Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-17
Close of the Week Was Decid-
eddy Weak.
SPECULATIVE FAVORlTES
All Shared in the General Stock De-
preston.
CHANGES IN BANK STATEMENT
Conflicting Crop Reports Contributed
to Decentralization of Prices
Money Market Firmer.

NEW YORK. June 16.-The trading in
stocks desultory during the most of the
short session today. but the respondent tone
of the speculation was obvious and in the
final dealings prices melted away easily I'M
der a considerable increase of selling pres
sure. The closing was decidedly weak with
no evidence of resiliency. Nothing new de-
veloped to explain the weakness, but prices
were offered down aggressively and the vul-
nerable speculative position of some of the
leading stocks In the market was manifest.
Reading continued to show the effect of
It's poor technical position and was the CEN
trail target for attack by the bear party.
The stock offered some resistance about
100, but broke through that point before
the closing. There was violent slump in
Anaconda and the metal industrals, the
high priced Northwestern Changers and
other conspicuous speculative favorites all
succumbed easily to the pressure directed
against them. The continued drought in the
winter wheat region and a forecast of clear
weather there for Sunday made the crop
damage reports influence in the market.
The decentralization of affairs in Russia
received more attention, although the direct
pressure produced here by the Russian news
was not important. The large reliance placed
on the reserves of French capital for re-
course to supply the large needs of the
New York money market makes the stua-
ton sensitive to a threat that would in
volve that money center in embarrassment,
as would necessarily be the result of
overturn of affairs in Russia in view of
the very heavy French commitment in that
country. The changes in the items of the
bank statement were so small as to make
that document of little influence in the
stock market. There nothing In It,
however. to relieve the mood OF depression
OF the speculation. and the active selling of
the day developed after its appearance.
Total sales of bonds, par value, $3.50
LONG Sida Discnura sar7ar,+
The professional movement on the long
side OF the stock market has met with dis
coura cement this week, caused especial
by the difficulty OF securing profits by mar
keting holdings of stocks. Efforts towards
this end have found no effective demand to
absorb offerings and prices have gwen way
in consequence. The movement has not
been accompanied by any important news
developments and was attributed almost
solely 10 technical conditions. The encour-
agement to undertake the movement Tor
an advance. which was entered upon sew
eral weeks ago, was found in the light sell
ing pressure encountered when prices were
bid up.
While the pools were accommodating
stocks and the speculative organization
were marking up prices by agreement the
market had an appearance of strength
which promised well for the prosperous
outcome of the movement. But when at
tempts were made to market holdings ana
realize profits the fact Was disclosed that
The demand which had lifted prices had
been made almost exclusively by the pools
and organized parties themselves. Outsiae
participation had not been attracted ana
the market seen to be restricted within
professional limits.
This condition disproved the hope that che
inflow of cash to the reserve centers of the
country and the return from San Fran
cisco of the huge sums piled up there III
preparation for the resumption or banking
was going to awaken a public speculation
In stocks Much stress laid also upon
the Importance of creating an active mar
ket for the large issues of new capital
which have been made and which are TO be
made in carrying out of the great corpora
ton enterprises of the country.
New Stock Flotation.
II was hoped that the speculative cam
paign would have the countenance and as
sistance of the banking and financial In
terests concerned in the hotation of the new
securities. The recent movements in the
market in many cases have been In fact
In stocks connected with such new fiota-
tons as. for instance, where new issues OF
convertible bonds have been offered which
are exchangeabie for stocks.
The activity and advance In these STOCKS
served TO add to the attractiveness OF the
bonds for which market was being sought
Bur while this consideration served TO IN
ute EFFORTS by the sellers to stir up active
dealings IN securities the motive seems 10
have been sufficiently obvious to keep IN
vestment buyers from coming forward 10
participate in the movement when II was
hoped would be the effect.
The government report on the condition
of the grain crops as of jane was re-
Earded as highly encouraging In the prom
ise afforded OF full crops of wheat and It's
appearance on Monday was the occasion OF
the strong upward movement or pr1ces with
which the week opened. But the specula-
tive realizing on the report proved TO be
so large that its effect short lived and
did not hold beyond Monday afternoon.
Crop Reports Depressing.
II was partly Offset also by the tone of
ths weather bureaus report on conditions
for the week, which appeared on Tuesday
and which dealt with conditions later than
those covered in the monthly report Re-
ports of deterioration of the wheat crop
owing 10 excessive moisture for spring
wheat and laek OF II for winter wheat have
been prevalent In Wall street and have
played par ir the depression developed
In the stock market For the most part
however, this has been due to the tighten
Ing OF pool holdings through discourage
ment over the lack of demand for stocks.
Amarked 1timental effort on speculation
has been produced by the steady supply of
United States Steel stock which has come
!, upon the ma@ltet- This is so much at va
Rance with the reported prosperous condl-
ton in that trade as 10 awaken suspicion of
less favorable prospects of what is to
come in the trade which may be known
TO insiders. The question Is asked whether
the volume Of untitled orders Is being kept
UP or whether the present extreme actiy-
ity is serving 10 work off accumulated or
cers faster than new orders are received for
future work.
The Money Market Firmer.
The money market has grown firmer dur
ing the week. and rates for loans carrying
over the end of the year especially have
risen again TO basis OF 5A per cent bid
The effect of the July l settlement is in
immediate question. and finding OF resources
for the usual autumn needs OF the money
market Is never absent from calculations
it is taken into account that the New
York trust companies must have ready on
July L the second installment OF the In
creased cash reserve required by them by
the addition TO the New York banking law.
1t is estimated that this will require an
addition OF 100000 to present holdings