The Montgomery advertiser., 1906-04-28
THE STOCK MARKET
LIQUIDATION AT TIME DEMAND IS
 ALMOST PARALYZED.
boionea9 of the Bear Elements Opera t1on Shown by the Violent Re- bounds of Prices Between the
 Onslaughts.

New York, April 27.-Necessitous H. quioatlon was thrown upon the mar ket today at a time when the demand was almost paralyzed. The bear ele- ment amongst the traders showed it. self more alert and well organized and met the evidence of forced selling by caught under the market and added to the demoralization. The boldness with which the bear element operated was indicateds by the violent rebound took nasty profits by buying to cover shorts.
 It was the common understanding faat fn the most urgent iianidaition ins,,ras was companies. The indescriminate way in which stocks were thrown over and the violence of the declines at which sales were effected gave rise to dis quieting rumors. especially regarding the position of some of the insurance companies The enormous losses suf- tered by the fire insurance ,en compsanttees natural occasion for keen discussion or their standing ever since that event, and It has been generally expected that so unprecedented rate of losses could hardly fail to result in some casual ties In the Insurance field.
 There was nothing which came to light today. to warrant the vague ru- mors which were set afloat by the action of the market. It was rumor- ed during the day that several of the insurance companies had secured ac" commodation In large time loans run 900 and $5.000,000 for nine months. The rate of interest payable on these loans was said to be six per cent. This indication of the. tightness of the money market and the accepted pros- pect of its continuance was an unfa- vorable factor in the situation But were protected by such accommoda- tion It was hoped would avert or de- fer liquidation of holdings of securi- ties.
 Tine fact that such an arrangement means postponement rather than an avoidance of liquidation serves to dis courage speculative confidence in future advance in prices, with such a burden hanging over the market to take advantage of any effective de. mand for securities. Further large engagements of gold for import were secured in Paris today the aggregate for the day reaching s6.000,000. This was contrasted with $1,500.000. the amount of the days transfers to San This subsistence in the tide of movs., ment to the Pacific coast aroused some hope that the principal require ments there incident to the resumption of banking were now satisfied. But this encouraging development availed nothing to check the force of te li- nuidatfon which poured into the mar ket.
 The speculative account on the long side of the market proved much heav- fer than there has been any suspicion of and the wiping out of margins and the uncovering of stor loss orders brought flood of sales orders from all quarters. The violence of the de- cline in some of the high priced rail- road stocks revealed the fact that prices had been marked up unduly during the recent period of confidence while practically no offerings were made in the market. The Hill stocks and the Northwestern Pacifics were the largest sufferers and Reading, New York Central and some of the highly speculative industrials also fell ab-
 The break of twenty five points an Great Northern pfd. measured the maximum. but the Chicago and North western stocks, Northern Pacific, Chi-- cago and St. Paul. Minneapolis and Omaha, Colorado Fuel and Anaconda cIines In the general list losses of 2 O points were fairly general. The rise in the early part of the day was the continuing effect of yesterday's s the shorts to cover. It only served as a better basis for the renewed liquida- tion. The weeks currency movement | indicates a cash loss from the banks of upwards of $6,000.000.
 There was little change. however, in the days money market. The weakness in stocks continued throughout the day with successive selling movements at new levels, interspersed with occa- sional rallies on short covering. The closing tone was weak, although mix ed with some of these spasmodic ral- lies.
 Bonds were weak. Total sales par value, $2,695,000. United States bonds were all unchanged on call.
 NEW YORK STOCK LIST.