The Montgomery advertiser., 1906-07-14
THE STOCK MARKET
UNCERTAIN STATE or sPECULA-
 TIVE SENTIMENT.
Prices Yield Sharply Under Continu ance of seIIfnw and Their Re- cover With sembiance
 or atrenxfh.

New York. July 13.--An extremely uncertain state of speculative senti- ment developed in the stock market to- under a continuance of the selling in evidence yesterday and then recovered with some semblance of strength. There was no important news develop te sens er Most ef she de mand was attributed to the profession al short interest.
 The shrinkage In the volume of the market was an accurate index of the effect upon demand of the recovery or prices. The lack of good news or striking character to account for the recovery was the occasion for pointing out the contrast with the recent mar ket when any such news has become known Every such occasion for some time past has been taken advantage or to market stocks.
 Selling of this character was not perceptible today and the professional bears apparently lacked courage to at tack values in tho absence of this iiqui- datlon. The extent of the recovery was not sufficient to force bear accounts to cover except Of the light descriptpion, The intense dulIness of the demand which developed on the recovery dtd not argue feeling of great soiicitude on the part of the bears of larger cal ibre, whose outstanding account Is now believed to have reached very large di- mensions. Some stress was laid on the prospect of favorable bank statement tomorrow. Rates for call losrs were cepted as a more reliable index of the actual mol ey situation than the ban K statement in itself in the cvlnpiicatiSn of trust company operations n the money market with those on the banks themselves. In this connection 1t was recalled that the highest price market this year occurred in January. and n which month money on call reacned oo at the lowest level of the present year prices os stocks also have receded, In not a few important instances to the lowest of the year. a
 It IS probable that the anomaly In the first case Is responsible in part for that in the second.
 The restraining resources to bull stocks at the time of the money string . nerabie position when the liquidation began to manifest itself in the market and their forced selling induced much of the weakness of stocks. But the In the two periods is apparent rather
 The resumption today of a strong demand for loans carrying over the end of the year was the , trusr inoes rs indisposed to place money for that length of time and by keeping funds in hand or in day to day control they conduce to the ease or the call ioans market. Banks have made apparently small gain in cash for the week. none of the estimates placing the figures at over q million dollars.
 Secretary Shaw's continued presence in the city kept the Governments bond ing and deposit operations in atten- tion and seemed to irduce feeling of confidence that the money market might be made to derive some advant- age from the conduct of these opera tions.
 In this connection 1t is to be noted that Mondays subscriptions arc pay able on a 40 per cent installment of the S27, 800, 900 of Baltimore and Ohio stock which calls for some e11,0O0,000. The markets tone was uncertain through out and the closing was feverish on small dealings.
 Bonds were irregular. Total sales par value, $1,17s,0o0. United States 2s advanced 5-S per cent on call
 NEW YORK STOCK LIST.