The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-18
DULL WEEK CLOSES
ON STOCK EXCHANGE
Reading Again Shows Some
Solitary Activity
INERTIA SEEMS COMPLETE
Report of Friction Between Germany
and France Over Moroccan Sit
uation Is Discussed, But
Has Little Effect.
INERTIA SEEMS COMPLETE

New York June 17-Small business for
today's half session closed dull week
on the stock exchange and afforded re-
lief TO the exchange sta2nant conditions.
The most significant feature in the mar
ket was the loss of nearly a point in
Reading which was the only stock to
show any activity or strength yesterday.
glis was the index of the DAYS whole
movement. Declines of varying fractions
are the rule
The quasi fictitious nature of the trans
actions by the prof essional traders seems
TO be absolutely without a sustaining
basis in any actual business either by sell
lers or buyers of stocks. Small as were
yesterdays advances the traders had no
other resource today tnan to reverse their
position yesterdays narrow movement
having exhausted the possibility of ar
upward movement. The inertia of the
market is complete except Tor the timid
ventures by a small remnant OF traders
There was some discussing of the re-
ported frctiol between Germany and
France over their relations toward Moroc-
co. But 1t WAS said that not over 500
shares were traded in here for foreign
traceable were on yosterIa IS orGers de-
layed until today in the execution.
he greater speculative activity in the
markets for commodities gives great OPP
porunity ana helps to divert attention
from stocks. The heavy tone of the mar
ket was accentr,.te to Il very slight eX-
tent after the appearance of tie bank
statement. The decrease in de9o9it5 was
due principally to loan expansion and
while the reserve was thus increased
come &113,O00 the cash increase amount
ed to only ST. 295 O00 The result was n
shr.nkage in the 'urplus Of &6lS,0O0 to
1920 500 The activity in japanese 4D2s
certificates. Continued. but Their narrow
range made them less attractive for
tr; ding operations ON yesterday.
Total sales of bonds par value. 81, 355.000
The promise of revived interest In stocks
held out by the squirt Of activity in last
S. turdays market was not fulfilled by
the weeks events and the volume of deal
inPs has progressively subsided from day
to day to 10, err level tan las' week
and than any previous record for the
year. The purchase of Equitable Life
assurance stock to be placed with trus-
tees aroused great hopes of the removal
OF the most effective repressve infiu-
ence. on stock market activity. These
hopes proved unfounded. Their disap-
Iointment gave rise TO various eXplana-
lions of the failure as being. due to 9TH
CT causes This did not entirely clear M
the conviction that readjustments were
likely to follow the Insurance episode that
would be Of substantial effect in the
future market.
Restrictions are looked for In the future
administration Of insurance companies ir
handling surplus funds and In subscrip
tions to bond ISSUES. The announced dc.
termination to confne Equitable invest
ments to the limits allowed 10 savings
banks was regarded as pointed to changes
in class of holdings now in the com
PAWS assets and 10 notifications in de-
post accounts with other financial insti-
tutions likelv 70 have a bearing on avail.
able supplies in the call loan market. II
Is recOgnized also that time is necessary
to quiet the anvieties aroused by the dis
closures irvolvod in the whole episode
The definite form Of negotiations look
ing to peace in the far east proved equally