The Montgomery advertiser., 1906-05-15
THE STOCK MARKET
CLDARI.Y DEFINED REACTIONARf
 TBNDENCY IS DEvELOPED.
Pro1eaa1onals For Some Days msvs Ueeu Enrared in An Attempt To
 TuFn the Course of Prices nnvvUW0Td.

New York, May 14.--The early stock market today gave no evidence of q change from the advancing tendency of last week, but before the day was over q clearly defined reactlonary ten dency developed. An explanation 3n.n wHicn seemed sufficient to satisry the proies s!onal trading view was that the re- covery from the depression following the san Francisco calamity hao run ies
 Professional traders have been feel ing for the top of the market TOT number of days by making tentauve short sales and trying to turn the ma mar ket downwards. There was no strik- ing new development in the situaSiSn today to warrant renewal oi 5ne positive depression Tn the specuiative rectior, of prices there was an inevit- able change in the temper Of the spec. ulation and some revival of consiaera- tion was given to numpef 9i ticee ors which wehe prominent at the tlme of the downward course in prices; Ins news of large temporary loan Dy .ns Pennsylvania Company in the reports be paid on the loan called renewed at tention to the heavy capital reQuire- ments yet to be met in the money mar
 The relaxation in the money mar ket following the enormous sudden ac- mand for cash precipitated py the uS SuS Francisco losses has served to puiIo
  uiators that an indefinite period or ease in the money market is assured. me Pennsylvania financing recalls tnat many important projects ,s navg ter,ns se1n in the money market and whicn may pe counted on to be brought forward 10 take advantage of any reiaxation n this morning gave. large space ae the extension project by. the Great Northern Railway and mention .,n IS mace @ also of plans by the Union Paciric TOT lines into New York territory, The St; Paul extension to the Pacific is known to be actively under way.
 An early issue in the part or the by the New York Central is expected. There are also large holding or rail- road bonds already issued and still m first hands, with resulting heavy loans are expected to come on the market with any improvement in the invest ment demand. Another incident Of the day which affected sPeeulaediTe asduetion sent in the dividend by the Parrot silver ana Copper Company, minor suosiolary company of the Amalgamated copper very heavy speculative buying in the copper group based in the excited ad. vance in the price of copper metal ant ano copper mining stocks In London; dsn rsnS ras as the mainstay of the market to noio it against the selling to take profits which was going on at other points. When the copper stocks gave way the whole market yielded.
 News of general conditions continued uniformly Favorable today. Raiiroad traffic officials reported that the slight hesitation manifest amongst merchants after the San Francisco calamity had been dispelled and with it the fear that business reaction was impending In the country. Rates for money con. tinued to work easier and the London market was cheerful over the prospect of declining money rates there. the Bank of England having secured all newly arrived gold in that market ricultural products shows an increase in value of $12,7s2,ooo over those sd of drift of prices of stocks continued throughout the afternoon and the clos ing was heavy with only slight rallies Bonds were firm.
 Total sales par value, $1.072,000. Uni- ted States bonds were all unchanged on call