The Montgomery advertiser., 1906-07-10
THE STOCK MARKET
SYMPT0Ms OF PRESSURE AGAIN
 NOT IN EVIDENCE.
This, However, Fnils to Attract Any Demand for stocks or to En- courage Any Attempt to
 Get pr1cea Higher.

New York, July 9.--The symptoms of the pressure being off the stock market which prompted the rallying tendency of the latter part oI last tent But this failed to attract any demand for stocks or encourage an att tempt to get prices higher The most nTai ao.ap,e consssuence oa .nis ssa.e I voI. Il tune of the speculation the days ag- gregate Transactions falling to smaller figures than for many weeks past. small tart ifa the action Of tho market. but the general outlook for the future was kept in consideration and particu- larly on the side of the money mar
 ket.
 Conservative action in speculative
 matters was felt to be desirable and In
 fact necessary to insure safe pro-
 gress through the coming period or
 money Incident to 1t. Pressure from
 influential banking sources and admo- nition, not through public channels but
 by personal injunction h many cases are believed to be employed to effect this course Large banking resources are not available for speculative at tempts to lift the prices and banking opinion issbelieved to favor an unfet- tered price movement. If prices seek a lower level it Is considered desirable not to oppose artificial restraint this t Is urged If further liquidation. should
  suddenly from level of prices So high as to offer no attraction for the absorp- ton of offerings, disastrous outcome
 The he Saturday bank statement with the surplus showing reduced to $6,465.- 075, had its continuing effect In chilling speculative enthusiasm. Railroad earn ings and traffic reports. mercantile ad. vices. trade and industrial activity and other indications of undiminished gem eral prosperity gave rise to repetition of well known Wall Street argument
 advanced m times of tight nt,,os money nrns perity." Tho suggested absrudity 10 ! due, Of course. to a fallacy in the ar gufhent It is found in the assumption I Involved n active extehSioh of enter prise. Probable investment ill success Full enterprise means increase and de- | pletfon of available capital. The oor-
 enterprise. that that produces wealth and ! the lodgment of securities issued in the l process may go on Indefinitely without other affect than the constant increase | of wealth and capital.
 But an interruption at any step in the process clogs the whole machinery | and produces what Is so strikingIy de- lined by 2 foremost capitalist as inda, | the closing is doubt of the success of l the success of the outlay in producing wealth equal to meet carrier charges. ! WntCn makes tAS SCEuIlItCS 0tlG0td RrS beyond first hands, which employ bor- lrowed money to carry them and so leave
 financial affairs dependent on their 1 lfquidatIon to restore the free current of their flow and their mobility.
 Financial leaders at this time are. growing into accord in favoring a pause l in the process Of outlay until the chan | nels of the financial currents are some what cleared of the Instructions of doubt. and until demand improves for securities. Some attention was at- tracted by English Financial criticism | of wall Streets speculative demands I for funds and bankers here expressed an opinion that a movement Of gold 1 from London should be forced at this time from danger of prejndicing the facilities for a movement In the fall when greater need might exist. The constant fluctuations of the day of the stock market rested the shift ing operations Of room traders. The closing was firm at recoveries, but as far from last weeks levels. Reiterated reports of the floating of St. Paul loan in Paris. which has some sefiib- lance of authority helped the late re- covery.
 Bonds were steady Total sales par value, Si,695,0o0. United States bonds were unchanged on call
 NEW YORK STOCK LIgr