The Montgomery advertiser., 1906-07-21
THE STOCK MARKET
STOCK SALES AGAIN BECAME VERY ACTIVE.
The Rate of Increase in Animation Dur sing Fir.t Hour Was by No Means Sustained Throughout Ses-
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 New York, July 2o.-soon after the turn of the first hour in the stock market today. the sales of stocks had mounted to total as great as for the whole day yesterday.
 This rate of inorease in the anima- tion of the market was by no means sustained throughout the session, but the days total amounted to the larg- est for ainy day of the week. Buying at times was very active andt we'll pursued on the advances and the spec ulative tone showed decisive change from the hesitation and timidity late- ly prevailing. There was a nomen- tary dip at the opening in response to the decided upset in the London mar ket, but the placing of large orders in the leading stocks promptly swept prices to a higher level.
 There was a congestioni of demand in a few stocks which have been con- spicuous market leaders for some time. St Paul. Union Pacific, Southern Pa- cific and Reading absorbed large pro- portion of the total dealings. In the latter trading some other stocks were brought forward from time to time and the discrepancy in movement partly rectified. but the stocks designated held a marked pre-eminence in the dealings throughout The movement was still regarded as due largely to covering operations by the shorts. Observ- CTS discovered some operations of fm- portance on the long side of the mar ket, but these were supposed to be di- rected against the vulnerable short interest
 The high prices at the recovery to- day showed an excess for a number of prominent stocks over prices touched on the recovery which eliminated ear ly last week and this was taken to in- dicate an improvement in the technt- cal condition of the market The de- pression in London was attributed largely to Russian affairs, but an anx- iety has been felt over the conditions in London ever since it was known that help had been extended to some large accounts, to enable them to be carried thruogh the last stock market settlement.
 Measuring advices over the pres ent situation there were received In Wall street today. Sentiment over the money outlook was improved here. Ac- cepted authorities estimate the cash gain by the banks on the weeks cur rency movement at upwards of $6,- 900, 900 and a strong bank statement Is expected tomorrow. Large payments were made at the sub-treasury today on account of the surrender of gov ernment deposits. today being the last day set for the payment of $1O.oo0,ooo. An offset Is expected to be shown, however, as a result of the re-deposit of part of the jroceeds of the Panama canal bond subscription which will Dc announced from Washington. Inquir- les from London were received in New York today as to the probable amount of American gold requirements be- tween now and the end of the year, and the inference was drawn that the London market will relinquish with out opposition a sufficient amount Tor the purpose.
 Arrivals of new gold expected In London next week amount to $5.00O,0OO and 1t is hoped that an effective DOT ton of this will be secured for New York The prime motive for the cov- ering operations by the bears in to- day's market was believed to be the uneasiness caused by the lack or re- sponse yesterday to a number or oc- currences which might be regarded as disappointing to speculative hopes especially the non n-action Of the St. Paul and the Union Pacific directors at their meetings and the leaving of Amalgamated Copper dividend un- changed at the previous rate of dis bursement. The absence of selling pressure at the successive stages or today's session keep up the hope or the buyers and sustained the raise at nearly the top until the last.
 Bonds were irregular. Total sales, par value, $1,045,0o0. United states bonds were unchanged on call NrvU v0Rx sTOCK LIgT.