The Montgomery advertiser., 1906-05-02
THE STOCK MARKET
LOWEST LEVEL OF THE PRESENT
 MOVEMENT IS TOUCHED.
Liquidation On a Large Scale Uncovers Stop Ixoss Orders And The Decline Becomes violent--Free Tbrow-
 fnx Over af Hnldinxs.

fnx Over of Holdings.
 New York. May 1.-The disinclina- tton of buyers of stocks to deal freely at the recovered level of prices estab- lished yesterday early became manifest In today's stock market. After pe- riod of dullness and hesitating fluc- tuations, prices began to recede and the fall became preeipitate again be- fore the end of the day.
 Liquidation which has been with held with the idea that better prices might be obtained came out again in large volume when the downward course was established and aggrava- ted the weakness of the market. The force of the selling pressure carried prices of leading speculative issues far lower than the lowest prices touched last week This had the result of uncoverins stop loss orders and ex- nausting margins left untouched Tn last weeks decline and led to a free throwing over of speculative holdings
 Developments in the money market
 sWai sU m mp0Ttan of iauidatfon 9eafn Loans n we're called and the call money rate ran up sharply during the afternoon to ten per cent. Some liquidation Of specula- tive holdings was forced at this rate and there appeared to be discrimina- ton exercised against some securities for collateral in loans. No new cause TOT the ssrtsd 0i infnenee n m the stock market beyond the progress of the working out of the adjustment to the conditions fixed by the San gagements of gold for import were made and corresponding withdrawals made from the sub-treasury oy the banks engaging the gold, the proceed ings of the shipments thus becoming immediately available in bank reserves. The movement Of currency to San Francisco also continued, but fell com Volume of gold engagements widely overbaiancing the outward movement. The exchange at the clearing house this morning amounted to $S44.Sls,as Large dividend payments helped to make up the volume of May l sertie~ rnents and the dimension of the ex- changes indicated some other impor- tant financial transactions. The new law governing the amount of cash re- serves to be held by trust companies went into force yesterday and while the amount of cash held by the trust companies as a whole is in excess of the immediate requirement of the law as to the amount to be held, not all of the individual trust companies are up to the requirement..
 Preparations by these companies to replenlsh their cash reserve may have q part In the shifting of loans which noon. noon The renewal of the liquidation of securities did not occasion surprise, however. The holiday in London left the market without It's usual impulse from that source. The comparative quietness of May day in Paris was negativel yfavorable influence owing to the widespread anxiety which has been felt over possible political dis turbsnces as an incident of the day. Renewed violence In the anthracite mining region was regarded as not tending to further the prospects for a strike settlement.
 The selling movement became as vio- lent during the final hour as at any time last week and the market took on an appearance of demoralization. De- ciines from last night of between two and four points became quite numer. ous. Great Northern pfd., headed the list list with a loss 10 5-s. Other stocks scored less losses, including Northern Pacific, Chicago. St. Paul, Minneapolis and Omaha: Delaware and Hudaon, Tennessee Coal, Smelling. Union Pa. cific, New York Central, Amalgamated Copper, Colorado Fuel and others Of less prominence.
 Nasty short coverings frons the on. ly interruption to the throwing over of stocks without regard to the price up to the closing. which was excited and demoralized.
 Bonds were heavy. Total sales par value, $2,225,000. United States 3s declined IA per cert on call
 NEW YORK STOCK IIsT