The San Francisco call., 1906-07-14
New York Stock Market.

NEN YORK, July lS.-An extremely uncer-
tain state OF speculative sentiment developed in
the stock market today after prices had yielded
sharply under continuance OF the selling in
evidence yesterday and then recovered with
some sembisnce OF strength There was no
special news development 10 account for the de-
crease IN the selling pressure. Most OF the de-
sional short interest. The shrinkage IN the
volume Of the market was accurate index Of
The effect upon demand Of the recovery IN
prices The lack OF good news Of striking
character 10 account FOR the recovery the
occasion for pointing out the contrast with the
recent market when any such news has become
known Every such occasion for some time
past has been taken advantage Of to market
stocks Selling OF this character not per
ceptbie today and the professional bears ap-
parentlT lacked courage 10 attack values IN the
eosence ~ o. Ln4s nQuloall9n me eAteht OF tne
recovery was not sufnclent TO force bear ac-
counts 10 cover The intense dullness Of the
demand which developed on the recovery did
not argue Keeling OF great solicituoe on the
part OF the bears OF larger caliber. whose out
st.lcing account Is now believed 20 have
- I'd very large dimensions. Some stress was
lad % the prospect Of q favorable bank state
meHt tomorrow. Rates for call loans were, in
fact, easy for a Friday. which Is accepted as
more reliable index Of the actual money situa-
ton than the bank statement itself in the
complication OF trust company operations in the
money market with those on the banks them
the highest level OF prices touched in the stock
market this year occurred in January. IN which
ntY.ttu money ol call reacheo % per cent.
while With call losn rates now at the lowest
level OF the present yesr prices Of stocks also
have receded. in not q few important instances,
20 the lowest Of the year. II is probable that
The anomaly In the first case Is responsible IN
part Tor that in the second. The straining OF
resources 70 bun stocks at the time of the
money strinEency left some Of the pools Ia q
vulnerable position when the liquidation began
forced selling induced much Of the weakness Of
stocks. But the contrast suggested IN money
conditions In the two periods is apparent
rs ther than real A resumption today Of q
strong demand for loans carrying over the end
of the year the truer index Of the money
situation. Lenders are indispOsed 10 place
money for that length Of time. and by keeping
funds an hand or in day 10 day loans they con
duce 10 the ease Of the call loans market.
Banks have made apparently a small gain in
cash the week. OF the accepted esti-
mates placing the figure at over 81. .OO0, 600.
Rates Tor foreign exchange were lower dis
counts yielded In London and sterling exchange
rose in Paris, all these movements being calcu-
demand for gold. Secretary ShaW's continued
presence IN the city kept the Governments
bonding and deposit operations IN attention and
seemed 10 induce a feeling Of confidence that
the money market might be made 10 derive
some advantage from the conduct OF these oper-
ations- IN this connection II is TO be noted that
Monday subscriptions are payable q 40 per
cent installment OF the S27 500 600 OF Baltimore
and Ohio stock. which calls FOR some 81 .O00.-
o00- The markets tone was uncertain through
out and the closing was feverish on small deal
inEs
oads were irregular. Total sales Cpar value).
A,Ils,O00. United States Is advanced = per
-f -