The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1907-05-24
THE STOCK MARKET
RELEASED INTO THE CONDITION OF
LETHARGY.
fesserday's Brisk Recovery Was Due to tine
Retirement Of Large Snort In
terest With the Usual
Effect


New York, May 23-The stock market
from which the spell of liquidation this
week briefly awakened It. Yesterdays
brisk recovery was due to the retirement
OF large short interest and the usual ef-
feet was seen today in the Reduction Of the
buying necessities which short interest
involves. The demand was SO far curtail-
ed that renewed attack prices was In
vited. but this attempt DEVELOPED the fact
Of the Influential stocks. Also there was
no such liquidation induced by the decline
In prices as was dfslodged In the bear rafo
of Tuesday. Traders thus met with dis
couraging factors In which ever direction
they attempted to move prices, The at
tempts were practically abandoned at times
and the trading was in condition OF semi
stagnation with barely perceptible drift
In prices.
The downward tendency was renewed at
the last. Some steadying effect was due
to the reaction in the wheat market and
to various reports of improved conditions
Of the wheat crop. but there was nothing
come the situation about bying stocks Tor
long accounts or for investment Foreign
markets showed the same heavy and inert
conditions. and the same doubts over the
investment situation seemed to be reflected
Money conditions are hardening In Lon
don and 81. 100000 In gold was shipped from
South African gold mines threaten some
interruption to London's gold supply Paris
continued uneasy over the money outlook
although the Bank of France in It's weekly
statement today showed an accreuon Oh
upwards of $4,000. 900 in gold holdings.
The money market here was easy on the
surface. this is due in part to the purpose
of lenders to keep their funds In form OF
loans which may be recalled readily. The
condition Of ease in call loans Is regarded
a a sign of the uncertain feeling over the
money prospects. The $54ooo.0oo Erie
note issue was the latest addition TO the
capital necessities of the railroads
other issues are felt to be sure to come.
New York Central was pointed at stili IN the
current rumor the most likely candioate
for the next issue at securities to be an
nounced.
The New York Banks continue to gain on
sub treasury operations and Interior ex-
changes indicate the continuance OF the
flow Of currency toward New York. some
special shipments to Canada are being MADE
however, which may affect the showing OF
the next bank statement Bankers keep
up their interest in the question OF WIN
drawal of government deposits from the ma
tional banks in preparation for bond re-
demptions on July l. 1t Is held that sucn
withdrawal might operate to prevent eoin
exports to France and so keep resources
available for this market. in case OF need
The fall in foreign exchanges however
seems to have averted the present nse
lihood of gold exports without this action
by the treasury. The passage OF the Two
cent fare bill at Albany was a FACTOR IN the
weak closing of the market
Ronds were irregular. Total sales par
value 81 310. 900. United states new IS de-
oliued Y per cent. on call.