The Montgomery advertiser., 1906-05-17
THE STOCK MARKET
FLUCTUATION INDICATED UNAET- TILED AND HEsITATlNG CON-
 OPTION.
There Was Marked Disposition To Tufn To Stocks Known As Specfaltus
 By Professional
 Contingent,

New York, May I6.--Frequent fluc- tuations in prices today indicated the unsettled and hesitating connition ot speculation. When 1t is added that the fluctuations tended to become narrower and the volume of the markets activi- ty to decrease 1t will be seen that the expected period of dulness and siux- 1 the nssen askft ater af the
 lent decline and the sharp. recovery whtch the market has recently passed through. There was a marked disposI- ton to turn to stocks Of the class known as speciafties for action on the ptrt of the professional contingent which operates from day to day Tn the ssoek market wta9a5 snara esonditions of money and industry. Stocks wnicn aIe subject to peculiar influences or tnci1 own trades are selected at such period tuations can be erected in such se. curities when the body of the market is profundiy inert and entirely negIec- ted Sugar WAS the ola ume lax,or,ees ,,,.,, to-day with a degree of activity. wnicn has not been seen for many montns. The parallel movement in American Beet Sugar was made to give sent blance of important developments i'm. pending regarding trade relations. put no authentic information was gwen 9a. on the subject. There was sim,.ar ~ movement in Amalgamated Copper and the Anaconda Mining Company. The highly prosperous conditions n the copper trade were fully, re1Iecteu in this report, which was also eiapo- rated with financial and operating de- tails beyond precedent. Sometnins was made of this fact of promise n, a departure in policy on the part oi t,, .nc market element designated as the
 The, money outlook was the subject of earnest consideration in the iignl of n hArrnwtnO hv the PennSylNdnld company of fifty millions Tor elgnteen months on basis of rather more ,uan ,u five per cont. Funds in the time ioan market were reported abundant ana not readily lendable at 3-4 per cent. for periods up to six months. For Una. maturity there were some loans az five per cent. and ne for over nsr tns cent h was reported strongly bid with pJII cent. asked. Discounts hardeneu ln a., ri foreign markets. Some of the exsnahke offering in this market was said to pe on account of foreign purchases oI tne Pennsylvania notes. The statement oi the country's foreign trade TOT Aprlr and for ten months indicated strong position in the international exchanges, the merchandise balance ,, being s1,ooo.ooo as against sss;4s5,ess ten months of the fiscal year, the ex- cess value of exports over imports mas risen to $4s7,512,164 compared with 222g.07A.ZOy for the COTTtSpuHuihS PS.. iod of last year. Attention was at- tracted today to the discussion or tnis extraordinary trade showing Tn lhe last number of the London Economist at hand.
 This accepted authority. offers an estimate of the holding of American finance bills now held in England ana France as amounting to $400.oo0,o0o and expresses the opinion that the the meeting of the maturities of these piiis during the coming months VIII operale to maintain money rates in New 1ork fin spite of the heavy volume Of mer- chaniise exports. The influence or tne Anaconda annual report was supple mented to some extent by intfma',ons of a forthcoming statement from the Standard OH Company from whicn favorable effect on speculative senti- ment was augured.
 The transfer through the sub-treas ury Of over s900, 900 to San Francisco was attributed to a special transac- tion and not to any resumption or the previous movement to that point grow ing out of the fire losses. The mar ket continued to show some irregu- 1arity throughout the day. but last nrices were about the best and the closing tone was firm.
 Bonds were steady: total sales par
 United States bonds weresu unchanged on call
 xyuxu vnDr ewnrxx rTGT