The Montgomery advertiser., 1906-06-14
THE STOCK MARKET
STOCK MARKET CONDITIONS ARE PRACTICALLY SAME.
Trading Again Had But Moderate VOL ume, and the Fluctuations Were for the Most Part Ex-
 ceedingly Narrow.

New York, June 13.--In its main es- sent'afs today's stock market was put a repetition of those of the early week. Trading was again in very moderate volume. Gustuations were for the most part exceedingly narrow and the bulk of the business was, if possible, even more professional. Of outside inseres. @ managers of the large commission houses reluctantly testified Traders and tho professional element were all most unanimously inclined to take . bearish view and the few bulls were less enthusiastic than. they had been again lacking in specific detail. was not of the character calculated to make Tor higher prices. Crop conditions were the subject of greatest interest, there being fast growing impression that the situation In the Western states ls not distinctly favorable to large yields, due allowances being made, however, for the usual scare reports and other forms of axaggeratioE. Another unfa- vorable influence was the heaviness or the United States Steel issues. These stocks have not beer very active re- gently, but the pressure directed againt them today was so persistent as 10 pro voks comment. The downward tend- ency of these shares was doubtless ac- counted for in part if not entirely, Dy the testimony of those in a position to know that the business in all branches of this industry, except steel rails, IS on the decline as compared with the un- preccdented activity of the past year. The few bull points that developed in the course of the day went by unno- ticed. For instance, the increase or the Pennsylvania's dividend from to b per cent. basis failed to evoke any re- sponse in the shares of the Pennsylva- mia Railroad, although the entire stock of the first named corporation Is held by the railroad. The reaction which followed the strong and active open n in the lOcal grain markets was also without effect in the securities marke.. St. Paul was again the only stock that displayed decided strength, the other active issues, with few exceptions, show ing marked weakness. This tendency was further pronounced in the late trading which was most prominent for It's frequent periods cf absolute stagna- ton. A few new stocks were circu- rise, some of them so impossible as to fall of their own weight. Board room gossip had it that prominent opera tor whose successful coup in one of the Southern railway properties few years ago Is still remembered, had bought heavily of St. Paul in the hope Of se- curing recognition in its directory. An other equally irresponsible story was that Union Pacific interests had re- gently required large holdings with a view to getting control. In the final dealings the selling pressure became acute as to wipe out St Paufs gain anu GGuuCS bHc EShCi di lSfCi below the previous days closing. The greatest weakness was in the Hlli stocks, Union Pacific, Canadian Pacific, Missouri Pacific, Chicago Great Vest ern, B" Kansas and Texas, preferred, and Louisville and Nashville and Brook lyn transit with similar weakness in numerous of the Industrial issues. The movement of the foreign markets were generally like our own in point of weakness. Americans were irregular in London, and little business for that account was done here A smart ad- vance occurred in Rentes at Paris. with a simultaneous advance in exchange on London, while at Berlin the private rate of discount went up small frac- tion. Money conditions were without material change. Aside from the bet ter demand for over-year loans, which were made at 1-4 per cent, though six months loans were reported at 3-4 per cent. Late incidents of the day in- cluded an increase from ? to 3 1-2 per cent. on the dividend on the preefrred stock of the Pittsburg. Cincinnati, Chi cago and St Louis (panhandle) road and the publication of the Western Union Paragraphs earnings for the year with June estimated. The figures indicate a slight falling off In net, and a probable decrease of about $200,o00 in the years surplus.
 Bonds were irregular. Total sales par value, S2,470,00O. United States bonds were all unchanged on call.
 NEW YORK STOCK LIST.