and as due to in- fluential financial interests. The highest prices touched before today was 6s 3-S on June 8. As the half per cent quarterly dividend came off the stock last week, today's price of 69 7-S exceeds the previous record by that much additional. Aside from the i'm precision made by the buying itself and Influence drawn from 1t, there was no development concerning the property to account for the strength of United States Steel The introduction of 1t to the Paris market came into renewed discussion and it was urged that the Beginning of active trading in the stock in Paris might be made the oc- casion for stock market demonstraz ton. Amalgamated Copper passed from under the depression which has held IL Tor several days and moved up- wards in spite of another decline in London it and unfavorable opinions on the trade position reported from Paris. Paris itself gave over the active sell- Ing or coppers which 1t has been fol- lowing In connection with the specuIa- ton In South African gold mines which has engaged the attention of Paris operators. The falling back of the Paris cheque on London indicated relaxation in the pressure for remit tances from Paris to London which carried the cheque sharply upwards in connection with the London settlement last week. Union Pacific made some snow of strength, but Southern Pacific was heavy. helping to the confusion Of speculative sentiment Much of the gratuitous Information in the shape of tips distributed before trading began went wrong today and this was an other factor in keeping sentiment un- settled. The Hill stocks were persis- tently heavy. although impetus to the united States Steel movement also was contrary to the heralded promise Out side of United States Steel the most conspicuous stock in the days dealing was Wabash preferred The rise in that stock to 61 1-4 was accompanied by circumstantial reports of coming absorption by the Lackawanna, with guarantee of a dividend on Wabash pre- ferred as compensation. While cir cumstantial and persistent the report was without confirmation. /The sud de nmovement in various dormant se- cnrities was a peculiarity of the mar ket as It was last week. The great expansion which the loan item of the banks Is showins much discussed but interior demand for credit remains so quiet that opinion on the Aoney sit. uation was reassured. There was a softening of the rates for time loans.
 Bonds were irregular. Total sales par value. $5,S70.000. United States ponds were unchanged on call.