The Montgomery advertiser., 1906-04-25
THE STOCK MARKET
MUCH DUsINEss TRANsACTED IN THE FIRST HOUR.
qu1Aatisn, Although Not Until New Low Level Had beem

6GfuESO. ket enjoyed some reliefSfrom the pres- sure of liquidation today but not until prices had been driven to lower point snan sa at any time since the s,n news - ffGm Hna the first hour in which business was at 2 high rate of activity. Transactions for the hour ran to well over haIf touched at that time there was a quick recovery to the neighborhood of last nights level Advances beyond that point were slow and on moderate vol ume of business. The buying decreas- ed as prices .ose above the level oner- ing profit to the largest part of the spe- culative bear element.
 There was no important new Qevetop- and the marlSet continued under the dominant influences of the many wary ing consequences to flow rom the nsn to centre on the position of the insur- ance companies, the eptent of the casu- alities likely to result amongst them' the methods they might adopt 70 n- nance their losses and the enects on the general supply of credits and on the securities markets There was believed to be liquidation in progress today az of some of the insurance companies. The effect was particularly marked Tn -the bond department and in high grade investment stocks of the. kind usually
 
 with large reserve investment,
 Bankers were of the opinion that tne insurance companies would nave uo oiL faculties in borrowing funds on ine sS curity of these investment holdings IT they decided to do so. But IL IS polhtsu out that at current market prices Lns investment yield on securities IS peioW the interest rate for time loans in the money market This might have the effect of giving the preference to ,n saies of securities rather than to borrowing money to secure funds in hand TOT tne payment of insurance losses. It was al- so pointed out that with the necessary period yet to elapse before adjustment of losses can be made and the addlLion- the necessity for realizing on assets of the insurance companies is not immeoi- ate.
 That considerable selling of this char is generally believed, with natural re- pressions on a speculative buying or stocks The stream of remlttancss from New York to San Francisco was as fifty cents discount in New York ex- change at Chicago drew attention to the fact that large shipments are pelng against New York credits in order to saNe time. This constitutes an obilSa- tioh of New ork to Chicago which is to be reckoned with beyond the actual movement of currency from NC" iofA
 The intention of the secretary of the treasury to deposit s15.0o0000 of gov banks will operate of course to relieve the situation. Reports of the light in- auiry for Russian loan subscriptions Tn London were received with disappoint- ment A prompt relaxation Of foreign money markets from requirements from the Russian loan is dependent on the facility with which holdings are passed from bankers hands into gen. eraf investment
 There is the possibility also that he bank of England has postponed action on advance in it's discount rate uniii the needs for the Russian loan sub scription has been filled. Selling ot securities in London for Paris account was attributed to the conditions of unrest and fears of disturbances incl dent to proposed general strike Tn France on May l.
 The expectation of large earnings for the first quarter of the year to be re- ported by the United States Steel Cor. poration helped It's stock Not much Of the days gains were retained after selling movemnt during the final hour and tn market closed heavy and dull. Bonds were Irregular. Total sales, par value, $2,475,000 T. $. old As declin- cd IS, the new As registered 1-2 and the coupon 3sf per cent on call.