The San Francisco call., 1906-06-27
- Nork stnck Nfnrket.

N-F-v- -ORK. June 2e.-Tbe fall in prices Of
sto IS vaieh vas I'm progress Htsl .ruas . ~es -.
dsv :. p easy. yielding of prices en'oafdsed az
g-assf,r .,np-aiiOns on the short side hf pIoieS-
tradias .'wever, this class - 9PerAio.S 80,
o=leI laf--fvflgs OTer fEe ari"iiiy ara i.S AIiu
~ cons. II rkev fonnd Themselves in The re
sr,,,tiat i.f sensational advertising methods 20
induce 80 iIg n stocks On the parl ~ = -, +,
speculative irtE caused some pppISle's.11i Ia IA
prufCssiona short selling rstnel 4nan - .., .t.S
boSaI - sfo"ks wss having most 10 10 wilh
lie deeii7e "a 2 market TIE 8ctloA o. prices
during tc ulurniag had the eject OF ellphaslZ-
so0 +i,Is -.rseston by the clear Indication AZ
torled ~ r. ding tsctics 10y bear operators re
purpose Hss ~ -lifest 70 ma ake stoeAs seq 9Ml ~
father than ID dispose Of holdings at an adyaa-
tage. In -. Paul stock was disposed oi On
the Grsf break between i45 and Ia the after
shares Thi. Incident served warning 10
the bes tifgt they were ove-eSteIdln- mem
selves and demand 70 cover shorts wbiea
gained IN volume during the progress Of the day
was the canseCuence. A substantial recovery IN
prices followed. II did not appear that the de-
mand which caused this recovery extended be
vond the uncovered short interest. As prices
got up 20 TIL higher levels there was a decrease
sn activity ard diminishing inclination 20 buy
stocks There was no important change IN con
dfffuns eGerrilg the market. Some calling 81
loans was -r-,.sr.ed among the banks and this
WIS said 10 be fore the purpose Of repieaishinis
their reserves IN preparation for The July pay
menfs which are unusually heavy this year and
are estimoted as high as Sl25.0o0.o0 o00. The call
ing OF loans had no l'eree s1itie euect IN tho
call loan market but rates for time loans con-
ttDued strong 81 the higher leTei Established yes
terday Such heavy disbursements 10 oe-
cur with fhe Of the month expected
usually to cause some preliminary invest tnent
demand for securities One OF the discOuraging
features Of the present market IS the entire abb
sence Of any such demand The bond market
coutfnues ra:rer 10 reflect the pressure OF occa-
sional lfQuidGtiOn sometimes dle 10 TIE expiss-
tiOn % syndicafes ana the distribution 10 mem
bers Of unsOid holdings. The market Is de-
prived Of the demand by life insurance cOmpa-
MES owing 10 the new regulations for invest
ment for the surplus Of those institutions. Sell
ing by IRE insurance companies has been IN evil
dence also since tie San Francisco losses,
the London market today and selling for Paris
account Was also N evidence there. London Is
also appreheasive Cf money trouble 10 connection
with the mining settlement imminent. The
weekly report Of the Imperial Bank of Germany
serves explanation OF the hardening OF money
rates there These disturbed conditions in for
eEn markets q obstacle TO efforts 20
was not sufficient change t1 the foreign ex-
change rate today 10 overcome the market which
divides the price OF exchange from the level Of
the proht tor gold import further decline in
the London price OF copper made Amalg9mat ed
Copper vulnerable for further attack In the
Anaconda during the afternoon left a large
short interest IN the two stocks uncovered and
their strong rally furnished effective leadership
for the recovery IN the general market. The
continued hrEa0css Of Southern Pacific alive
Of intended lncresse ia the dividend
ings the market closed firm at the best prices on
q fnsl rally.
Bonds were easy. Total sales. par value. 81.
United States 2s advanced 3. per cent on call.
New York stock I.fst