The Montgomery advertiser., 1906-06-17
THE STOCK MARKET
TRADING DEsULT0RY THR0UGH-
 OUT SHORT SESSION.
The Dependent Tone of Speculation fs Obvieus and is the Final Deal- ings Prices Melt Away
 Under Pressure.

New York, June ls.--The trading in stocks was desultory during most or the the, short session today, but the s. ds. obvious and in the final dealings prices melted away easily under consider able increase of selling pressure The evidence of resiiiency. Nothing de- veloped to explain the weakness but prices were offered down aggressiyely and the vulnerably speculative position ifest.
 Reading continued to show the evil dence of its poor position and was Si. The stock % offered iv some r resistance about 1880 but broke through that point be- fore the closing. There was slump in Anaconda and the metal indus grangers and other conspicuous specu- lative favorites all succumbed easily to the pressure directed against them.
 The continued drought in the winter weather tor Sunday made crop dam age reports an influence in the market The Reorganization of affairs In Rus sia received more attention. although the direct pressure produced here by the Russian news was not important The large reliance placed on the re- serves of French capital for resourss @ ots ro sensitive to a threat that would in- v0lye that money center in embarrass- suit of an overturn of affairs in Rus sia in view of the very heavy French commitments in that country,
 The changes in the items of the bank that item of little influence in the stock market. There was nothing in 1t. however, to relieve the mood of de- pression of the speculation ana the af- if. value. ssss. ooo. ~
 The professional movement on the long side of the market has met with Encouragement this week. caused es- pectally by the difiicufty of securing profits by marketing holdings or stocks Efforts toward this end @ found and prices have given way in conse-
 The speculative realizing of the week proved to be so large that t. its so,s sffesr ss yonc the first few days. It was partly offset by the tone of the Weather Bu- reau's report on conditions for the week whieh on bsa cran ow ing to excessive moisture for spring wheat and lack of 1t for winter wheat have been prevalent In Wall Street ana have played part in the depression of stocks. For the most part, however, this has been due to the Tightening of pool holdings through Encouragement of the lack of demand for stocks.
 A marked sentimental effect on spec supply of United States Steel stocks which have come upon the market. This is so much at variance with the reported prosperous conditions in that trade as to awaken suspicion of less fa- vorable prospects of what Is to como in the trade which may be known to insiders. The question IS asked wheth- CT the volume of untitled orders Is be- tr,<r Irnx ,t.aA1 1,or fha treme activity Is serving to work off &C., cumu1ated orders faster than new or ders are received for future work.
 The money market was grown freer carrying over the end of the week have risen to basis of 1-2 per cent bid. The effect of the July 1st settlement is in immediate question and finding of resources for the usual autumn needs of the money market is never absent from calculations. It is taken into &C., count that the New York trust com panies must have ready on July the cash reserve required of them by the addition to the New York banking laws. It Is estimated that this will require an addition of some $10,00o,000 to present is likely to be withdrawn from their deposits with New York banks
 July 10 the sub-treasury will with draw s1o.ooo,ooo of its deposits with national banks. The problem of fnanc- ing of the San Francisco fire insurance losses is not yet worked out in its de- tails and that process 1t Is feared may still have danger of strain upon the money market which will have to be reckoned with.
 The dull tone of the bond market has continued unchanged. United States 3s and old As registered advanced Is and the 2s and new 4s 1-4 per cent, while the old As coupon declined 1-S per cent. on call on the week.
 NEW YORK STOCK LIsr.