Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-09
THE CREDIT BALANCE REDUCED
Earnings Statements Furnished News
Comment of the Day-Foreign Ac-
count Influence Was Slight.


Special Dispatch to The star
NEW YORK, May e.-The various de-
partments of the stock market moved TO-
day along fairly common lines. During
the forenoon there was an extensive feac
ton in prices. the declines extending from
/ to points In the active issues, this move
ment being succeeded toward midday py
q vigorous and general rally. The carry
depression in prices was not specifically
accounted for through any of the day
developments or In the news over night
nor for that matter, was the subsequent
recovery.
It appeared to be the case In the early
dealings that the protracted and almost
unbroken rise in prices since the middle or
last week had suggested to speculative
holders of stocks the wisdom or convert.
ing their paper profits into cash, ana most
of the early liquidation seemed to De rep
resented by selling of this description.
1t was significant that there was sharp
contraction in activity during the early
period of depression and large increase
In the volume of business on the midday
recovery. AS already noted, 1t was not
easy to deduce from any of the facts OF the
days situation very much which might be
cited in explanation OF the markets ten
denotes.
The most encouraging circumstance of
the day might be found In the further re-
Taxation in the rates for money for all
ptTlOUS there DSlllk ldlIiy Tree OhciihSo VI
accommodation for six months time at
per cent Sterling exchange, on the other
hand. advanced SO sharply as to indicate
the virtual termination OF the seasons
heavy importations of gold.
Currency movements In connection with
the conditions upon the Pacific slope were
again conflicting, with actual excess of
shipments thither.
This mornings figures of the transactions
between the banks and the subtreasury
showed that the large credit balance In
favor of the former in the early part of
the week had been reduced to less than
H15O0,O0O.
Interesting Earnings Statements.
The proba bilites of the bank statement
on Saturday did not appear, however. to
play any part whatever In the days reckon
tngs. number of interesting returns of
earnings furnished about the only news
there was relating to the individual stocks.
The steadiness of the commodity markets
lent additional interest to tomorrow's gov
eminent report upon the condition of the
crops,
The early declines and the later vigorous
recoveries impaired a somewhat irregular
appearance to the days dealings as
whole. Notwithstanding the large volume
OF business which was transacted the rank
and file of commission houses concurred In
stating that they were contributing only
trifiing quota to the days dealings which,
indeed. seemed to be constituted largely of
the covering of short contracts. which was
stimulated by evidences OF aggressive bull
tsh manipulat ton in many directions.
As was the case yesterday, there was
much discussion with regard to the status
of the short interest In the market. and
experienced judges OF this phase Of the
situation agreed In asserting that there
had been little diminution in the specula-
ton commitments of this character. not
withstanding yesterdays extensive advance
in prices.
New York Stock Market.
Furnished by w. B. Hibbs & Co.. bankers
and brokers, l4lB + street, members New
York stock exchange. Washington stock
exchange and Chicago board of trade.