The Montgomery advertiser., 1906-06-27
THE STOCK MARKET
FALL OF STOCK CONTINUED
 THROUGH TRADING.
Easy Yielding vr rrlces Encouraged some Aggressive Operations on the short side by Profess
 sicnaI Bear Operators.


 New York, June 26.-The fall of stocks which was in progress yester- day was extended considerably during the early trading today The easy sive operations on the short side by professional bear operators. With the course of liie tfading, however, this class of operators developed misgivings over the amount and the kind Of com pany they found themselves in. The resumption of sensational advertising methods to induce selling of stocks on the part of Bosom speculative party sional short selling. rather than the disposal of long stocks was having more to do with the decline in the the morning had the affect of empha- sizing this impression by the clear in- dtcation afforded of raided tactics by pear operators. The purpose Of hold ings at an advantage in St. Paul A suostantial recovery i1 prices followed: IT dtd not appear that the demand which caused this recovery extended As prices got up to the higher levels there was a decrease in activity and a diminishing inclination to buy stocks. There was no important change in con calling of loans was reported amongst the banks and this was said to be for the purpose of replenishing their re- serves in preparation for the July pay
 
 year and are estimated as high as $l25,000,0G0 The calling of loans had no perceptibie effect in tho call loan tinued strong at the higher level of yesterday. Such heavy disbursements as are to occur with the turn of the month are expected usually to cause some preliminary investment demand for securities.
 One of the discouraging features of the present market Is the entire ah- n n fAk Izv~r anA tafev1 n market continues rather to reflect tho pressure of occasional liquidation, some times due to operation of syndicates and the dIstribution to members of prived of he demand by life insurance companies owing to the new regula- lions for investment for the surplus of those institutions. Selling by ir- surance companies has been in evidence ever since the San Francisco losses. This kind of selling was a marked in- fiuence in the London market today. The selling for Paris account was also in evidence there London Is also ap- prehensive of money trouble in cons nection with the mining settlement now Imperial Bank of Germany serves as explanation of the hardening of money rates there. These disturbed conditions Tn foreign markets serve as an obsta- cle to efforts to secure gold for im- port to New York and there was not sufficient change in the foreign ex- change rate today to overcome the margin which divides the price of ex- change from the level of profit for gold import. A further decline in the London price of copper made Anal- gamated Copper vulnerable to further the dividend rate of Anaconda during the afternoon left a large short inter- est in the two stocks uncovered and their strong rally furnished effective leadership for the recovery in the mar ket Continued firmness of Southern Pacific kept alive rumors of an inc tended increase in the dividend rate. After some irregularity in the late dealings the market closed firm at tn" best price of a final rally. Bonds were easy. Total sales par value S1.- g1O,000. United States 2s advanced 1-b per cent on call.
 NEW YORK STOCK LIST.