The Montgomery advertiser., 1906-05-03
THE STOCK MARKET
AN ENORMOUS vOLUME or LIQUDA'
 TON IS EFFECTED,
Record of DeaIings Rises We'll Over e.00O.e03 shares and Makes Day Great One in History Of she
 Exchanyc.

New York. May 2--An enormous volume Set soday Tss of the shares sold while falling fac below the absolute Eseord 2f dealnss at the Eew Sco 6ons 6 .Ss Sss.k the. New York Stock FxchsrCs history. caused by the ' violence % of ttS @ @i.auiiasion Ilt towards the end of the day the market showed evidence of the. rel;ef afforded by the lfcuidation accomplished
 It was a field day for tne bears and fbev operated with great boldna5s and on an enormous scale all day Their inclinatis day was an important factor in the ocCasionT al rallies and in the later tendency towards shrinkage in market valnItio1s gave rise to the inevitable reports of money ditlicu,nies about the stock excbanxe' exc a rhs;s was D9 reports and their failure 4 yerificati,cn ness shown during the day vas attrihuttd to the operation of the same causes which have been of effect for several weeks. IL was generally accepted as a fact that very wealthy speculative operate g ard powsrtht pools who had persisted in disregarding the warning of the money market by main fcfce were being forced from ths!r position and obliged to sell out their huge h h)ldlngs to of banking centres which had advanced money for use in abortiva speculative es m paigns
 The manner In which stocks were hurief into the market and the size of the ind'vid~ ual blocks traded in gave strong ImIi,s E. sion of the dimensions cf the speculative interests which were bein. t,reod to sell and of the distress which urHed tn'm to the dramatic measures Thero was net eration might extend not only 10 selling out of holdings in the hands of these tnt-'r'sfs short side in the effort to recoup losses on the long side according to the ooli ne'h- ods; The money market continued t'rht 12 per cent. Rates for time loans for all periods up to six months were firmly neld at per cent Another days large clear ances between the banks reflected further large financial operations in progress
 New York City in addition 0 to the usual Nay 1st demand helped to explain the pressure on on the market, The outgo of currency to ceased and the incoming gold is not suffi- .ient to relieve entirely the effect of the forthcoming special Presidentiai message to accompany the report of the Standard oil inquiry were made something of
 southern Railway. c c c. and st. L and the Denver and Rio Grande companies madn similar showings by the St. Paul and the Louisville and Nashville. notwithstanding the large increase in the earnings reported in the Pennsylvania and Norfolk and West ern.
 Further large declines in the foreign ex- change rate indicated a continued control of the outside gold supply. but foreign dis- counts hardened, the private rate in Lond 1n rlslnR 10 level With the official rate Of the Bank of England. In connection with the improvement of prices of the latter part of the day 1t was reported foreign banking interests had taken over some very heavy blocks of securities either as collateral for advances Or for outright purchases.
 The substantial recovery of the latter part of the day left adeqaute indication in the days net price changes of the extreme demoralization that ruled in the market about midway of the session At that time aside from Anaconda's twenty point slump there were such declines as 1O% in Northern Pacific. 10 for Great Northern ptd.. for National Lead 5k for Reading. "A for Smelting, for Union Pacific Locomotive and @ Republic Steel pfd-;; x for Louisville from to 3 points quite generally through out the list.
 By the close of the day a fair snrinklinK of gains was established, which was sub stantial for St. Paul, Brooklyn Transit. Ca nadian Pacific Atchison and Consolidated Gas. The closing tone. however, was unset tied with some fresh felapses at a few points
 Bonds were weak Total sales. par value. $S565.000 United States bonds were all unchanged on call
 NEW YORK STOCK HIST