The Montgomery advertiser., 1906-06-10
THE STOCK MARKET
SECURITIES PRESSED FOR SALE
 AND PRICES DROP.
Speculative Party Which Has Been EndeavOring to Interest the Pub- He Finds Little Net Result
 nj End of Week.

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 New York. June s.-stocks were pressed for sale today and prices de- clined. The speculative party which entered the market with the opening "t the week , on t,aking ga aeGount it.s or h the way of price changes in the summing up. There was some closing of ac- counts today induced by eiscouTase. ment over the meagre profits disclosed by this inspection.
 Crop damage reports are not likely and the effect on stocks IS feared or the government monthly estimate of and which is generally expected to re- fleet the unfavorable weather condf- tons of the preceding month. The sion of Congress came in for some speculative. sources that the bidding ings of stocks on selling orders fixed above the market and these orders seem to offer formidable obstacle to efforts to advance prices.
 Speculative liquiuatfon was evident In some of the weeks favroite stocks. especially reading and some of the ad- vances which were made quickly were as quickly lost today The weak and unsupported condition of consolidated gas had bad effeG. on sentiment The bank statement Justified the expecta- tion that the cash gain of last week which failed to appear in last weeks statement would help the showing this week. Besides the y2,s42,1eo cash in crease there was $l,61S,400 loan expan- the increase in the reserve require ment left a margin of only $346,025 for the benefit of the surplus.
 The paying of foreign obligations is believed to be responsible in part foI the loan expansion. The bank of Ger many failed to reduce its discount rate and made poor weekly return and sterling exchange at Berlin fell with vfnlenna and PAriS with de- cision. threatening renewed pressure on London's gold reserve. The market vlosed easy. Total sales of bonds pal
 The volume of business on the stock exchange expanded decidedly this week and the market reflected clearly spec the market The conditions relied upon to advance prices and which have proved the incentive for these opera tfons are the assurances felt in the continued prosperous state of the coun- try both present and prospective in, ciuding the promise of good grain and cotton crops, and the increase in sup ply of loanable funds due to the ac.. especially to the large returns of funds from San Francisco to New York.
 Supplementary to those general con- ditions much has been made of reports concerning individual properties which and sharp advances in these stocks the general list The operations have been admittedly by organied parties Of gether and the general investment public has not appeared in the market
 It was pointed out that active gen. eral demand for stocks Is rarely 1T ever inaugurated without the initia- tive of professional leadership and that the mariipulative tactics employed to move prices in the early stages or sucn a movement do act to detract neces- sarily from the ultimate success, The professional party has. availed itself with confidence of the increasing sup- plies of funds appearing in the money market to extend their operations in cess in awakening a public demand.
 The effect on the money situation of the large return flow of cash from San Francisco has has been nn marked sed .ina ana loans have yielded distinctly. Rates for periods carrying over the end or the year were slowest to yield and time loans is reported light and lend CTS are said to be dissatisfied with present rates and to be holding their loans, preferring to await furdther de- velopments in the time loan depart ment. Large supplies in the call loan market here are said to represhent des which kept their resources in hand Tn that way for later needs for the crop moving period. The San Francisco equal roughly to one-third of the to- tai shipped to San Francisco after the great earthquake and fire losses. The but extent is complicated with the question of insurance losses, payment of which has made little progress up to this time. Revised estimates of the amount of these losses considerably increasing the figures have come to hand this week and serve to compli- cate this problem. the sentiment Of which will have an important bearing on the money market.
 The court of foreign exchange under the influence of easier money IS sug- gestive of a movement for remittance to foreign markets in repayment of some of the heavy borrowings affected there against finance bills which are maturing now in large amounts. With the decline in money rates the induce ment is less to leave these loans in this market. Foreign holders raise the question whether return movement of gold to foreign markets whence it came in the San Francisco crisis may not be the consequence of lower rates of interest here.
 The outcome of the seasons harvests and the available supply of exportable commodities make an important ele- ment in the foreign trade and mer- chandise balance in favor of the Uni ted States for the future. In this con- nectloH growing attention IS gwen Io the reported falling off in the foreign demand for canned meat products on account of the agitation concerning packing house abuses. An important proportion Of the country's exports ar rested under this head and the supply of foreign exchange may be expected to be reduced in consequene.
 Trade and industrial advices general
 have been highly favorable this week.
 Prices of bonds have been well main tained but the market Is quiet Uni ted States old As advanced IA and the new 4s 1-2 per cent on call for the week.
 NEW YORK STOCK LIST.