The Montgomery advertiser., 1906-07-04
THE STOCK MARKET
BEARS ARE INDUCED TO EXERCISE
 fAIyTrOx
Believed thnt Large a-art of yest~r-
 days Buying Came from un- covered shorts--Hoiiday In- terDaI IncItnes Opera tors to Cl0Ae Up.

New York, July 3.--with liquidation carried to the extent 1t has been in the recent stock market. the bear opera tors who have followed the decline around are induced to growing caution as 1t proceeds. 1t was the common opinion that today's buying came in large part from uncovered bears,
 The holiday interval impending to- morrow inclined the professional oper- ators to close up by outstanding con tracts anyhow There was an evident subsistence also of the selling pressure on the market which was in full force at the time of the previous closing and which was continued in the early deal ings today. The bears were inclined to buy for covering purposes even on this first break in prices and they push ed their demand when the light pres sure upon the market was perceived. This covering movement. however was conducted in an exceedingly iels- urely fashion and gave so little evil dence of urgency or disquiet as to offer little encouragement for the inaugura- tion of an aggressive bull movement ket. Professional sentiment still shaped itself to the view that any extensive rally in prices would invite renewed liquidation. The call money market re- mained light with no sign of marked | relaxation by the return to the market of dividends and interest disbursed. Talk of relief of the money market by gold imports was not so confident
  part of vest srday's large arrivals of gold in London for New York account A further fall In the steerlins exchange
 rate at Paris today emphasized the me | gold supply in London. Exchange was weak here, however. Discounts in Lon | don made a further decline. It Is now believed that last weeks reports of ex- pected large engagements of gold Tn
 London for importation to New York
 were based upon an assumption by local bankers that the Secretary of the Treas
 ury would renew his aid to the move- ment by advances of Government de- posits tc save interest while the goid | Is in transit Current discussion points ! to some dissatisfaction on the part or 1 the Government authorities with the | deliberation of banks returning depos- | it's made with them against previous l gold engagements
 | It seems to be understood that there | will be no immediate renewal of the | privilege Another small transfer of | currency was made from San Francisco
 through the sub-treasury today but an affecting influence was transfer through the same medium to New Or leans, indicating an unusually early | demand from that source. Pennsylya- mia was conspicuous feature in the covering tendency of prices in spite of
 decline In net earnings for May, the eehects of the anthracite miners strike. The Governments monthly report on
 cotton was regarded by the cotton mar ket as bullish but this impression was modified by the Weather Bureaus week. ly summary.
 American Ice was sharply depressed by an aldermanio meeting against the
 scale of prices Aalalgamated Copper advanced in face of a decline In prices of the metal both here and in London !.
 There was a marked subsistence of de-
 mand at the highest levels with some
 reaction and an irregular closing with
 a spotty rally. Bonds were heavy.
 Total sales par value. $2115,000.
 United States 2s declined Is on call.
 NEW YORK STOCK LIsE