The Montgomery advertiser., 1906-05-20
THE STOCK MARKET
SLUGGISH DRIFT OF PRICES Is OF
 NO CONsEQUENCE.
sts~nstion of Trading Significant of the Growing Conviction of Unpro- pftious Outlook For Specuia-
 tive Attempts at Present.

tive Attempt. at Present.
 New York, May 19-There was. no market for stocks worthy of the name today and the sluggish drift Of prices was of no consequence The stagna- tiSn of the trading; rowinS nS~spsi conyicton sf the unpropitious outlook for any large speculative attempts in the present stock market. The oppress,ns e,, wea for a small attendance on, the part of the brokers but their early depart ure from the financial district was with the assurance that no important operations in the market were in
 Prices showed a dropping tendency from the inanimation Of the a market, te. cantly changed from last night. The most important change in the bank statement was in the loan item. The S15,000.00o loan expansion is clearly due to other causes than stock mar ket borrowing and the Pennsylvania crease eD.s issue Although eagan over of gold has been received by incoming steamers this week, the United States Treasury had claims upon the banks ot government funds advanced to the banks at the time they engaged the gold under pledge of return Of govern
 
 The range of fluctuations has mar rowed, reflected a decline in specula- tive interest In mood of hesitation values. This is in accordance with precedent after such a market as that following the San Francisco earth. quake and fire and represents a stage ray ket conditions to the problems pre-. sented by the losses incurred in that calamity. The natural following to wards the first rebound from the acute depression following the disaster have market is left to the influence of new hss iessened the attraction of stocks from an investment standpoint and that class of demand which was ss ta,I sdPstSn. Sn. The uncovered short interest has been largely reduced as the recovery in prices has forced the bear interest potentian support. The action of the market has Indicated the persistence of attempts to extend the advance on the sations, and to inaugurate new cam paigns on the long side of the mar. ket. But there is little evidence or any large general following attracted fluctuations from day to day in the stocks thus operated in are the reflec. tion of the varying positions taken bv knc pTOIcSSIoHdl clCHOHt.
 The copper group and the anthracite carriers have been the favorites in the efforts to revive speculative interest: The general list meantime has moved positive dpression.
 While the stock market has been af- tected mostly by technical conditions. some of the developments of the week have been important. The future course of the money especially has se safes m for of se eo notes on a basis of interest cost to the company estimated at something much discussion. Temporary borrow ing at that rate of interest by strong corporation is taken to show inability owing to present unptoPtioqss ,s eonH,. ors permanent capital isues. wtch 1t Is assumed will follow In due time to re- deem the temporary loan.
 AS very large capital issues remain to be absorbed in the securities mar ket to provide means by all sorts of corporations. bad impression is cre- offerings. Terms of sale which would attract a demand would be likely to cause pressure to sell existing securi- ties to provide means for taking up the new. The situation is complicated by a volume of bonds recently issued. which remains in first hands of sym dicates and bankers with large loans
 1ns nanhs tbe such q rate of interest by the Penn sylvania company for eighteen months seems to belle the seeming ease of the present money market which offers money rates below five per cent for time loans up to six months and be- low four per cent for call loans.
 ns tn in ssr Srce of the cuE n the latter part of the week adds inrlu- ence to the money question. Calcula- tions that preparations had been com pleted for the resumption of bank ing in San Francisco prove to be mis- taken. The probability of further re- lief by gold imports Is again can vassed in presence of these new con- ditons. As to this somethic.y depends upon the extent to which foreign in- surance companies have already remit ted funds to this country for payment of San Francisco losses. Banking opin- ion differs on this point from the view, that recent gold imports represented the completion of a large proportion Of such remittances to the contrary ex- treme. which holds that the bulk of Skilled financial authorities abroad al so were widely at variance as to this country's present situation in the in ternational exchanges
 The London Economist asserts the opinion that American finance bills In England, France to mature during the summer months are of a volume sufficient to keep up the money ra te in New York in providing resources to meet the maturities. The London sta list. on the other hand, maintains that the enormous trade balance running In favor of this country will provide volume of credits, which will place foreign capital at the command of American borrowers for the supply of all their needa
 The uncertainties of the money situa- tion during the coming years thus indicated are held to account mainly for the halt in the speculation. Ad- vices of business and industrial condi- tions continue favorable Railroad prices. Purchases of steel rails for the next year on a scale which affords convincing index of the soundness of the iron and steel situation. Weather conditions are not wholly satisfactory for the winter wheat crop, but the re- sulting firmness of wheat has not had a pronounced effect in the stock mar ket up tothis time. The anthracite la bor settlement has helped to make the anthracite group of stocksk strong.
 The market for bonds has not reviv- ed and Is unsatisfactory to bond deal CTS with large supplies on hand to dis pose of. United States threes and new 4s have declined IA per cent. during the week.