The Montgomery advertiser., 1906-07-25
THE STOCK MARKET
MOVEMENT TOR ADVANCE IS AB-
 RUPTLY STOPPED.
Activities Were Manifested Despite Huseinn Newa--Generai Revision
 of World's Enffmate of Impor-
 fanee o4 nfsturbanees In Land Of Cxnr Caused Change of Tactics.

f
 New York. July 24-The operating
 forces in the stock market which had
 enparked In movement fcS an az
 vance in prices of stocks apparently reconsiaered their immediate plans to-
 dav and desisted rather abruptly from
 their activities. These activities were
 quite strikingly manifest yesterday in
 sis. making m s pFss WsIi street as an isolated in-
 stance of strength amongst the group
 of the worlds great security markets.
 U U ald not M dsveiop today what arSet was taee ane
 ties but It was d general supposition
 that revision of previous estimates
 of the importance upon the Wofia
 tion lay at the root of the matter. "
 did not appear immediately that the
 tone of the market had undergone an alteration although the opening deal
 ings showed the same response to the
 foreign disturbances of yesterday.
 Then followed a vigorous recovery in
 ss ssa o of stocks realize gave the signal that accumuia- tion and support were no longer to pc in order. The temporary. upward I'd spnast srsa CTS, who aimed to follow the leader of the market. The days principal ae-
 xts rst hnr as ssdagS.ss snd tsers was marked shrinkage afterwards and a growing apathy in speculative interest. The York market from tranquil conditions abroad was given more force in the days speculative consideration. ine abrupt change, wrought In the Iorelsh exchange market by the Russian de- velopments and the total cutting or New York from access to the large m coming gold arrivals in London was pointed to as a striking example or the indirect effects here to the apprehend- ed from disturbed foreign markets. With foreign markets under pressure. any attempt to advance prices In New York would have the effect of inviting realizing sales on securities marketaoles ! less liable securities abroad, Hiinerao the growing weakness of securities would serve to divert French invest
 msnts from them into other fieids. sidn. tnqo ao French capital to share in American l bond issues But it was realized that the immediate effect of the disturbed | financial conditions abroad is unpro~ pituous for any commitments. The New York money market was unchaag- | ed and call loans made very easy in
 sRss s pgohae%s gos # d spr York city's bonds. The outcome of this | fotation is awaited with much inter-
 est for the light 1t will daenas tnrow on fhe fhe apathy of which has been a persistent drag weight on securities of all kindG The announcement of the extent to posted in banks in connection with 1 the Panama Canal bond issue the assuring factor on the money situa- | tion. Reports of s5,e00. .000 note issue by the American telephone company in anticipation of seconds to its bond is- continued heavy requirements of cor porations for new capital. Interest was shown in the reported sale of stock preceding g~ price of $S1.000 and high record price above S90,000. The drop of prices was due as much to with drawal of demand as to any selling pressure and there was some recovery from the bottom prices, but the closing was heavy. Bonds were heavy. Total States Ss and new 4s advanced 3-4 per cent on call.