The Montgomery advertiser., 1906-01-31
THE STOCK MARKET
BAD BREAK IN PRICES LATE IN THE
 DAY.
Securities Stream Into the Market From All Directions at the Same Time as
 Though by Concert of

New York, Jan. 30-The stock market broke badly late in the day after serles @ afd 1i not carry prices far from last nights level fin either direction. This state of uncertain, Sor ated o until tne Ssn stoeks o began sud denly to stream into the market from aii directions at once as though by conceTtea ,, account for the movement was lacking. It was generally attributed to growing s. dls. and to the growing boidness of an aggress- i've bear party which has been bullt Tn the market in the last few days.
 This party was credited with large part of the heavy selling which broke the mar Ret yesterday on tne nGlnai resolution of inquiry into the combination Of railroad1s under the Pennsylvania's auspices. By ,i tnls ing that yesterdays violent break in prices was largely due to cleverly executed strike heavy demand in evidence from yesterdays sellers, which was obviously for the pur- pose of covering shorts, emphasized the con viction of large proportion of short sell ing m yesterdays break.
 The extent of the decline yesterday. now ever had the inevitable effect of precipi- tating speculative liquidation this morning; There was considerable accnmulationS ,,nss at tSe opening. In order to guard against threatening break of prices which nigh, bev credits large supporting orders made their appearance in the market to help sustain Weakness StaeSr develops S in the market, Orders of this character are not designed to save ment but to avoid harm to the fabric of credits by the too rapid contraction or the
 With the check to the rapid fall in prices such orders are invariably withdrawn rom the market and the holdings seGpiTea secs in tbe e market as soon as 1t was capable ot absoro- ing them The perception that buying was as largely confined to this class and that It was not Inclined to follow any advance in prices was an encouragement to the renew -Ax-- kA krok IrtA fW by the bear party and new discouragement to those holding large lines of stocks In spec al of the decline fresh importance wsa at tached to the action of the house of repre- ssntaves on the sta1ang @ or to the tb at Albany to investigate the state banklhs department. While the market S,,rnr %as sho%. tSe early part of the day. speculative opinion was inclined to beIittle the importancs of ed by the tone of the interview with the president of the Great Western asserting his country at present amounted to a consump-- tion of the countrys principal TOT cost oi The valuable reports of net earnings for December by the Erie Lehigh Valley Cheso mes apeake & Ohio and the Canadian n paeM,c i,aEidc ate speculative holdings The Russian IT. nancial situation continued to engage at at of an outgo of gold from New York. But no engagement was announced The princ,- ing Colorado Fuel Northern Pacific. Anal gamated Copper, Lead. Smelling and such stocks which had been the subject Of eX- cessive or reckless speculation in the imme- diate past.
 The rush of shorts to cover caused violent rallies at the last which largely reduced the extent of the declines. The United States Steel stocks were not much affected by the selling and came up strongly at the last, the common rising E over last night: in anticipation of a favorable statement or net earnings for the quarter to be gwen out late in the afternoon.
 Bonds were irregular. Total sales par value a, 3S5s000. United States bonds were all unchanged on call.
 NEW YORK STOCK LIST.