Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-10
Few Price Changes Marked
Weekend Condition.
MEAGER PROFITS NOTED
Interest Quickened in the Crop Con-
ditions.
SOME LIQUIDATION EVIDENT
Volume of Business Expanded Decld-
edly and Markets Reflected Clear
lv the Professional Operations.

,,ressed for sale today and prices declined.
The speculative party which entered the
market with the opening of the week, on
taking account of the weeks results, will
lind little In the way of price changes IN
the summing up. There was some clos
ins of accounts today induced by discour-
agement over the meager profits disclosed
by this inspection.
Crop damage reports are not liked ana
thu effect on stocks is feared OF the gov
arrnent monthly estimate OF condition to
be published on Monday. and which IS
generally expected to reflect the UNI
favorable weather conditions of the pre-.
ceding month. The prospect of pro-
longation OF the session OF Congress came
in foI some discussion
C,onnlaint was heard from speculative
sources that the bidding up of prices
se.ves to bring out offerings of stocks on
selling orders fixed above the market ana
these orders seem to offer formidable Cd
stacle to efforts to advance prices
Speculative liquidation was evident IN
some of the weeks favorite stocks es-
pecially Reading. and some OF the aa-
Varces which were made quickly were aS
quickly lost today. The weak and unsup-
ported condition Of Consolidated Gas had a
bad effect on sentiment
The Bank Statement.
The bank statement justified the expec-
tation that the cash gain of last week
which failed to appear in last weeks state
ment would help the showing this week
Besides the s., 942, 100 cash increase there
was a 81, 6l0. AGO loan expansion to figure In
the deposits. so that the increase in the
reserve requirement left margin of only
1916 O25 for the benefit of the surplus. The
having of foreign obligations is believed
to be responsible in part for the loan ex-
pansion. "a.
The Bank of Germany failed to reduce its
discount rate and made poor weekly re-
turn. Sterling exchange at Berlin fell with
some violence and at Paris with decision,
threatening renewed pressure on Londons
gold reserves Incidents of the day were
the report of the first arrival OF the season
of Alaska gold on the Pacific coast and the
official report of the gold output on the
Rand for the month of May, showing d
production of Al, 202 fine ounces Ine graz. ,-
est monthly outturn record. The stock
market closed easy. Total sales of bonds
par value, 81 10000
A Marked Expansion.
The volume of business on the stock ex-
change expanded decidedly this week and
the market reflected clearly speculative OPP
pratfons on the long side of the market
The conditions relied upon to advance
prices and which have proved the incentive
for these operations are the assurances lett
in the continued prosperous state OF the
country. both present anu pIOSpettANOt III
Guiding the promise of good grain and cot
ton crops and the increase In supply OF
loanable funds due to the accumulation at
the reserve centers, and especially to the
large returns of FUNDS from san rrdhCiSSO
TO New York.
supplementary to these general consider
atoms much has been made of reports ana
rumors of special developments concerning
individual properties. which have been the
cause OF special activity and sharp ad-
vances in these stocks, with sympathetic
effect In sustaining the general list
The operations have been admittedly by
organized parties of professional operators
almost altogether, and the general Invest
ment public has not appeared In the mar
ket The conductors of the movement pro
TESS confidence, however, that the assertion
OF a leadership in the speculation is all that
is needed TO attract a public demand for
stocks, and that with the progress or rise
in prices an active general market VIII De
created which will afford medium for the
successful disposal ON profitable terms or
stocks now being accumulated.
The Demand for Stocks.
1t is pointed out that active general de-
rnand for stocks is rarely If ever inaugu-
rated without the initiative of professional
leadership and that the manipulative tao
tics employed to move prices in the early
stages OF such a movement do not detract
necessarily from the ultimate success. The
professional party has availed itself with
confidence OF the increasing supplies OF
funds appearing IN the money market 10
extend their operations in stocks, basing
their confidence In success on awakening a
public demand.
The effect on the money situation of the
large return flow Of cash from San Fran
cisco has been marked and interest rates
both for call and time loans have yielded
distinctly. Rates for periods carrying over
tn. end Of the year were slOwest to yield
and were least affected. The demand for
time loans is reported light and tenders
are said to be dissatisfied with present rates
and To be holding their resources for en-
ployment in the call loans department. pre-
ferring to await later developments in the
time loan department. Large supplies in
the call loan market here are said to rep
resent deposits OF interior banking insti-
tutOus. which kept their resources in hand
in that way for later needs for the crop
moving period The San Francisco move
ment has reached an amount equal roughly
u Oue-third of the total shipped to San
Francisco after the great earthquake and
fire losses. The movement is expected to
run further. but It's extent Is complicated
with the question OF Insurance losses. pay
meut OF which has made little progress UP
70 this time Revised estimates of the
amount OF these losses considerably in
Creasing the figures have come to hand this
week. and serve TO complicate this problem.
tnr settlement Of which VIII have an i'm
portant bearing on the money market.
The Foreign Exchange.
influence Of easier money is suggestive of
Ii movement for remittance TO foreign mar
kets 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 lnducement IS less to leave these loans
in this market. Foreign bankers raise the
question whether a return movement of
gold to foreign markets whence IL came in
the crisis OF the San Francisco losses may
not be the consequence of lower interest
rates here. There has been some delay ad-
mittedly in the conclusion of the Pennsyl-
Vania SJo.Ooo,OoO bond transaction in Paris.
Much reliance was placed on this operation
TO effect funding OF some OF the large
floating Indebtedness of New York TO Paris
and thus TO defer the necessity of remit
tances.
The outcome OF the seasons harvests and
ale available supply OF exportable commod-
tiles make an important element in the for
egn trade and merchandise balance in IA
VOr of the United States for the future.
In this connection growing attention is
given to the reported falling of In the fer
eign demand for canned meat products on
account OF the agitation concerning packing
houses abuses. An important proportion OF
the country's exports is affected under this
head and the SUNNY of foreign exchange