Los Angeles herald., 1906-07-03
Rv Associated Press.

BY Associated PreSS.
NEW YORK, July 2.-The load of SELL
ing which the stock market had to carry
seemed slightly mitgated during tne
early trading today and the uneaSlness OIL
the bears, which was caused by TINS 1act
made the market feverish and uneven TOT
q time under the conflicting influences OF
the selling and the demand from Shorts
TO cover. Later the selling was resumed
In full force and the market closed weak.
The high opening of prices was eX-
reeded after the first break in the market
and there were occasional rallies after
subsequent breaks. But the fact was
obvious that any show OF puylhg I 9e1
hnand was taken advantage of to the full
extent to continue the realizing sales.
Late in the day free liquidation was re-
Bumed and at times support was practl-
caIlv abandoned, the consequence being
a violent fall in prices to the lowest on
the present movement.
A furry in the call loan market was
the signal for the enhanced pressure to
sell and ii was inferred that there was
further calling of loans and of forced
closing out of speculative holdings. 1t is
not usual for the New York money mar
ket to show immediate relief from the
needs of a periodical settlement with the
arrival of the date. and the extra de-
mand for call loans today did not occa-
sion great surprise
1t is the longer time money outlook that
is the subject of solicitude. The effect
of the preparations for paying out S2oO,-
100000 of July disbursements is expected
to pass az soon as these disbursements
are accomplished. But the tone OF the
loan market continues strong with an ac-
tive demand and scanty supply Senti-
inent over the money outlook was dlsap-
pointed over the fact that New YORK sue
ceeded in obtaining only an insignificant
portion of the large supply OF gold Whlch
arrived in London on Saturday in spite
of the fall in exchange to the nominal
gold import point.
Sentiment was little disturbed by ru-
mors of large engagement of Australian
gold having been secured. but which
failed of verifcationL. The price OF gold
was up in the London market, but dis
counts eased there.
The issuance of a circular by the secre-
tary of the treasury inviting subscrlp-
tions by July 20 to S30,00O,OOO of Panama
canal bonds was regarded as a compltcat-
ing factor in the glut in the bond mar
ket. The recent prosperous course of the
government revenues and the surplus in
course of accumulation in the treasury
have led to an assumption in some bank
ing quarters that the immediate needs of
the canal work would be supplied out
of the treasury's cash balance, and the
fotatiOn of bonds for the work postponed
until more propitious time. This hope
is disappointed by todays events.
Reassuring reports from railway traf-
fic managers We're calculated TO correct
the impression made by last weeks re-
port of a falling off in volume of mer-
chandise transported and that develop
ments were pronounced temporarily as
SHOWN Dy recovery III Ile week just
passed. But the effect was not per-
ceptible on stocks. and more attention
was paid to reports of cutting of grain
rates to the Missouri river points.
Firmnes3 in the London copper market
CO attributed to an early advance in the
copper group of stocks.
New interpretations in June of compan-
les of million capital or upwards are
reported to be sS1, 100000 larger than for
June. 1905, but nearly one-half of the to-
tai was of mining companies and one
half of the remainder in street railway
and light companies. This is a significant
showing of the multifarious way in
which interest is diverted at present from
the securities dealt in at the stock ex-
change.
The pressure of liquidation became
acute in the late dealings and the charac-
ter of the selling gave evidence of dis
tress which was believed to reflect
money difficulties on the part of some
speculative holders of long stocks.
Bonds were more active. but easy To.
tai sales. par value. 81 800 600.
United States 2s and 3s. coupon. de.
clined "a per cent and the new As coupon
Il per cent OH the last call.