The Montgomery advertiser., 1906-06-30
THE STOCK MARKET
SECURITIES COME OUT FREELY
 FROM TIME TO TIME.
Result Is NibbIing At Prices Which Makes Constant Inr0ads Upon Values And Is Highly Dise0ncerting To
 Holders of Longs.

New York, June 29-Stocks came up- on the market freely from time 10 time in continuance of the liquidating move ment recently in progress. The result was a sort of nibbling at prices which made constant inroads upon values and was night disconcerting te holders or long stocks. The consequence was growth in selling pressure until in the final hour the market took on the weak and emi-demoralized tone which char acterized Wednesdays break.
 In a few cases prices got back to a lower level than during the decline of the first part of yesterdays session. The bear party showed great caution in their operations and made no such earlier in the week. It was evident that a waiting demand existed at tho lower levels and this was attributed to the outstanding shorts who took the profits. There were no important in- cidents bearing on values in today s news. Money on call was active all day in consequence of calling of loans by the banks in preparation for meet ing the July settlement requirements
 The fact that this Is the last day of preparation previous to the July first payments. as the money market at the stock exchange is wholly nominal on Saturday, left room for some feeling that the worst effects of the coming re- quirements were being felt in today's Advices from Washington during the day pointed to the possibility of a final adjournment of Congress tonight. As large short selling for bear account is believed to have been based on a1- prehensions of further Conversational action against corporations. profession al operators looked for some covering demand on the actual adjurnment of Congress The arSument was heard also, that the administration program against the seeming restraint with which the bears operated in the market accounted for h-r thAsH H0nainArA- tons
 The supposition that money will work easier with the turn of the half
 operations. although 1t was pointed out that on previous occasions the unset clement In money has continued for
 several days. after the period of the set dement's. The announcement of about $5O0,000, gold secured from the Bank of England for Import to New York had the effect of confirming confidence that South African gold in London would be secured for New York. Although the banks have lost over a million dollars to the sub-treasury on the weeks oper- ations, there has been a sufficient gain on the express movement at the in- terior to indicate an increase In cash of about $2700.000.
 The weeks liquidation in stocks is expected to reduce the loan item and make a strong bank return. Stocks which have ben most active in the speculation continued under notanle pressure notwithstanding, these re- straining factors. It was concluded that the calling of loans still affected most directly stock market pools and large speculative holdings In the mar ket The concurrent weakness of ths Hill railroad stocks. and of the United States Steel stocks pointed to liuuida
 tion of speculative. oldings which have been acquired In connection with the Great Northern ore lands deal re- port. Rumor pointed to the closing out of an important speculative account fo' an estate in process of settlement.
 Todays reports of net earnings for May made a very strong showing with the exception of that for Reading. which showed the final effects of the anthracite miners strike. The lowest prices of the day were touched in the last hour and the market closed weak and near the lowest, material net losses throughout.
 Bonds were heavy. Total sales par value $1,170,00 United States 3's cou- pon, decline d1-S per cent on call.
 NEW YORK STOCK LIST.