The Birmingham age-herald., 1905-06-28
PROFIT TAXING AT LAST HAS EFFECT Campaign for Advance is Not
 Abandoned BIG LEADERS ARE SELLING The Outward Movement of Gold h. ausurated Monday Was Much Dis eussed and ImpeIIed Much
 of the Selling.
BIG LEADERS ARE SELLING

New York June 27.-Proft-talxing made more impression on the stock market to- day than at any time since the speeula- ton first showed signs of revival early last week. The campaign for the advance was not abandoned by any means, and operations to lift prices further were still conspicuously in evidence. but they were shifting to new quarters of the list and embraced stocks whose movements are not of such widespread sympathetic ef- feet on the rest of the market.
 Meantime the prominent market leaders, in which the strength hitherto has cen tered. were subjected to selling to take profits. It would be difficult to say how far the selling was promoted by any change in conditions, and how far merely as a result of accrued profits on tue ad- vance hitherto. As the rise has gone on with trifling Interruptions for six days, the profits to those who have held stocks from the beginning are attractive. The outward movement of gold inaugurated yesterday was much discussed, and doubt Jess was the impelling motive for a good part of the selling.
 Great confidence was professed never theless that the present resources of our money market can spare a considerable outgo of gold on French demand. The money market today was not materially affected, although a firmer tone was le. ported for time loans. The atmosphere of foreign politics was decidedly clarified, and there was a smart recovery on the Paris bourse. There were considerable pur- chases of stocks here for foreign account, but with little effect on our own mar ket. With no available steamer sailing to- morrow, the question of further gold ex ports this week was in abeyance. Discount rates advanced, however. both in London and Paris, in spite of the relaxation of the political tension. Foreign exchange rates here were only slightly lower foreign buying of stocks, the gold en- gagged for export evidently providing no supply of exchange for the market.
 It is supposed therefore, that other causes than the friction with Germany are responsible for the Paris dc nand for gold, possibly preparation for a Russian in demnity loan. The assurance felt by bankers of immunity against any real etringency of money does not apply, judg- ing from former precedents, to the pos sihe needs of speculators in stocks on margin. There was n rather pronounced desire amongst the speculative contingent reflected in the hesitating tone of the stock market to see how far the gold outgo Is likely to extend, and what the consequences may be to the money mar ket Weather conditions in the crop re- gions were reported favorable to the crops today and consequently favorable to values of railroad stocks, but the mixed complexion of the weekly bulletin of the weather bureau served to confuse to some extent the conclusions over the crop conditions. Much stress continues to be laid on the prospects for dividend in- icreases by the conductors of the present speculative movement as the appeal Is designed to be made largely to those hav- ing the disposition of the proceeds of the coming July dividend and interest pay ments.
 The efforts to continue the rise. however,