The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-07
DAYS DECLINE is
NOT ACCOUNTED FOR
Midsummer Dizziness Prevails
in Stock Market
PROFESSIONALS MANEUVER
Disposition Was to Look to Money
Market as to the Possible Cause.
for Depression In
Stocks.
PROFESSIONALS MANEUVER

New York, June 6.-There was no more
news to account for todays decline in
stocks than there was of for yesterday S
advance. The volume of sales dwindled to
a still smaller total and midsummer dull
ness prevailed. One OF the effects of the
stock transfer tax is to induce room trad
ers to operate for a wider fiuetuation than
before. so that the changes of an eighth
between sales are less frequent than for
merly. Incentive to induce movement OF
prices is correspondingly greater With
the market strictly IN professional hands
the, movement of one day is designed to
secure point of vantage for contrary
movement the following day.
The present market represents little else
than the maneuvering among profess
sional traders to move prices and to af-
ford opportunity for their agile efforts to
secure an advantage at each others ex-
pense. Such news as there was today was
not unfavorable to values. and there
was some items of advantage. The weekly
crop report of the weather bureau was
regarded as distinctly encouraging. Good
progress was reported for all the great
staple crops for grain and cotton, and
the beginning of harvest of winter wheat
was reported for the southern portions OF
the belt. This influence of this govern
nnent report was partly offset in the stock
market by the action of the grain mar
kets, in which the offerings were insult
fcient to meet the demands, and there
was consistent rise in prices. A domi-
nant influence on the market was the
decided weakness of Amalgamated Cop
per.
Many limitations were afloat in specu-
of sharp upward movement in this stock
at which were based on the financial
statement of the company published yes
terday. Suspicious were entertained that
a process of unloading was going on on
the part of a recently active pool in the
stock. The effect was dsquieting on pool
operators in other stocks, and the weak
ening effect spread by sympathy. The
Equitable Life incident took on some re-
vived influence fer depression owing to
the successive retirements announced from
the directorate of the society by persons
of influence in the financial world. Secur-
ity markets were affected by the rumor
of the assassination of the Gar.
Whatever effect was produced here was
purely sentimental as the operations in
this market for London rccount were not
sufficient to pay for the expenses of
cabling. There was some disposition to
look to the money market as the posi-,
BILE cause for some depression in stocks,
notwithstanding the great apparent ease
of money. The surplus reserve is closed
by Saturdays bank statement, and was
at low level, and large special trarisac-
ffnnc IN mi Tltc ON
the market. 1t was reported today that it
was under consideration to postpone the
intended withdrawal of an installment of
government deposits with the national
banks, which had been set for July l. The
report attracted attention because the
seeming reducency in the money market
offers no apparent ground for such a
measure for conserving its resources. The
market closed weak at the lowest of tine