Los Angeles herald., 1906-06-16
BY Associated Press.

BY Associated Press.
NEW YORK, June 15.-speculative
liquididation of the kind that developed
STOCK market and forced prices to a ma
terially lower basis all around. The bear
party showed ITSELF alert and well or
ganized to take full advantage of the
Vulnerable position of the market and
the vigorous attacks on prices built up a
requirement to cover stocks which induced
occasional rallies. The trading was
strictly within professional limits as the
campaign on the Nlong side had been
throughout
The fall in prices took place with the
same dearth. of news to account for a
depression of sentiment as was the case
yesterday. The whole movement was
clearly 6omay Indicative dc of the disappointed
advance prices and to get out with a
profit. Stocks which have been most
prominent In attempts to get prices up
are coming in for their full share of corre-
spending prominence on the decline. Read
ing is the notable example, and con-
tinued its unenviable leadership in the
melting away of prices.
The penalty to be paid for specula tive
excess was clearly illustrated in the day s
most conspicuous movements Rational
explanation for the excessive advances
IN Reading were long ago abandoned, and
II was considered sufficient to account
for them that wager had been made by
that the price should reach some desig-
mated figure before a specified date. 1t
Goes not cause great surprise that buying
attracted by such means should develop
a poor holding power with the course Of
prices going against the profit of the posi-
tion.
A firmer tone in money was the only
important Development in conditions. Call
money was in active demand owing to
large requirements for the heavy dividend
disbursements which were made today.
These included the $5,000,000 Standard Oil
dividend and number of other divi-
.dend payments calling for large amounts.
trN,@
vanced appreciably, both for short and
long periods The demand for seven and
eight months loans was called very strong
-and scantY supplies were offered. The
rate was 81 per cent, strongly bid, and
business was done at above that figure.
The preliminary estimates of the week s
currency movement indicated a gain by
the banks of something over a million
dollars, which was more than accounted
for by the operations with the sub-t treas
ury. The movement by express with the
interior in fact was against New York,
marking reversal from the recent ten
dency, and this fact was not without its
effect upon speculative sentiments.
Reports of crop damage continued to
nave an influence on the stock market
and to occasion a rising apprehension of
impairment of the years harvests
The statement of the May foreign trade
showed, the falling off on values of agri-
cultural exports made up with a large
maggin In addition by the increase in
heavy expansion at the same time in the
value of the imports results in smaller
trade balance in our favor for the month
than in May of last year. The excess
value of exports this year is S25, ,60O, 900.
compared with S31, ,26S.145 for the preced-
ing May. While the discrepancy is small.
the result is considered important in view
of the large reliance placed by New York
on foreign money markets for resources
to supply the needs of the fall money
market here.
Last prices were generally above the
lowest, but the closing tone was irregular
and very uncertain.
Bonds were heavy. Total sales mar
value $2,3S5000
United States new As advanced a per
cent on call