The Montgomery advertiser., 1906-07-29
THE STOCK MARKET
MOVEMENT WAS RATHER SLUG
 GIsH AND IRREGULAR.
The sfocks Selected Were Mostly in the Class of InAustriaIs, Especial iy Among Metal Enter-
 prfecs and Coaiers.


 
 . New York. July 2s.-The movement was rather sluggish and irregular ana the price level was held up by the me now conspicuous during the week. The stocks selected were mostly in the class Of industriais, especially amongst the metal industries and coalers. The mental railroads and the trunk lines were comparatively quiescent but not under active pressure Dealings con. tinued very large in U. $. Steel, ana that stock rose to within small frac-- tion of 40. which had been promised for thig week. by its speculative spon- scrs Amalgamated Copper and Smelt. ing and Lead stocks were strong ana the yoiatis Iriced soalsss ssg maas snea proved a disappointment and was foI- lowed by a pronounced reaction Tn prices The cash item showed only about half the expected increase ana as the deposit item was swelled in ad- diticn by a loan Increase of nsarly $lS,- 100000. the surplus was slightly en- croached upon by the added require- ment. The loan expansion was re- mainder of the needs of an extensive stock market campaign for facilities. The changes in the money situation, however. are evidently not sufficient to affect the immediate ease of call that the eiirplus resources of the U. s. Treasury will be held in readiness to protect the money market from any dangerous stringency during the fall. Support was forthcoming at the reac- ton after the bank statement and some stocks rallied vigorously tc the best of the day. The closing tone was ir- regular Total sales of bonds par
 The stock market this week has giv- en evidence of an awakening from its indifference to the prosperous progress of ths affairs Of the country. There has been animated speculation in a small number of prominent securities. which. by their Influence upon senti- ment, have caused sympathetic re- sponse in the whole list. Prices have factors bearing most c1ectually on the renewed speculative activity. however, have had to do more largely with the ersonal element than wtn aay 1osoi0of as prosperity in tn ecountry. The ifn. pressicn Is widespread amongst tne operators in the market that the soig men" in. the financial world are ouy- identified.
 The foundation for this bss.fef was primarily the coincidence of the appear- ance of buying orders in the market abroad of various leaders In the than cial world, the list including yames Stillmau of the National City Hank, William Rockefeller and '. N. Morgan: the conspicuous buying orders. were those supposed to act habitua1iy for the large moneyed interests thus rep-
 Money conditions have been easier and the low rates for call loans have proved an attraction for stock market operations. The relaxation in money conditions is normal to the period pre- cedina the accumulation in preparation for moving the crop and has been fos- tered also by the measures adopted by ths Treasury Department to protect the money market from bad effects from the Panama Canal bond Notation. The dissolution of the Russian Douma and the resulting settlement on foreign markets, put an abrupt end to the chance of securing gold in London for New York early in the week. This dis appointment seemed to be accepted with equanimity by the New York mar ket, as was the death of Russell Sage.
 markets, when the crops begin to move The facilities for increase of bank note issues on the new Panama Canal bonds are advanced as safes guard on the situation. In this con | that applications for retirement of bank note circulation already i'll the l S3, ,000,0 ,060 quota not only for July but l for August with a large proportion ot the September limit also bespoken. Bonds have been dull and heavy in spite of the more active stock market tU. s. 2s have advanced 1-4, the new | As 1-2, the 3s coupon and the 3s reg 1 istered 1-4 per cent. on call for the week.
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