The San Francisco call., 1906-07-06
New York stock Market.

NEW YORK. July 5.-The recovery in prices
OF stocks which set in Tuesday was substan-
tiaAy extended today and then practically wiped
out or realizing. The renewed weakness at the
advance greatly unsettled speculative sentiment.
The undertone OF the market was decidedly i'm
proved at the outset. The buying, although
comparatively light was effected rising
scale Of prices and the dullest periods OF the
positive reactions. This reversal OF the
recent form OF the market and gave great en-
couragenent until the late reaction and CORE
spending depression then. The lnrgest part OF
the new demand was attributed 10 the uncovered
support and IN the rise in prices Itself drove TINS
element 10 buy stocks 70 cover The rise had its
impulse from abroad. where prices Of Americans
rose during tie holiday interval here. The weak
return for the Bank Of England Is measure Of
the strain OF the semi-annnal settlements, which
include n England the window dressing re-
ouiremeuts Of private discounts But the de-
cline IN discount rates both IN London and Paris
showed the Influence at work OF the redistribu-
zion of the funds accumulated for those purposes.
Arbitrage brokers had bid FOR stocks n the
opening dealings IN New York with view to re-
selling in London, which caused an almost i'm
uediste rise 70 the London parity TIE conse-
- ce was that uncovered bears found their po-
sNi1as somewhat crnmped at the outset and they
scrambled 70 secure stocks. This was the active
period Of the day. Later advances were effected
greatly reduced business. The New York
money market showed tie benefit OF the return
1ng how Of dividend and interest money, and call
AID time loans were reported easier. The con-
1rnHtiOn Of earlier reports of engagement Of
a
scdivioDal engagement. Discussion was hopefully
renewed Of probable engagements in London next
week Reports o. an intended issue OF New York
Treasury bonds toward the end Of the month
made bad impression. in view Of the many
other known requirements. The Journal Of Com
merce estimates new capital issues Ia June at
los. 900 o00 Of which nearly S9T 600 600 were Of
bonds. This compares with total Of Sl2T, ,J00.-
O0O in May, but the aggregate for the first six
months " the year Is brought 10 $s27. 1O8. 600.
which is less than $40 O0O 600 under the new
capital ISSUES for the whole year 1906. Ice Com
pany stocks were weak account Of the success
attending prosecutions IN various parts OF sthe
, country Allis-Chalmers stocks were under pres
sure on reports Of the heavy discount allowed 10
underwriters of the bond issue. There was
some disposition 10 construe the tone OF Mr..
Aanderlips address before the New York State
. Bankers on the Necessity OF currency reform as
containing an alarmist note. This condneed -
The later reactiOnary tendency of the market
which was aggravated a,so by the reduction ef-
tecteQ IN the short iateresf and the wlthdrr wal
of Just 81 much potential support from the mar
ket. Tie weakness Of Brooklyn Transit wes due
% reports of proposed fare regulation. The mar
ket closed weak the lowest.
Bonds were Irregular. Total sales, par value
81 $50. 600.
United States 3s registered declined y per cent
on call.