The Montgomery advertiser., 1906-05-30
THE STOCK MARKET
Mm-sUMMER STATE OF DULLNEss
 IS APPARENT.
Absoluts stagnstion Rules at Times and the Slagwlsh Current of Prices ls Barely Perceptible-e3,-
 000,0O0 Goes to Frisco.

New York, May 29.--Laoking yester- days one hour spurt of activity at the opening. todays stock market sank to midsummer dullness of dealings Ab-
 solute stagnation ruled at times and the sluggish current of prices was bare ly percepttble. The interruption of to- morrow's holiday was partly account The payment of the s5o,0o0 of Penn sylvania caused no disturbance In the money market. as the transaction was largely concluded by the transfer oi book accounts and the funds remained on deposit with the banks. On Thurs- day. however. after the holiday inter- val. preparations will be made for the monthly accounts and these will De scrfptfous for new Chicago and North western stocks which will call for some $16.2e7.000. The most important de- velopment of the day was the transfer by telegraph from San Francisco Of nearly 3s,000,00e. This is the first sub- stantial evidence of the fulh1lment of the generally. indulged hope that our rency would be remitted to New York immediately from that center when the resumption of banking had demon- strated the superabundance of the pro- vision made for calls from depositors. A loan os million dollars was re- ported to have been made also at the stock exchange for account of one or the San Francisco trust companies which was regarded as further con- vincing evidence of the relaxation Of the strain on the money situation at that point. But this development was of less influence on sentiment than It would have been had not the rates TOT tirne. money and especially Tor the longer periods shown an advancing | tendency. With money over the end or l the year qouted at 1-4@5l-2 per cent. there is lack of confidence in the per manency of ease in money for day to day borrowings.
 The firmness of time loans is fndi- cated rather by lessened off fsrings than I by increased demand. There Is prac- | tically no demand for loans maturing terior demand for currency, preference being that borrowers are disinclined 10 run the risk of having to find new ac- commodation at that period.
 It is expected, however, that after June there will be cheaper rates for | money, especially for call and short l time loans. Prices were very we'll maintained today in spite of the light demand. This was largely due to sym pathy with one or two stocks which | ing was still the principal feature of | the week and late in the day there was
 | a desultory movement In St. Paul, which was associated with a favorable view
 | of crop prospects.
 | The heavy inroads on Readings net | earnings for April as a result of the
 shut down Of the coal mines did not de- tract from the strength of that stock.
 eneral dropping tendency had de-
 veloped. however. when the late move-
 ment of St. Paul supplied the sustain
 | ing influence filled hy Reading in the early part of the day. The late ad- vances were well maintained and the
 closing was very steady and dull.
 Bonds were Irregular. Total sales.
 par value, $3,29E,00O. U. s. bonds were unchanged on call.
 NEW YORK STOCK LIST.