The Montgomery advertiser., 1906-07-13
THE STOCK MARKET
ENTIRE ABSENCE or BUYING row.
 ER NOTABLE.
Occasional Covering Movement by ( Sueeessful Bear speculator the oniE 9upport--~ssurce of the
 btoek Suopir tfnknsws.

New York. july 1s.--specu.ators Who opposed decline h prices rather sus. fully rfrfiounced todays stock market "defeneelqce- So far as tt Implied an term nwas accurate. The " buying nevidence was an uocasional covering movement by the successful bear trad- srs s Tho yefs satisfied to take iivitiiis WRai bsassS n for oses'ns sws aboas snd sse sisen ment clearly was simple eoutecture forr sns m most part by the tfadeTs who wsres ,s knowing whsre the large supp. of stocks came from that poured Into the
 Tns volume of the dealings Had fissf Ssys Ss 0gn sots # sag Ss Sgs as ssy fbeFEs fbEsr O quick effect of revived activity In fore- ing. down prices is evidence of the pre- vailing disposition to sell on the part on the confinned absence m the far West of the president of the Great Northern as discreditipg the Tumo.fs s. 3 Great Northern ore 'h nds deal was to be promptly announced. .
 As matter of fact the weight Cf professional opinion is that this ana other reports which have the only available means of causing prices to advance, are much more effective Whfls left in the realm of surniise than they would be if officially cohfirfned It is would lead to selling to realize as IA the case of ether favorable develop ments recently
 Another favorite supposition of the ists from Europe having close rela brought back ! aennlisly formulstsd nancing of a decline in prices. The dislocatiop between income return. on securities at the ! nsent level of values and ,,ys on money lcars is s sss ibs aliottsa ssi sirs Ss of aiforaing nt hrs i ar aobject lesson of the timtdity of capital and the dam. age tc How from the goyefnnental ana
 gaiaa oggs yn pscs in the assigned causes for this aiiage ed policy. A violent decline in the London prics of copper and q response off in the June production of ircs re- ported by a leading authority we're causes Of weakness that seemed more substantial. As matter of fact the movement of the market was tracea- bie largely to technical conditions.
 The decreasing demand fer stocks on the recent rally served as, warm ng that no sgestansis ,ss nrsSa,Sy Snyig iggv. waf prices. Yesterdays late reaction brought prices near to. the low level of the movement touched last week. To- day those prices fere broken through in a large volume of stocks although some Of the principal market leaders are exceptions. The effect was to en- croach on margins and uncover stop loss orders which escape the previous decline. There ts no present pressure on borrowers of stocus but 1t is sus- pected that loans on time to some of the stock market pools are running to their maturity and difficulty is found in satisfactory renewals, The money market was tranquil and the presence of the secretary of the treasury in the city was the occasion for an impress sion that the proceeds of bankers subscriptions to the forthcoming Pan- anna canal bonds will Re left on de- posit with the banks and thus guard against any upset of the money market as a consequence Of tho subscriptions.
 Intin1idatlons of a purchase by the government of silver bullion for mint age were also calculated to suggest funds r s" to the s fTasr market These sugess. tions of clearing conditions In the money market were given some credit for the late recovery frvm the extreme defines. although the. taking of the days profits on the short side played an important part The closing was rather feverish. but with most of the Bonds dV were weak Totai sales. par value, $2,08s, ,000 irnited States 2s ad. vanced i-sc on call,
 NEW YORK STOCK LIST.