The Montgomery advertiser., 1906-07-05
THE STOCK MARKET
BEARS ARE INDUCED TO EXERCISE
 CAUTION.
Believed that Large Part of Yester- days Buying Came from un- covered shorts--EIoiIday In- ternal Inciines Opera
 tors to Close Up.

New York. July 3.--with liquidation carried to the extent 1t has been in the recent stock market, the bear opera tors who have followed the decline as 1t proceeds. It was the common opinion that today's buying came in large part from uncovered bears.
 The holiday Interval impending to- ators to close up by outstanding con tracts anyhow. There was an evident subsistence also of the selling pressure on the market which was in full force which was continued in the early deal ings today. The bears were inclined to buy for covering purposes even on this first break in prices and they push ed their demand when the light pres sure upon the market was perceived.
 This covering movement, however, was conducted in an exceedingly lels- urely fashion and gave so little evl- little encouragement for the inaugura-- tion of an aggressive bull movement against the short position in the mar, ket Professional sentiment still shaped itself to the view that any extensive rally In prices would invite renewed liquidation. The call money market re- mained light with no sign of marked re by the return to the
 Talk of relief of the money market by gold imports was not so confident owing to the failure to secure any part of vest srdays large arrivals of A further fall in the steerling exchange rate at Paris today emphasized the competition of Paris for any available gold supply in London. Exchange was weak here, however. Discounts in Lon don made a further decline. It is now believed that last weeks reports of ex- pected large engagements of gold Tn London for importation to New york l xxyar haaA n n Q ace.ipapffhn ce (. hv local bankers that the Secretary of the Treas ury would renew his aid to the move ment by advances of Government de- posits to save interest while the gold is in transit. Current discussion points to some dissatisfaction on the part of the Government authorities with the deliberation of banks returning depos- it's made with them against previous
 It seems to be understood that there will be no immediate renewal of the privilege. Another small transfer or currency was made from San Francisco through the sub-treasury today but an affecting influence was a transfer through the same medium to New Dr. leans, indicating an unusually early demand from that source. Pennsylva- : mia was a conspicuous feature in the covering tendency Of prices in spite of decline in net earnings for May, the eeffcts of the anthracite miners strike. The Governments monthly report on cotton was regarded by the cotton mar ket as bullish but this impression was modified by the Weather Bureaus week ly summary.
 American Ice was sharply depressed by an aldermanic meeting against the scale of prices. A:nalsamated Copper advanced in face Of a decline in prices of the metal both here and in London. There was a marked subsistence of de- mand at the highest levels with some reaction and an irregular closing with a spotty rally. Bonds were heavy,
 Total sales par value, S2,115.000. |. United States 2s declined 1-S on call. NEW YORK STOCK IrsT