The Montgomery advertiser., 1906-06-22
THE STOCK MARKET
SMALL REGARD IS SHOWN FOR
 PRICES.
Pronounced Determinatisn tc Get Out of Speculative Holdings--Nc Ap- parent Cause for Abrupt
 Change of Sentiment.

New York, June 2i.--A prcnounesd determination to get out of speculatlve holdings in stocks developed m the stock market today The smaii segnru @ pose argued a pl eclritancy whlcn haa a very discouraging and depressing sf- feet on speculative sentiment me causes for the mutation m spete1uladdl,s t1n d,s. oernable, and there was nothing on the surface of the days events which would account at all for the aorupt tested in yesterdays buying of stocks to the needless throwing over of noid- ings which characterized todays mar ket. The nature and the volume oI tne selling in view of this lack or explana- tion of events in Itself proved formid- able to the maintenance of conndence and gave rise to a feeling Of anxiety as to the cause beneath the surface;
 The impressive selling was especial ly conspicuous in Pennsylvania and in the United States steel stocks and the sympa thetic affect of this on the whole market was very bad Some Of the events of the week which arc regarded as most important from a nnancial standpoint are recognized as calculated to be of special benefit to the Fenn- sylvania in it's stock market standtng and 1t Is assumed that the beneht thus afforded to ths stock was motive m bringing about these events. Yester- days action by the Directors or me Baltimore and Ohio in advanclng lhs
 dividend rate from g 5 per cent. to a per cent. basis was sucn an event. 90 was the statement given out oy the President of the PennsyiVania Tn con nection with the Notation or the faris loan which was review of the nnances of the company evidently intended to reassure public opinion on the subject. That there should be such urgent pressure to sell the stock ana suen a an for the purpose ill tho face or those measures calculated to sustain the stock in the market gave rise to uneaSiness on the part of speculative holders look- ing to a rise in the price The persist ent selling of United States Steel was of similar effect on general sentiment. The reported cut in prices or Southern foundry iron was considered largelyre- sponsibIe for the weakness in United States Steel although the supposed ir- tention to issue bends Tor the com pletion or the Indiana plant was also @ cited as ground for the selling. The speculative influence of the ent Tn Southern iron prices Is enhanced by the fact that it discieses trade policy traceable to the sources which were re- sponsible for the sudden cut in wire prices several years ago in. the midst of proclamations of unparalleled pros perity in that trade.
 Aside from these somewhat sentl- mental considerations there were no important developments in the stock market Money on call was easy, the stock market liquidation probably hay ing an infiusnce in this direction: Fer eign exchange declined further in re- sponse to the reduction In .he Bank of England's official discount rate but rates for time money continued strong and only light supplies were offered. time for preparations for the July set dement's which are expected to cause some pressure on money. The grain markets remained under the influence of scattered reports of crop damage which were not calculated to help the stock market. There was some rally on short covering during. the last hour of the session, but the close was easy and only a fraction above the lowest
 Bonds easy. Total sales par value, S1, TO5, coo. United States bonds were sall unchanged on call
 NrExV YORK STOCK LIST