The Montgomery advertiser., 1907-06-15
THE STOCK MARKET

New York, June 14.-The nuncer Of shares of stocks sold during the first nour of today's session of the stock exchange was largely in excess of the aggregate for the five hours of yes ierday's session. This rate of activf- " was by no means maintained. but toe market was apprcciably broader ana more active than in the recent past. The motives for the free sell. ing which poured into the market were not near beyond the general discour- agement felt by holders of stocks who prices over the determined abstention from buying securities which keeps the demand prostrate. London was news of an important failure at Alex andria was a depressing factor in that market owing to the large commit ments or British capital in thg indus trlaf extension af Egypt aud the fears of over speculation there. Paris also continued the liquidation or securities. Discounts advanced in London, parls and Berlin. Further engaGements or gold Tor export were expected there lore, but were not announced until after noon. The announcement seem ed to check the pressure and the stock market for a time indicated that the weakness of stocks had been through fear of the gold exports. The engage ment of $2.0u0,000 for shipment to Par IS by tomorrow's steamer brings the total on the part of the mocl"nt to SIP, 100000 The declining tendency Of New York bank resources in face of the coming requirement. for the July first settlement gives growing impor- tancc to the persistent Paris demand Tor gold. The loss by the banks 10 the sub-treasury up to Thursday night or S3,695,OO0 is mostly due to last Satur- of currency at the interior has shifted this week largely in favor of, New York so that the los of cash seems to be between one and two million dol lnr Toe <lys ryN1I r a O reduced to below S7.000.O0V and pros- poets of further demand next week for gold for export, the outlook grows clearer for a hardening in the money market. All money loans today at per cent. Some special weakness In Union Pacific was due to an incorrobo- rated report of an intended suit to compel the company to divest of ow- There was severe pressure upon Read ing also and this was connected with reports discrediting previous rumors of an intended increase in the dividend rate. A cause assigned for some sell ing was the tone of J. J. Hills discour- aging remarks on the outlook for rail road credit. MT. Hills assertion that the government would be compelled ui- timately to lend its credit to the rail- roads to finance their needs which are regarded rather as the play of skill an opponent in an absurdity, than as a practical suggestion. The contention that the credit of the railroads has been ruined, however, and that they cannot finance a railway. offers small ground for cheerfulness amongst own CTS of railroad securities. Much of the selling was attributed to professional operators. but 1t was remarked that tn edecline in prices had no effect in melting demand. The decline was equally ineffective in dislodging any large offerings of stocks. The demand from the uncovered shorts towards the close of the day was sufficient to cause some considerable recoveries. Bonds were irregular Total sales par value ,JoU,000. United States bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST.