The San Francisco call., 1906-07-13
New York stock Market !.

NEW YORK. July I2.-Speculators who op-
posed z decline n prices rather ruefully pro
far Il implied an entire absence Of buying
power the term was accurate. TIE only buying
81 evidence was an occasional covering move
ment by the successful bear traders, who were
satisfied % take inviting profits on the decline
sh tnak way. what passed Tor news ABOUT me
stock Exchange IN explanation OF the movement
clearly was simple conjecture for the most part
BY the traders who were following the move
ment without, not Knowing where the large
supply OF stocks came from that poured into the
market The volume OF the dealings had risen
q noon 70 nearly the inquire tor the Gay totAA
Of the day before. The quick effect Of the re-
vlved activity in forcing down prices is evidence
of the prevailing disposition 20 sell on the part
OF those who make their appearance in the mar
ket az all. Traders laid stress on the continued
sbsence in the Far West OF the president Of the
Great Northern as discrediting the rumors yes
terdhy that the terms OF the Great Northern ore
lands deal was 10 be promptly announced. As a
matter of fact the weight OF professional opinion
is that this and other reports which have been
the only available means OF causing prices 70
ADVICE much more effective while left IN
~ realm of surmise than they would be as on
elttly confirmed. X is feared that the formal
announcement would lead 10 selling 20 realize, as
IN the case Of other favorable developments re-
Gently. Another favorite suppOstiOn OF the trad
erE was that lately returning tourists from Eu-
rope having close relations with great CAPITALISTS
have brought back q definitely formulated policy
OF liquidation ana the coun'enanclng OF a decline
N prices. 1le otsloeallon Deth cen LheS.Le ,
turn on securities at the present level OF values
and on money loans Is one allotted motive foT
this policy. But the desire OF arorulng an oo-
sect lesson Of the timidity Of capital and the
damage 20 flow from the Governmental and pop
uar attitude toward corporations finds an even
more prominent place IN the assigned causes Tor
this alleged policy. violent decline ~ the Lon
Con price Of copper and a response IN New York.
and the falling IN the production Of iron reported
hT q leading authority were causes OF weakness
that seemed more substantial AS matter OF
fact the movement OF the market was traceabie
largely 70 technical condlti0 The decreasing
demand for stocks on the recent rally served as
warning that no substantial buying was coming
the prevailing level Of prices. Yesterday s late
reaction brought prices near 10 the low level OF
the movement touched last week. Today those
prices were broken through in q large number OF
leaders are exceptions. The efect was 70 en-
croach on margins and uncover stop loss orders
which escaped at the previous decline. mere
present pressure borrowers OF STOCKS,
but a. Is suspected that loans on time 70 some OF
the stock market pools are running 20 lneI ma
turity. and difficulty is found IN Satisfactory re-
newals. The money market was Tranquil, ana
the presence of the Secretary OF the Treasury IN
the city was the occasion for an impression that
fbe prOceeds OF bankers subscribers 10 the forth
coming Panama canal bonds vii be LETT on deposit
with the banks. and thus guard against an upset
money market as q consequence OF the snoscrlp-
tons in connection with the current WltldI'Wai
of SO .000. coo Of Government deposits. lntlIna-
ffons OF 3 purchase by the Government OF SILVER
bullion for mlntage were also calculated 10 sde-
oesf ! means OF releases Of Government funds 10
the market These suggestions Of clearing con
d tous in the money situation were given some
G for the light recovery from the oecnnes'
ftgrl the taking Of the days profits on the
-shcrt side PLAYED an important part The closing
was rather feverish, but with most OF the rally
Bonds were weak Total sales. par value,
Tnited states 2s advanced i per cent on call
New York stock List.