The Montgomery advertiser., 1906-05-18
TIE STOCK MARKET
PHOEHssIeNAL LIMFTATIoNs or
 CURRENT MARKET DEFINED.
v1rylng Fluctuations Over Narrowing Range and Consequent Discour- a9eeaent of Outside Spccu-
 faon Characteristics Ot


 New York. May 17,--The professional limitations of the current stock market clearly defined themselves by the ae- tion Of tooay's market, taryinE iiuc- consequent discouragement of any par ticipatior outside of the most per sistent professional operators were the ekaractefiskics of the trading; The siderable Animation and carried an in,- pIession of . continuance Of the orssk ns aavancinE tendency of the latter parI and Veteran Infringement, but it was not 90 sklllful as to prevent the Tact emerging with glaring distinctness 2 short time that stocks which were were being dillisently fed into the market for the purpose of reaiizing profits while the new points of the stocks which were lifted to higher stecks incfndsd most of those which are supposed to be the favorite medium, ior r ogsrssions by the so-eai'ed Staho-
 Their advance yesterday was due to the Anaconda annual report and the expected statement by Standard OH 0f-
 Sas ha m rsg to tse the of corporations. The professional element adopted the inference that this pow erful group of capitalists was embark ed on a campaign for a rise in prices. When 1t became evident today that the same stocks were being sold to take profits. professional sentiment was thrown into ouandry again as to the attitude of the Standard oil party.
 Lacking light on this important question, the professional element was not much impressed with other news developments of the day. The. strength was pretty strictly confined to to the sumption that great benefits were to accrue from the labor settlement for term of three years to come. Very spectacular advences were scored In The Pennsyivania group was subject from the outset to positive depression. which was rather c1eary traceable to the disclosure elicited by the inquiry irto the soft coal carriers and by re- port that resident cassatt eontemplat- ed retirement. Pennsylvania has been heavy in tone since the $50,0o0,000 loan was an Influence in the market. sup piemented as 1t was by rumors of ad- ditional borrowing to come. The vio- lent decline in National Lead on the resumption of dividends proved rather formidable to those who have bought stocks on an expensive rise in antici- patton of new dividend declarations, or of increased dividends. More seri- ous attention was paid to the resump- ton or currency outgo to San Francis CO., Today's transfers to that point through the sub-treasury rose to $2.- f27,000 and yesterdays explanation of q special transaction" lost its force of reassurance today.
 The movement is said to be likely to reach considerable proportions again in preparation for the early resumption O. banking in San Francisco and also IL is believed on account of remittanees by some of the insurance companies with the expiration of the thirty period after the losses The sub-treasury accounting shows a heavy loss by the banks operation, but as this Is on ac- count of the return or Government de- pcsits allowed against gold engage nents and is made good by the re- ceipt by the banks of the incoming gold from abroad, the real position of the banks Is not affected. Local money rates were not affected by the renewal of the movement to to San Francisco. Foreign exchange rates were inclined to advance, thus offering no suggestion Of resumption of the reports affected the wheat market and clement of stocks, The sagging move iment was as regular. as yesterdays hardening movement. but there was a general yielding at the last, and the closing tone was weak.
 Bonds were irregular. Total sales par value $2,so0, 900. U. s. bonds were unchanged on call:
 xx.xxr yopx~ sworrx rxzr