The Birmingham age-herald., 1907-06-04
STOCKS ARE WEAK AND DECLINE HEAVY
  No Demand is Only Obvious Explanation TACTICS AND C0PPERS
Weakest Features, Although None, Market Easy-Announcement of no Prosecution of Harrlman's
 Interests Without Effect.

New York, June 3.-The tone of the stock market became very weak again to- day, and the heavy declines carried some of the most conspicuous stocks lower than they sold last Monday. The reasons for the weakness were not very apparent ba- yond the obvious explanation that there was no demand for stocks. No effective demand developed at any time during the session, and bear operators showed no urgency in their desire to cover their shorts until the final hour of trading.
 The amounts of stocks sold was not large, but the entire sprostraton of the buying demand left prices easily vulner- able to moderate selling pressure. The Pacihcs and thescopper industrials were the weakest features, although the declin- ing tendency of the market was compre- hensive. Published reports of assertions by the head of the Hartman system of the necessity of retrenchment throughout the railroad world had some special effect on the stocks of that system
 The weakness of the coppers was suf- hcfently explained by the severe decline 1 nthe London prices of the metal. The New York metal exchange also marked down the price of the metal here A re- port from Washington that determina- ton had been reached not to push the government prosecution against the liar rfman railroad combination had no effect in checking the declines in those stocks Railroad traffic officials were quoted as usual in weekly reviews of conditions in their field, and were disposed to con cede some falling off in the volume of freight moving, although claiming an ex- cess still over the corresponding period of last year.
 Railroad earnings reported continued to show an improvement from the net re- turns for April, the addition of Pennsyl- vania to the list, with the first increase Tn net for many months, being regarded as especially significant on account of the representative character of the sys- tenn. Some disturbance of sentiment was due to the persistent heavy demand for gold from Paris, shipmnts to that point arranged here amounting to $200,000 and al London to $2,S00,000. It does not appear that any sinister significance lies behind this movement which is most reasonably attributed to the trade activity in France; the large demands on the Bank of France and the low level of its reserves, the pres- ent holdings of that institution, in spite or the assertions of the last few weeks, remaining far below the amount held at this time last year.
 The flow of gold to Paris, nevertheless, Is the cause of misgivings in other mar kets, chiefly from the fear that 1T regis tered knowledge of coming political complications not known to the world at large. Rates for call loans in this market retained the slight advance of the latter part of the week, In view of the poor blank statement of Saturday and the fur ther outgo of gold to Paris. Interior money markets report a disposition to greater ease. The incoming reports to the controller of the currency of the con dition of national banks as of May g show a marked strengthening of position at most interior money centers, with the preceding call of March 22. Feeling re- garding the wheat crop was less despond-