The Montgomery advertiser., 1906-04-26
THE STOCK MARKET
REPETITION IN MANY RESPECTS or
 TIESDAY's DOIEGS.
There 10 | Notable Shrinkage, However, ir the Volume of Activity, and Added Force to the Late
 Reaction.

kst was | fspatition in most respects of that
 In the volume of activity and added force
 to the late reaction. the irregular upward
 the hishsf level followed by an abrupt faii
 The buying was attributed largely . to the constant effort 1t Is to feel the tendency of
 the market and then follow the prevailing
 trend. This class of operations failed to dis.
 cover any important pressure to sell and
 turned to the long side accordingly ne
 the turn on the ions side. The free pres sure of iiuuidation and even or the money
 the mo most urgent and immediate necessities
 on account of the San Frsncisco loss mas
 been mostly provided for ye t he s met
 losses whieh time is allowed for adjustment
 There was further movement of curren-
 cy towards San Francisco. but not on as
 s the csiamity n Th,s Ph ''n caused feeling that
 the cash recuperation thought to be neces.
 sary by the San Francisco banks to meet
 the first calls upon them when opening for
 business was approaching compie.on; ..s ms ,s
 .esrt from suans tss S or
 for capital in investment which will follow
 when the work of rebuilding the dessroys,s ys,s
 of the securities held by the fire insurance
 company were scanned within within ,aSds, ana ers were found to contain high grade investment The firrilness of the time money market for loans extending to six months ,rin. ann ,bs rate which insurance companies VIII have 10 10 pay in attempting to borrow. rather than to considerabie liquidation in preference was considered strong in view of this money rate The disposition of railroad compa- nies to secure short time loans at the pre- yaiIing interest rate rather than attempt Is float capital isued nuder the unIatoda nrated a 2 conditions prevailing was inteerpretea ss showing the expectation of firm money e,,s treasury operations indicate a loss py 'ns banks for the banking week thus Tar YI though not all of the gold arrivals against which government funds were deposited WItn VIII the banks and which are covering pack ih'o the sub-treasury they arrive. The private discount rate at Paris reeeded today and the stterling exchange rate rose,
 Indicating the relaxation foliowinS dsS,nts ,ns Russian loan subscription. But dfscount,s
 held firm in London: fully up to ,,n ,h~ oans wns
 rate and the expectation In London Nr1s Mns reported to be general that the panh orvn,x wunh Reading was prominent among me strouk .t stocks owing to reports that .ne ahesha rre
 scale committee assemblinE a, WtthesAf III tSn op orators which would lead to an sdlus,mer5 ,na en5 Union Pacific was well ssInpsd saPpor'gSu Sy inc
 cTpPssr n foasgn priee for the metal The United States Steel stocks got little advantage from the very Iav9rapae trp,, r
 showing of net earnings rofits m tne more than aver balancing the new demand. The SIX point break in Consolidated Gas was ins.ru . 1
 mental in the renewed st deGlrhe nrecs ~eomprehe- sfyely to below last nights levei. The ser ing was actively in force at the weak ei"s- Bonds were irregular Total sales par par value E. I550o0 United States bonds were all unchanged on call
 Zrv WORK STOCK LIST.