The Montgomery advertiser., 1906-01-30
THE STOCK MARKET
SHARP SELLING MOVEMENTS TOWARD
 THE CLOSE.
Evident as the Day Progressed That the Acute Pressure of Saturday Was
 Not Resulting in Large
 Renewal of Demand.

New York. Jan 2s.--The mixed tone of
 speculation today gave place in the late
 up to the weak and disorderly closing. The
 support accorded the market during the assuring sentiment and in disappointing the forced liquidation of Saturday in a few Of evident as the day progressed that the acute
 pressure of Saturday not resulting In sny sa ot of
 the day were followed by general declines
 under the pressure of widely extended T.
 quidation. The motive for the buying in
 the late stages of some of the most sensa-
 tional advances in the market have been
 almost entirely limited to the belief that
 there were others buying on large scale
 Last weeks dsmonstration which was
 very important selling Instead of buying was going on deprived the speculative enthusiasm
 property or of business. or of financial af-
 fairs were coming to play very small part
 m m some oi tne most sensauonai ,,,e,.ne moseemss
 the weakest features on the reaction are not connected with any news development But
 was readily given by the speculative ele-
 ment to suggestions of unfavorable pur-
 weeks although quite as obvious they
 were today. For Instance there were sud-
 threatened legislation and iesislatlve inves- tiration-
 banking department, at Albany was dressed out with many alarming possibilities in its effect on the banking position Tn New York city. fear was expressed that a contraction of credits will follow. The resolution in the House of Representatives I at Washington to investigate the combina- | ton of subsidiary railroads under the con l trol of the Pennsylvania had similar ef., l feet The tone of the reports from railroad | traffic officials was slightly more conserva- i tive than of late. The easing of the car sit
 %d Measer on hs Or
 lines of winter goods and for coal was also | admitted.
 The expanding tendency of the loan ae- | imminenee of an outward movement of gold ' caused prevailing confidence over the cas- f ing tendency of the money market Inte- rior banks which placed loans in New fork stringency are now calling these loans for redeposit in New York banks and this Is said | to be prime factor in the large expansion | last week of the loan account of the New l York banks. The stock market was closely affected in sympathy with the course of Reading. While that stock was strong the l general list held well and Union Pacific. | St. Paul. Amalgamated Copper and ROCK 1 Island issues made some aggressive show of strength, the last named on the favorable report of net earnings for December.
 When the lightness of the speculative de- | mand for stocks had been demonstrated and | the downward course of prices established | the decline became rapid. Stop loss orders were uncovered and speculative holdings Congressional control shown by the resolu- | tion of inquiry into the Pennsylvania com | bination caused a feeling of uneasiness over
 the prospects for other threatened measures z | state of semi-demoraliZation and at net de clines running between two and over six | points for all of the most prominent stocks
 ue. sssso. SeS. United States 2s. declined | k per cent on call