The Birmingham age-herald., 1905-07-07
STOCK SENTIMENT BADLY UNSETTLED. Further Selling When Oppor-
 tunity Offered VOLUME IS NOT so LARGE Time Loans Flrmer in Tone and Con- slderation of Money Outlook Had
 Restraining Effect on
 the Market.
VOLUME IS NOT so LARGE

New York, July 6.--The coincidence of the free selling of stocks to take profits yesterday and the publication of an in- terview with a rominent speculative leader, speaking with great confidence of the prospect for much higher prices, had the effect of leaving sentiment good deal unsettled today. The desire was shown how far the realizing sales of yes- terGSy had effected the distribution of holdings from the hands of the powerful operators, who have conducted the ad- vance, and whose motive for further pro- lection of the market would thus be lessened.
 Thefe> was further selling of stocks in fact at advantageous opportunities. and covering of the sustaining effect of the spectacular movements in special stocks. Several incidents of the day were in favor of the market, and it had no inn portant obstacle to contend with. But the volume of dealings fell below the total of yesterday and there was violent con- sestion of activity in Reading and Union Pacific.
 The buying of reading came from many quarters under the encouragement of the bold leadership in the movement, and the seemingly irresistible character of the advance. The only news on the stock was the general assertion of its high earning power, and the bold predictions calculated of the extent to which it was intended vet to carry the movement. Erie was affected in sympathy. The specu- lation In Union Pacific was fostered by <.f ;..4o ,tra 011 the stock Southern Pacific and St. Paul showed sympathy. Tennessee coal fluctu- ated violently on comparatively small dealings. This about defines the limits Of the important movements of the day.
 Time loans were f1rrner in tone, and 1t is probable that consideration of the money outlook had a restraining enect on the market. Paris renewed its talk ings of gold in the London market, and the sterling rate declined in Paris. The possibility of further export of gold from New York is thus kept open. Receipts on account of KlondilSe gold are con stantly repienshing the New York sup ply now. It Is expected also that the governments bonds to be released by the return of government deposits on July To will go promptly into use for new issues of bank notes This would add to the available supply of currency and raclll- tate an outward movement of gold. The effect of the subscription to the Japanese loan seems to be viewed with more un- certainty. Even where the proceeds or the former loan were left on deposit here the shifting of the loan account caused some temporary disturbance in the money market. Satisfaction is felt over the au- thoritative intmation that no withdrawal of loan proceeds is intended before the last of October.
 A large proportion of sthe last Japanese loan remains on deposit in New York and is placed in call loan here, so that the Japenese governments handling or its balances might have an important effect upon the New York money market. ,. u,as matter for satisfaction to holders or railroad stocks The condition in the cot ion market did not indicate much change