The Montgomery advertiser., 1906-03-23
THE STOCK MARKET
NEWS or NEW CENTRAL STOCK IS DE-
 PRESENCE
Anncuncensent That the Issue Would be To
 Installuenfs Has n ReassurinR Ef- feet--Pressure from the Fro fessional Bears.

New York. March 2e.-Stocks made
 ssanu today against the depression nn odn Sauscn
 crease in New York central stocks. whiclt yorcsd that security off sharply yesterday
 in the market today q Considerable demand
 nsSyeioped from an uncovered short interest
 nv wn,en .I suEgested that yesterdays pressure on Ine market came largely from profession-
 ai pear traders. The intimatton from off,
 .,. sial gouroes In connection with the call for
 ss,ustnortty to Issue New York Central stock
 mat the whole amount authorized would be
 .ssuSa in moderate instaimsnts and over a
 consideTable period in the future. had somo
 sssnlraI \ itself ruled throughout the day
 ne'0T nc t,ys ,ysesasrdays tins! figure but t was at
 day The subsidence of the acute pressure
 against this stock and tho demand from uI,-
 market It's only show of spirit The trad.
 ing sank back into the lethareic condition
 which has existed for several days past
 While pressure In the market met with
 2 Iesfs.ance in the form of supporting or-
 efforts to extend Is the advance in prices % met s
 With increasing supplies of stocks. This is
 2 condition ,1. which serves to hold prices in a condition of equilibrium and to discourage speculative ventures It Is suspected that this tnis purpose is designated by sorne. of the
 could afford . stronger contrast than the varying mood in which stock markets re- cording to the existing condition at the time of the issue
 Many of the most striking advances in inc
 last upward movement of the market were based on expectations of valuable subscrip- ton rights to be allowed to existing stock holders on intended large expansion of out stanoing capital In New York Central. it. self, the announcement of the last stock in- crease amounted to upwards of S17,000, 900 early in November last. with the privilege to stoSkholders to subscribe at par led to a rise Tn price from below l50 to 157 on the day before the stock subscription rights came off the price. The $75, ,000.0 issue Of Pennsylvania stock early in 1903 offers a strlklng example of the contrary effect, which forms forcible precedent for the minds of those who are made uneasy by tho present New York Central issue. It will De remembered that it was found necessary then to form an underwriting syndicate with a commission allowed to underwrite the Pennsylvania stock at the price allowed to stockholders, which 120 In order to make the issue successful. Speculative un- certafnties over the outcome of the dispute over coal miners wages and over the Mo n,aintatned their oppressive influence on the market. The transfer through the sub treasury of s600.000 was due to measures for army payments in the philippines.
 | The probability of further gold engage | ments for imports from Germany was dis cussed, but no step taken. The effect l on sentiment was counterbalanced by the supposition that early remittances would be resumed of Japanese funds from New York to Japan. The money and exchange markets were practically unchanged today. | The late rise of 3% in Reading decided the l firm tone of the closing of the market. Bonds were irregular. Total safes par val | ue $2,0so.eo0. United States bonds were | all unchanged.
 NEW YORK STOCK LIST.