The Montgomery advertiser., 1906-04-03
THE SHOCK MARKET
MAtxEI.s ACTION ACCEPIER AS DE-
1ne AgU1aumtad TraRaactions fer tl.e Day R0eo fo Over | Million Shores fu1 tke Flret Tine in Several
 Weeks.

New York, April e.--The action of the stock market today was accepted as dsmonstr.ticn of confidence on the part of ths ths sDscuistive element which embarksd on on i.issd sodsy and prie.s advanced s1i:Siy maovsm.ss Ses.n. @ rs. assressts trsnsse-
 hi ss. dfg first rpis sm. to s,st Lsst weeks improvement in the market re- outside Interest. which offered an advsnta- si saSs ;s. S:-ss: %snifs's during the first hour
 The manner in which this was absorbed aslpparently Eave satisfaction to the speculs- tive party and operations on the long side wsrA thsn renewed with considerable in, ere srssss of yisor The movement was still :in attended t and some of the developments h ths days situation were regarded as srssssd the condition of prevsiiins opinion. Ine money market showed relaxation 2: at ths six Der cent. level from the opening. except for . late furry to 10 per cent, s,an w,nen the days borrowing was mostly com
 ons, nn. soGs sonSsiGH s. to
 s1ts ef divisends % ana a the n infersst & psid Sy s sos q 3; :s 5, .oa Tss ; serves ss Of the banks. Opinion was entirely
 
 go. Time loans were quoted at per cent: down .. dss sssin. ra1is sns Londsn Tss forthcomins Russian loan came in for act. was psssa at about .se ale of the month and the probable amount s sssScoecoo @ 'es cempllaaiona G I n ef new 1a cap tai issues made here in March showed ss4sd Of ws ss' asn n FsbrSasy and $i2e1i4.oo in January.
 sponse to the torpid state into which the bond market has fallen as a result of large previous additions to the supplies offering. sempanies Of me note ssi issses @ With With sutsori1sd tien This Mss device resortsd eo ss the rsirSsds resx on large scale S dSr,ng the isss unstable. The dissolution. last week of the Pennsvlvania ccnvertible bond svndicats s p sse sas fo Sss ed tn the distribution of 70 per sent of the ton this bond in evidence today was ocnsid- cred to be q conseouence of the dissolution
 Speculative sentiment over the local out partly firm the conviction that the preced- expected closing down down of of coal production. There is sanEuine expectation in the field dustry 1s wii De prompts aasusssd Erdenee that only a partial shut down ha sbeen ef- I0Ctcu uI sutt cohI ptouuclfon tUoh tue ~d8c if the apprehension over the consequences Railrad officials East and West were re- ported as giving assurances of large supplies of fuel on hand. both for the railroads and manufacturing industries.
 The weakness of Consolidated Gas unset tied the market temporarily. but the late furry to 10 per cent. in the money rate was practically Ignored as 1t was not considered representative of the actual conditions in the market. Over-confident borrowers left requirements uncovered early in the day and the rate was bid up on them. The mar ket closed strong and active. number of stocks rising vigorously in the closing deat- ings.
 Bonds were slightly irregular There was q very heavy absorption of the United States Steel second lives. Total sales $x. 695. 0oe. United States bonds were all unchanged on call
 NEW YORK STOCK IIsr.