The Montgomery advertiser., 1906-05-04
THE STOCK MARKET
AND FEvEBIsH FLUCTU-
 ALTON IN PRICES.
Appreheusion of the Renewal Of Lfqui- dalton on an Enormous Scale --Contraction in the Acfiv-
 ity of the Market.

New York. May 3-The stock mar ket reflected the nervous and uncertain ,tone of speculation in the constant ana feverish nuctuation of prices during the day There was no renewal or liquidation in such crushing volume as that of yesterday, but there was an ev- ident apprehension of such resumption. There was a marked contraction n the activity of the market and this n itself was advanced as an argument that the worst of the liquidation was over. Critical periods of iiquidations are likely to culminate in day or fluctuations such as occurred in the course of the dealings in two ana one half million shares yesterday. The az :. gregate sales for today were only about oue-third of the corresponding peflod. While this subsistence from violent ac- tivity was taken as a hopeful sign, the market was entirely lacking m reslI- ency. which usually follows immedi- ately on the period of continuation on
 It always happens that successful bear operators pursue their campaign up to the limits of the decline and the consequence Is that when prices turn upwards an urgent demand to cover shorts adds violence to the movement. Beyond this first rebound, there always remain an outstanding short interest oi longer duration which waits Tor the definite turn in prices before closing up their contracts. It is the general conviction that so exclusive decline as that of the last two weeks shows out standing an enormous snort Inter est.
 From time to time there was an out burst of selling in one stock or an. other which suggested renewal or liquidation. Buying for support was forthcoming on each of these dips, ana the market was kept from disorder al any ttime.
 But the buying promptly subsided when prices moved upwards again ana gave no encouragement to professional operators to pursue the movement The call money market was apprecfably easier than yesterday. which would follow naturally from the violent lfqui- dation effected. Additional gold was movement for San Francisco continued, the former movement heavily overbai- ancing the latter. The advance in the bank of England rate was not unex- of the continued demsnd or its gold supply for the New York account, the statement of weekly condition today showing per centage of reserve to liabilities reduced to 3s.7 per cent. The Bank of France also showed a decline in its gold holdings of $1,400,0C0.
 Discounts were firm, both in London and Paris. and exchanges moved in la vor of London at all points. It was not believed, however that the gold imports to New York will be inter ruptad. The forthcoming report of the Commissioner of Corporations of the Standard oil inquiry and the Presi- dents message which is expected to accompany it, were professe6 subjects of apprehension amongst operators in stocks, forming a motive either for selling stocks or for refraining from buying. It was a general expectation that the assemblying of the mine work ers' convention at Scranton would re- suit in the declaration of an anthracite strike. The special weakness of Amal- gamated Copper was In connection with the importance attached to the forth coming Standard oil inquiry and it's findings, on account of the Standard Oil influence and control of the Amalgn- mated Company That stocks 3 3-4 point break decided the weak tone of the markets closing.
 Bonds were irregular. Total sales, par value, $2,2s5 900. T. s. bonds were all unchanged on cali.
 NEW YORK STOCK LIST.