The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-25
SESSION OF STOCK
EXCHANG.. i QUIET
Clouds Are Noted on the Euro
pean Horizon
BANK RESERVE IS LARGE.
Speculative leadership for Advance In
Prices Has Asserted Itself In
Stock Market During
Past Week.
BANK RESERVE is LARG'

New York, June 24.-There was lull
today in the activity of the operations
for an advance in prices of stocks which
have been carried on through the week
and the two hours session of the stock
exchange was rather quiet. A dsposi-
ton was shown to reduce commitments
in the market in view of the Sunday in
terval and the possibility of unexpected
developments during the suspension of
business. The clouds on the European
political horizon accentuated this ten
dency. A further sharp break in French
rentes and the further running off of the
sterling rate at Paris was testimony to
the acuteness of the anxiety over the
relations between France and Germany.
British consols were affected in less de-
gree. Both of these government securi-
ties rallied before the close of the mar
kets in London and Paris. but there was
free selling here for foreign account and
the possibility of unfavorable develop
ments before Monday was canvassed. The
wheat and cotton markets showed a
yielding tendency and prospects of clear
ing and warmer weather in the wheat
belt were regarded with satisfaction, but
the commodities markets also were af-
fected by a speculative realizing incident
to the closing Of the week. The bank
statement revealed a replenishment OF
reserve much larger than was antici-
pated the increase in cash averages
reaching S9,512,2O0. At the same time a
100000 loan contraction operated to re-
lieve the reserve requirement In proper
ton. The net result was to more than
double the surplus, bringing 1t up to Sl5'-
094675. The growing ease of the money
market during the week was thus ex-
planned. The favorable bank statement,
however, was taken advantage Of to pur-
sue the prevailing disposition to realize
the prices ran off after partial recovery,
closing easy and at about the lowest all
around.
Total sales of bonds, par value, ST.,
$4,000.
A speculative leadership for an ad-
vance in prices has asserted Itself IN the
stock market this week and has moved
prices upwards with aggressi9eness and
determination The leadership is evident
ly in the hands of practiced and skillful
operators supplied with abundant means
and organized to attempt an extensive
speculative campaign. Large orders have
been distributed in concentrated form
and give evidence of the coming OF an
organized source. The advance in prices
has encountered an important volume OF
realizing sales and these have further
Increased as the advance extended. But
offerings were absorbed with apparent
oonfdence and the boldness manifested
bv the buying has impressed observers
with the power and resources of the con
ductors of the campaign. Speculative
sentiment has been the more impressed
bv the aggressiveness of the leadership
owing to the fact that some of the news
of the week has seemed unfavorable TO
tbe movement and has been ignored.
one of the most impressive conditions
nrompting the attempt to lift prices was
the resistance shown for considerable
time of attacks upon the market. The
declines failed to dislodge any impor-
tant amount Of margined hololngs ano
~ convection was forced that the mar
va WAS sold out to large extent, It
was believed in fact that an oversold