The San Francisco call., 1906-07-04

NEW YORK Juiy S-Wfrh liquidation car
ried 10 tie extent i has been h tie recent
stock market, the bear operators sgLo have fol-
lowed The decline are induced 10 growing caution
a. ir proceeds Il Was tie common opinien that
covered bears- TIE holiday Interval ialpend ag
tomorrow inclined TIE professional operators 70
close up outstanding contracts anyhow
-nere Vas a. eflcent subs.derce aso ot the
selling pressure UPON tie marscr. Ehich was IN
Eua force AT tle tine OF the previous closing
enq which Tas continued II tie early dealings
n 1laT- TIE bears were Inclined bug for
covering purposes even on TIE trst break ~
prices. and they pushed tler demand Hbe2
tee light pressure upon the market was per
ceiFed Tlis covering movement. however, was
culdlefeo IN "a exceedingly ieisurely fssa.on
and gave little evidence ~ urgency dis
quiet as 70 o1cr little encouragement for the
Inauguration or aggressive buli movement
arrfust fbe short position fu IRE rnarker E1rrl-
tessioral seutiue1t stlA SHAPED Itself 20 tie
view that any extensive rally IN prices wouid
invite renewed liquidation The caii money
market remained tighr. Eith 10 sign Of marked
raIaTafio1 by fse return 10 lie rl0ae~ Faeriet
Of dividends and Interest disbursed TAX q
..relier ~ Tie money IlarEet By gold Imports
was not 80 confident. OEiag 70 the failure 70
secure any part ~ yesterdays large arrivals
- god in London for New YORK account A
further fail .n TIE sterling exchange rate al
Fsrs today enpAss-zeq TIE competition OF Paris
lor ant ef2llao.e s9ld supply "a 19ldon TX
change was weak here, however. Discounts in
London made g furraer decline II is not be
--efeo max last wee reports gi e1pecteu
large engagements Ot gold IL lolcql for In
portarl1n 10 New fOrk were based on an as
s4lif--o- ~ sQe-- Ie--Ae1s lAAt tAe >-liel---
- lHe Treasury would renew his aid 70 tie
movement bT EdFcEces of Government deposits
o. save Interest wllle tie gold Is ID transit
Current discussion poiuts 70 some dissaslsfzc-
fion on the part of the Government authori-
ties with the de- iberr tian 0f banks in return ~
deposits made with them against preFl0Us go-c
eneaEemelrs- y seefns 10 be Understood that
there viii be no Immediate releEai % tie
rsiFleEe. Another snail transfer of currency
Wds made trol san Lra1ciseo through lhe
sub Treasury today. hut az oasetting lnauelce
Neu Orleans. indicating unusually early de-
1naad fr0an that source upon this center Re
Sorts were received Of arrival of $l-U9e. 9ll
~ Alaskan gold pscilc ports. making the
sea sons beginning on an important movement
q replenishmeut Tor money reserves After
enc navme1t ~ dividends and interest Is Goa
fenDlated an important stem ID money trans
s1tscriptlons on tie new Baltimore and Ohio
stock which falls due On July 70 and wii
caI FOR upward Of 81 600. coo This is II ad-
dlrf0n 70 the Withdrawal o. SlJ-Dl3-tv9 ot Gov
eminent deposits that tie nationsl banks se5
Tor July 10 and tie $50 coo. coo Panama canal
bond Subscriptions which are set for Su-y 50
Pennsylvania vas feature "a tie reaction today
oT prices - spite 0f z decline in net earnings
for May the elects cf the anthracite miners
strike. The Governments monthly report on
cotton was recarded By the cotton market as
bulllsh bEf mis- impression vas modified By
lie weather bureaus weekly summary. amer
iesn ice was Sharply depressed by sn slderlnsnic
meeting against tie scaie ot pnces- An aigA-
mated Cor5Der advanced IN spite OF q decitle u
llrices of the metal both here and IN London.
Tnere vas q marked subsistence % demand al
tie hIEher levels. with some reaction and an
irregular closing with spottT RAINY
Bords heavy
Tnral saies fpsr ratueis S--A--vyS
United States 2s declined = per cent on can