The Montgomery advertiser., 1906-05-01
THE STOCK MARKET
EFFECTIVE STAND AGAINST THE
 FORCES OF REACTION.
Heavy Liuuidations Absorbed During the First Hour in Continuation of
 Movement Resluting From
 the San Francisco Dis sH& natter.

New York. April 30,-The stock market made an effective stand today against the forces that have been pressing severely upon it ever since the San Francisco disaster. The mar ket's bad period was during the first hour when heavy liquidation had to be absorbed in continuation of last weeks movement. Vigorous supporting meas ures were persisted in, however, and the large additional offerings that came on the market were taken With out allowing prices to break.
 With the success of the support once established, a considerable buying demand started up from the uncovered saor, interest ,, dne resoft s The 'c camnaiaS of the bears was regarded as lndicat- ing an extension of the short interest to proportions which gave goou prom ise of potential support for the mar ket, If the attack were resisted. The result justified the supposition Buy, ing on a large scale was attrlpuIeo to bear account of some of the stocks that suffered most acuteiy In last weeks slump.
 The success in arresting the decline in prices also had the effect or avert ing a large amount of threateneo liquidation. It was felt that the forced selling last week of weakened specu- lative accounts by reason Of the ex- nauSIlOn or margins anu " afford additional supplies would cause other similar accounts to come tump- ling after today. It was the percep- tion of this danger that prompted the market by powerful banking interests and capitalists with vital interests Tn preventing the market from falling into demoralization.
 The time seemed propitious for sup porting the market because the liquis- ation on account of insurance couloa- nies desiring to realize on their as sets tended to decrease as prices got away from a desirable level. Calls TOT additional margins sent out at the end of last week had the inevitable con sequence of the bringing in selling .fs or. morning. But there was no such un- wieldly accounts to let go as those of some of the great speculative plung. last week and which broke prices.
 By the end of the first hour, It was known that all clearing sheets had passed the stock exchange hsn dap edear- strating that no failures were caused by last weeks break in prices. Ihe volume of business contracted consio- erably on the recovery and speculative sentiment towards a rally showed a degree of reserve and of hesitation. Effective support has been so oiten followed since the San Francesca JOSS by renewed liquidation that board room operators were on constant lookout for evidence that long stocks were coming out again. T..
 There was no important change in conditions beyond the progress made In the necessary adjustment in the san Francisco losses, the measures remain ing to be taken naturally decreasing in the proportion of those that have already been accomplished.
 The stream of currency movement 10 San Francisco out of New York con tinues on a large scale today but is offset by a still larger stream of in- coming gold imports. London dis counts hardened today in response to the demand upon that centre for gold and a rise in the Bank of England dis count rate is expected in consequence
 The Paris bourse showed no lack or confidence in the outcome of May day in the French capital. The upward movement gathered force as the ab@ sence of renewed liquidation on the advances was perceived and consider able recoveries of last weeks declines were made before the close. Last prices were but littl below the best.
 Bonds were irregular. Total sales, par value. $2,09O.000. United States bonds were all unchanged on call. NEyV WORK STOCK LIST