The Montgomery advertiser., 1906-12-25
THE STOCK MARKET
FURTHER sHRINKAGE IN PRICE or aTnCKG
Demand Became Almost Stagnant ct the Recovered Leyels-Profifs On short Side Have Reacled Attractive
 PrOporti0ns

New York. DsS 2t.-There va. 2 fur day. followed by some recovery and a almcst stagnant at the recovered levels. It was the common belief in the market levels Sas largely for ths short aceos,et lowet and represented the taking of profits by the bears, The profits on the short side course of the recent decline. but the clos- ing out of these short accounts deprived the market of a source of potential sup from a tecnnIcal standpoint Some part nut be allowed te the eve of the holiday for the profound neglect into which the brokers left the street at an early hour in the afternoon to get away for the Christ of liquidation during the first hour carried prices downward with an ugly significance The rallies were on meager dealings and were In effect a price readJu stment to take advantage of the cessation of more urgent selling pressure. notable feature of the drop in the prices was the comparative period of weakness in stocks. The rate ran orr below per cent by noon, and was not not, above sh per tent earlier yet the money situation more than to anything else. It was believed also to come from impervious to the effect of tte recent money fluTtes The failure of the present super ficlal ease to relieve them from the ne- Scseay or reducing holdings Is the more remarkable It Is suspected that provision Is being made for expected future necsssi- ties rather than for urgent present needs. The beginning of the London settlement was an important Influence on the market, owing to the very high charges for carry ing over Amhricans into the next settle ment These reached as high as 12 per cent It is reported that at the last Lon don settlement there was a very large ex- take adSanaSe of she then ssss1 sa,sS sS for money in the London market. Todays high chaI ses disledged some of these counts and the sDllinE by arbitrage houses against the sales In London was a large factor In the weakness here. Saturdays break .n prices also had the effect of gins and where these were not responded to holdings were sold out. The week end reviews induced some liquidation of long The action of the HIil stocks and St. Paul has induced an impression that inside in Xestmsnt Sess holders of those stocks are stock issues and are reducing their hcld- ings on scale very unu ual with the con- necessttons liquidation. although compara- lively small. was of aggravated effect on prices owing 70 the paralysis of the de- mard. The selling was believed to come from points and strcng operators whose supporting measures have formed the only substantial basis for holding prices. With the market. its artificial character Is dis closed Sterling exchange declined in spite or the easier money market here. and Lon don showed itself solicitous over money market developments. Bonds were heavy. The total sales par value, $2. 03s, ,U0O. United States bonds were unchanged on call.
 KANSAS CITY LIVE STOCK.
 Kansas City, Dec. 24.--Cattie receipts, 4.cOO. including 200 Southerns. Market 5v steers s5.ss 0 SIS: flair to good, s4. sS@5.sS: Western fed steers. s3.50@ $50; stockers and feeders, S27594.5O; St uthern steers, SS. .uJGIb. 70. SOufharu tive cows s2,OO@ 400; native heifers, s3.0O e 500; bulls, S2.l5 e LOO; calvesg $S00D7.O0.
 Hogs, receipts. 3.006 head; market 5% 1Oc higher Top, S6.35: bulk of sales, Se.25@ 6.s2hB heavy, ss.27h @6.35; packers. $S.25 @S;S5; pigs and light s5.00@6.30.
 Sheep, receipts. 5000 head; market steady: lambs. Se.00Q7.5O: fed ewes and yearlings. S4.75@s.25; Western fed year lings, S5.65 @6e0; Western fed sheep, s4.25 @E.b0; stockers and feeders, s325@575.
 NEN NnRE Cl nshNn srnnu nan