The Montgomery advertiser., 1906-05-19
THE STOCK MARKET
SLOW AND IRREGULAR RECOVERY
 FROM EARLY DECLINES.
Shfftinrof Operations of the Roona Traders and Their Inability to Move Prices Accounts for
 Dullness.

New York, May 1s.-The inconstancy Of the tendency of prices on the dull rut of professionalism into which the stock market is relapsing was again we'll Illustrated today. The early mar ket showed an extension of the decline which became pronounced late yester- day Afterwards there was slow and irregular recovery with increasing dullness. amounting to practically idle ness late in the days movement were shdffin % en.ire aceounts of tSa room % tsaders and their ability to move prices Tar Tn either direction.
 News was unimportant and without much Influence. Pennsylvania contin- ued to be conspicuously depressed un- der the join influence of tho revelations before the interstate commerce com mission and of the heavy ipfSsnes was aggravated by the circulation or reports of additional loans In immedi- ate prospect by the company Tor wnlcn no authority was obtainable. The mon ey and exchange markets were With out notable incident.
 Call money and loans on time up to SIX months continues easy m tone an1 rates were even shaded to some extent, but for periods over end Of the year five per cent Is strong bid and the ask ing rate is 5 IA per cent. Estimates of the complexion of the coming bank statement based on the known move ments of currency pointed to only q small decrease in the cash, altnough the sub b-treasury account snows an ap 000,000. This is due in large part to the return of government funds placed or depos.. with the banks when they were engaging gold in Europe on con dition that they should be returned on receipt of the gold. There have been very large receipts of imported gold this week and these receipts go lnto bank vaults to make good the return or government deposits In the cash show ing.
 The banks estimate also that the movement of cash with the interior py express has been in favor of New York on balance to the extent or seven Wil. lion dollars. The loan item IS subject to the usual uncertainty ana the Fenn- sylvania loan operation will enter tnto the weeks changes. Transfers of cur rency to San Francisco through the sub-treasury were light again today. increased to the banking mind by re- ports that Chicago banks have receiv- ed large return shipments from the Pacific coast within the last few days. again today but the decline was not sufficiently decisive to answer the ques- tion of a resumption of gold imports
 The decline in the wheat market ana reports of better weather conditions Tn the wheat belt were coincident With an improving tone of the stock market late in the day. Professional initiative trading showed increasing degree of lack of leadership and the decline in the efforts to effect a movement of prices. Reading showed firm tone at times, but its movement or prices was unimportant. Reports of dispute amongst trunk lines over passenger rate differentials received some atten- tion, but were of small effect on prices. The closing tone was heavy at the re-
 Bonds were steady. Total sales par value, S2,070,000. United States As de- clined 1-4 per cent on call