The Montgomery advertiser., 1906-06-28
THE STOCK MARKET
SEVERAL NEW DEVELOPMENTS
 CAUSED VIOLENT BREAKS.
Failure of Market to Respond to Any thing fin Nature of Favorable oc-
 Neurrences Was Reason of
 Decline,

q s
 New, York. June 27.---There were several new developments in conditions today to account for rather violent breaks In prices The influences which stocks have been gathering force for some time past Todays break was due as much -anything, to the dts cSul,agenent n,as, over the faiiSre of the nature of favorable developments This mad the effectof fixing opinion that all favorable opportunities were being talk assuring the uncovered bear interest which had begun to manifest some mis- giving over It's position owing to the gone and the proportions. to which the short interest is reputed to have grown- With the demand from the bears to cover shorts reduced there tor tn absorb the hevy liquidation which came upon the market again to- day; Some persistent efforts were made during the morning to support prices and to drive the shorts to cover. This had the effect for while of intimidat- ing the bears on any considerable. de- cline they showed a disposition to fake their profits and to buy. With the prog ress of the day the pressure of long stock on any advantageous opportunity became clearly manifest and efforts at ed An example of the action of the market in face of good news was fur nished in the case of Anaconda wh Aa broke violently on realizing on Aster- days dividend increase before t gem eral market began to weaken. $ de- pression was communicated to amalga- mated copper. Various reports circu- lated during the day of intended divi- dend increases and the actual raising of the rate of disbursement on Onta- rio and Western therefore was with stocks. The earlier example of the
 weakness of Pennsylvania, in face of the rise in the Baltimore and Ohio dividend was also kept in mind and portant liquidation was still in prog ress when any favorable opportunity offered. The money market today of for funds on call, although the tone was somewhat firmer. But the infiu- ence of lenders of money in inducing nevertheless, to be a preponderant in- fiuence. A large reduction of commit ments on the part of stock market pools seemed in progress under this influence. It took the form in some cases of severer scrutiny of collateral loans. Many reports were current or discrimination against some of the in dustrial stocks as collateral on loans and while the banks were not inclins ed to admit these reports, the special weakness In the stock market of the sas eoneS to f fl hs TePof5s of thes values
 Calling of loans proceeded to some extent in preparation for the July set clement. Fears that furry might oc- cur next week in connection with these settlements had something to do with the pressure to sell. Sterling exchange conditions continued to decline with increased prospect of gold being se- cured for import It Is now believed that the $1000o, ,000 of government de- posits will be withdrawn from the na- tional banks on July 10 in accordance with an announcement in order to fa- cilitate the re-deposit of government funds in San Francisco banks, which is intended A meeting of St, Paul directors without taking any action on the expected plan for financing the Pacific coast extension added to. the speculative feeling of disappointment and increased the weakness of the stock Market which was most acute in tie last hour with closing prices near the lowest General net losses run from one to over twp points and the leading speculative favorites lost from three to four points and upward on the days dealiugs
 Bonds were irregular. Total sales, par value, $1,935, 900. United States bonds all unchanged on call.
 NEW YORK STOCK LIsr.