The San Francisco call., 1906-07-03
New York stock Market.

NEW YORK. july 2-The load Of selling
which the stock market hsd 70 carry seemed
gsghtrr nfrigsted during tie eerly trading to
daF and the uneasiness q the bears which
caused By this fact made the market rev
erish HBd uEeven for time under the con
dictfng Influences OF the selling and the de-
naBd from shorts 20 cover. Later the seiilng
wHs resumed 10 fun force and the market
closed weak The high opening ot prices wat
exceeded after the first break IN the marker
and there were occasional rallies after subse-
Quent breaks But the fact Was obvious mat
any show q e buying demand taken ad-
vantage 81 10 The fuI extent 70 continue the
rea iiztng sales- Late IL the day free Aquida-
tlon was resumed and n times support was
practically abandoned. the consequence being a
violent fau IN prices 10 the lowest the
present movement A aurry IN the call loan
market was the signal for the enhanced pressure
to sell and it inferred that there was fur
q speculative holdings II Is not usual tor The
New York money market 10 show immediate
rhiief from the needs o a periodical settlement
with the arrival Oh the date ana The extra
deuaBd for call loans today did not occasion
great surprise. II IS the longer time money
outlook that II the subject OF solicirnde- Ile
effect of the preparations for paying out SloO
O0e 600 0f July disbursements is expected 70
pass az soon as these disbursements are ac-
conplished- But the tone OF tie JOSH market
co1finnes strong, with an active demasd and
senutv eunulv Sentiment over the money ont
look was disappointed over The fact that New
York succeeded IN obtaining only an iusgnihc5at
portion of the lsrge supply of gold which ar
rived in London on Saturday 81 spite of the fail
IN exchange 10 the nominal gold import point
Sentiment was little reassured BY rumorE OF
& large engagement oI Austrlllan g1iO having
been secured. but which failed Il rerl1ca zion.
1he price OF gold was up in the London mar
ker- but discounts easPd there The heavy and
stagnsnt tone Of foreign stock markets was
enrelieFed- The Issuance OF circular by the
Secretary q the Treasury inviting srbserip-
ti0ns hy JAY 20 10 $50 00oco0 Of Panama canal
bonds was regarded . COmpIeetiug factor
in the giut in the bond marseJ- Tie recent
prosperous course Of TIE Government revenues
6 and the surplss in course of accumulation In
the Treasury have ed 70 an assumption ia some
banking quarters that the immediate needs Of
the canal work would be supplied out of the
TreasEry's cash balance. and the Rotation ct
bonds for the work postpoD-l until more
propitiOus time This hope is disappointed BY
f0dar'e events. h4assHTlus reports from rail-
road. ira nc mana gers were caicullted 10 cor
rect tie impression made by last weeks report
of falling on 81 volume of merchandise trans
ported and that Development was pronounced
TEN p0rarT, IS shown DT 9 recovery n me week
Just passed But the effect W2s not perceptibie
- stocks and more attention was paid 10 re
ports Of cutting u grain rates 70 the Missouri
River points Firunless IN the London copper
market contributed % en- early advance IN
in June OF companies Of a million capital or
upward reported TO he S3l.s50. CO.. larger
tkan f0r June, l405, but nearly bali OF the
total was Of mining companies and half Of
paEies. This is significant showing Of the
multsfarlOus way tn which interest Is diverted
at present from tie securities dealt in at the
Stock Exchange. The pressure of liquidation
became acute IN the iate dealings and the char
acter of the selling gave evidence of distress
which Wss believed 70 reaect money dlficuities
The part OF some speculative holders u long
stocks.
Bonds were more active. but easy. Total sales
fpar Faluei s.. $4,000
United States 2s and IS coupon declined x
per cent and the new - coupon i per cent
on the last call