The Birmingham age-herald., 1905-07-01
WIDE DECLINES
 FROM THE OUTSET |. & N. Affected by Failure of
 Dividend Increase MONEY MARKET STILL HARD Rates for Call Loans Touched Yester- day Was Highest of the Year.
 Local Fractions Show
 Resistance.
MONEY MARKET STILL HARD

New York, June 30.-The call loan rate lative movement in the stock market came to a halt. There was a lively spilling out of stocks at the opening owing to yes- terdays premonition of the fury in the call loan market, and some wide de- clines resulted from the outset.
 These were not exceeded in fact during the rest of the day. and the market de- veloped dull resisting tendency, and was partly sustained by a few points of positive strength. But the volume of dealings showed notable shrinkage and during the latter part of the day trad- ing came almost to standstill. The re- fusal of the stock exchange authorities to comply with a petition of members to close the exchange on Monday, did not alter plans on the part of many brokers to leave the city today, nor to return until after the Fourth of July holiday. There was little disposition in view of this prolonged interval to extend new commitments, the tendency being rather to reduce outstanding lines. The actual liquidation induced was small and conf denee is still professed in an early re- turn of abundant ease in the money mar ket after the turn of the half year.
 The rate for call loans touched today however, is the highest of the year, thus far and exceeds that of the closing week of last year in the period of preparation for the annual settlements. Tomorrows s bank statement will reflect the weeks gold exports, which are mostly responsi- ble for the absorption from the market on sub-treasury operations. It Is expect ed that the remittance of funds from the interior will largely offset this On the other hand, the preparations for the July settlements are expected to have involved a heavy loan expansion. Next week also there is to be met a call for syndicate payments of an installment on the West ern Pacific bond issue. The harder tone of the money market today resulted in the appearance of bankers finance bills fin the foreign exchange market, under which rates receded still further from the gold export point The effect on the gold movement seems to be the only point of view from which Wall street regards the Russian internal situation with any apprhension. The semblance of civil war reported from Russian cities therefore was of little direct influence in the mar fet.
 The return of New York trust com panies to the state banking department under the call of June was studied at tentively in banking circles. The in- crease in deposits over a year ago of s246. TEA, and in loans of $273,966,749 is in line with the tendency disclosed by the comptroller's report on the national banks of the country. The decline in re- serve in the case of the trust companies is even more striking than in the case of the national banks, the cash on hand being reduced by s4537,s7o and the cash on deposit with other institutions showing shrinkage of s76,9S9.7s3. The failure of the Louisville and Nashville directors late yesterday to advance the dividend rate had some continued effect today, not only on Louisville and Nashville. hut Baltimore and Ohio, Union Pacific and other stocks. which have been the sub feet of predictions of dividend increases.