The San Francisco call., 1906-06-16
New World Stock Marker,

NEW YORK, June 15--Speculative
liquidation Of the kind as that which
developed yesterday continued IN eyi-
Gsnce ia the stock market today and
forced prices 10 materially lower ba-
SIS al around The bear party showed
itself alert and well organized 20 take
fail advantage OF the vulnerable posi-
bOR of the market and their vigorous
attacks on prices built up q require
ment 70 cover stocks which induced
20 ccasionai rallies. The trading was
strictly within professional limits, as
the campaign on the long side had been
throughout The fall IN prices took
place with the same deaTth of news 10
account for depression OF sentiment as
vas the case yesterday. The Whole
movement was clearly indicative OF the
disappointed hopes OF the professional
movement TO advance prices and TO get
cut with a profit Stocks which nave
been most prominent ia attempts 70 get
prices up are coming IN ior their Iull
share OF corresponding prominence on
the decline. Reading Is the notaole eN-
ample and continued its unenTiable
leadership an tue meltthS away OF
prices. the penalty 10 be paid for spec
UlatiNe excess was clearly illustrated
in the days most conspicuous move
nenLs. Rational explanation for the
excessive advances IN Reading were
long 20 abano oned. and II was cOnsid-
cred suhcient 10 account for thefa that
= wager had been made by the leader
of the speculation Ia the stock taat the
price should reach some desl lEnated ng-
ura by speclned date II does not
such means should develop a poor hold
iag lower with tAe course Of prices go
lng against tHe proft OK the position
= hrmer tone in money was the only
i1lDorta1t development in conditions
call money was in active demand
owing TO large requirements Tor the
neaYF dividend disbursements which
were made today. These Included the
S.. 000, 600 Standard Oil dividend and
number Of other dividend payments
calling for large amounts. Rates for
Nrlr 4 y al p
ciably, both for short and long periods.
The demand for seven and eight
and scanty supplies We're offered The
rate was a per cent. strongly bad, and
business was done at above that flgure.
The preliminary estimates OF the
weeks currency movement Indicated
gain by the banks of something over
$1,000, zoo, which was more than ac-
counted for by the operations with
the Sub-Treasury The movement by
express with the interior IN fact was
against New York, marking a reversal
from the recent tendency. and this fact
was not without its effect upon specu-
latfEe sentiment. Reports OF crop
damage continued to have an influence
on the STOCK market ana 70 occasion
q rising apprehension OF an impair
ment of the years harvest The state
ment of the May foreign trade showed
the falling of on values Of agricui-
Tural exports made uP with a large
margin IN addition by the increase in
value OF manufactured exports, but the
heavy expansion at the same time in
the value of the imports results in q
smaller trade balance Ia our favor for
the month than ia May Of last year
The excess value OF exports this year
IS S25.60e, 600. compared with S3l,26S,
i45 for the preceding May. While the
discrepancy Is small, the result is con
nSIdered important in view of the large
reliance placcd by New York on for
.eign money markets for resources TO
supply the needs Of the fall money
market here asst prices were gener
1nl Inn I'm ha nln n
tone was irregular and very uncertain.
Bonds We're heavy. Total sales, 81,
3g5, 600 par Value).
United States new IS advanced u per
cent on cal.