The Montgomery advertiser., 1906-05-08
THE STOCK MARKET
SHORT INTEREST HAS BEEN
 LARGELY REDUCED.
With Demand from the shorts, Market Fell Into. Dull Condition and Showed Heavy Tone
 Until Rally.

New York, May 7.-The course Of today's stock market demonstrated now largely the outstanding short n
 terest had been reduced in the couls SC extreme depression. In Reading. the recovery from last weeks low poinl to today's high point reached nearly IS points. With the. satisfaction or the demand from the shorts, the mar ket fell into a dull condition and show ed heavy tone until the irregularitS after a rally. The advantage against ably ey the psacy action ~as of tSe miners tion on Saturday. making a settIem snt without strike practically certain The influence of this factor was car ried over into today's market and made Reading strong and very active; The feverish fluctuations in this stock gave ample indication of some very active
 tbe which was bear por tion in the stock. The advance re- ported in Reading had sustainf1g influence on the general list while IL lasted The sagging tendency became quite manifest. however. when Reading reacted A progressive subsistence or activity and of the range of fuctua. tions in prices is the r1;a normal resui, t,sf st which culminated last week The pear operators over-extended themselves while the liquidation Is in force a1d when the forced selling is over, they find themselves under the necessity or buying stocks to cover shorts on a rap idly rising scale of prices. Buyers al the bottom then came in to make pro fits and the process repeats itself on decreasing scale until the operations in the market lapse into the hands or professional traders or until some im- a new impulse to speculation. Senti- ment in the financial district at pres ent Is favorable to a pause in specu. lative activity for the clearing up or fhA af ff.rx shows evidence of relief by reason of the drastic liquidation effected as well as by the heavy flow of gold to NeT the coal labor dispute Is regarded with emphatic satisfaction in It's bearing on the confirmation of the soundness of the general business situation. More attention was given today than nereto- fore to the subject of interruption or the lake trade by .he strike Of long shoremen. The unfavorable enect on was subject of consideration. sorr.e increase in railroad traffic by reason of the lake tie-up was reported, but .lot more than sufficient to make up slight activity of farmers in the fields was given as sufficient explanation for the decline in the volume of traffic, but ts I as of n1,eo tbe days snee Ulative opinion. The days sub-treas- ury operations showed a large gain for the banks reaching TOT the new banking week. s7,s5O.o0o. This was largely due to belated accounting of gold import operations and served to rectify in part the discrepancy In the cash item of the bank statement with the known movement of money. L1n.- don discounts were firm today and sterling exchange moved in favor of London both here and at continental points.
 Reading, after losing nearly all of its rise, rose to the best and reasserted it's influence in the general market. prices at some points rallying to the top. 6ut the recovery again failed to hold and the market closed irregular. Bonds were irregular. Total sales, $2,110, ,000. United States bonds were all un- changed on call.
 NEW YORK STOCK LIST.