The Montgomery advertiser., 1906-05-16
THE STOCK MARKET
: ONE AND DULL AND UN-
 CERTAIN TRADING.
Variety ef Explanations Is Found fer the C0ndltiens. and Because of
 Thls Variety There Is
 COUfunfOn.

New York, May 15.--Today's stock gave signs Of failing into the dull and uncertain state which Is the rule after tne the first recovery from such 3 shsrp Francisco property losses. The reason is that tho first recovery results from the decline having been over extended the conditions that caused the decline. variety of explsnations was found Tor the heavy tone dcveloped In the market mark today. This variety .sa caused ;e terpreters and did not warrant the con. clusion that all of the offered explana- : tions plSysd . part in the movement or
 The fsct is that much has been ac- eomplished towards covering up the contracts On the short side Of tne mar ket which were put out during the per The existence of the short interest and its potenttnl requirements has made q useful medium for the aggressive pro. prcss wss ts.ss two 90r forees proacnine . balance again the :n,sar msskss that the conditions which caused the the real. The element of restricted capital resourcee to meet the heavy require- ments pfeEsfng to secure the supply was erooshs t1 s shs sSda note issue "nUunS for ssS.oc % ,ooc' oe re""'
 The fact in itself that resort to this form of financing was consfdereu bv the most powerful railroad corpora tions in the country was of adverse sf- feet on sentiment. It amounts tW the admission that market conditions are not propitious for the ofrsrng ot ffap fapm and which may be expected to Ioiivw Ts to provide resources for taking UP the temporary note Issues. The inference is discoufagins to hopes of an impr9v- ed dernand for other securities. The terms of the Issue also were unfavor- ably regarded While the interest rate the understanding. of the price at which they were sold pointed to yield up tc 5 per cent. while the supposition oI a commission in addition to the bankers bringing out the issue opened the way to an assumption that the company was paying still higher rate for the use of the money. It was feared that oLn- CT intended capital issues might be i'm peded by the sams urfavorable condi- fions and there was some talk of anotn- CT possible era of, railroad note issues impending, as the volume of protected capital issues. Is known to be large.
 The money market gave no reflection of scarcity of funds and rates TOT time loans continued to be shared un- s der tsm ss sonsss s fl dd not 1 the conjecture that efforts to replenisr the money market might be designee to further the Notation Of coming is- 
 road extensions in tn etranscontinental field came in for discussion in the same connection. The market showed some relief on the announcement of the prompt placing of the Pennsylvania note issue and the intention to keep the proceeds on deposit with the banks
 The falling off in the activity or the market was ascribed in part to disin- ciination to enter. upon stock market commitments until after the adjourn ment of Congress. Something was made also of the Standard Oil dividend deciaration, which was at the same rate as for the corresponding period of last year Bearish traders attempted 10 couple this with yesterdays reduction in the dividend of a small subsidiary company of the Amalgamated Copper Company to form an inference or a sen timent against a rise in the. market on the part of the powerful ffnanclal group interested In these companies. The market had the advantage of a considerable rise before the decline set in and of a late rally again so that the net changes are small as a rule. The closing tone was firm.
 Bonds were irregular. Total sales rar value s2,275.000. United States 3s declined IA per cent on call
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