The Birmingham age-herald., 1905-06-13
MARKET FAILS ID , FULFILL PROMISE Yielded DecisiveIy During the
 Early Part of Day
 RECOVERIES WERE SLOW General Holidays Abroad Deprived the Market of One Possible Source
REC0vERIES WERE SLOW
General Holidays Abroad Deprived the Market of One Possible Source of Demand-Governme Re.
 port varIousIy Interpreted.

New York, June 12.-The stock market today did not fulfill the promise held out by Saturdays short market of a re- vived demand and higher prices for stocks. The selling attracted by Satur- days sharp rise in prices proved too much for the limited demand to absorb The market yielded decisively and the first selling was followed by additional burdens of the same source.
 As the day progressed the pressure re- faxed and prices made some slow recov- cries. In a few stocks there was spe- cial strength, which made a leadership for the rally. The deanngs showed a marked shrinkage in volume from those in the first hour, while the accumulated selling orders were being executed. The turn in the temper of the market had no positive news developments to account for 1t. The fact was quickly demon- strated, however, that the market was strictly in professional hands. The move ment on Saturday weakened the tech nical position by the reduction of ths short interest in driving to cover some of the shorts, who were alarmed by the evidence of strength in the market An element of potential strength was thus reduced. At the same time the quick extension of the long interest on the part of the professionals increased the weight on the market, when the insta- bility of prices was perceived.
 The holidays, which were general abroad, deprived the market of one pos sible source of the demand which might have been stimulated by the develop ments of peace prospects. The influence was modified also by doubt from some sources of the substantial basis for the hopes of peace. This feeling was the result of opinion rather than any actual occurrence that could be pointed to as changing the condition long in existence.
 The government crop report which ap- peared Saturday afternoon proved to be the subject of such varying interpreta- tions as are common in the grain mar kets at the critical periods of the mak- ing of crops Notwithstanding the de- cline in conditions of winter wheat, the dimensions of the total crop indicated g. wakeful and hopeful spirit This was modified by the making of surmises of possible deterioration since the date of the governments estimate. Further re- ductions were reported in pig iron prices, put the lrOH ana SAeei StothS "tiV iti- atively firm all day and developed posi- tive strength in the latter dealings. The special pressure against Amalgamated Copper was connected in the midst Of professional operators with campaisn having It's source in Boston. The Metro politan stocks owed their strength to inferences from the auspices of the Equitable Life Assurance society. Dis cussion of that subject was less optim- istic than on Saturday, and it was urged that the forthcoming report of the state superintendent of insurance must be awaited to form a definite judgment on tho new plan.
 There was much conjecture also touch ing the idea of the syndicate to which the Equitable stocks had been conveyed The postponement of the call for the re- turn of government depoe'ts from July 1 to July 15 promised relief from one pos-