The Montgomery advertiser., 1907-06-27
THE STOCK MARKET


 New York, June 2s.--The principal inter- est in today's stock market centered in the technical position in the market and an character of the demand which sprang up yesterday and started the upward move- ment of prices The effect was to confirm professional nature of the movement. The early dealings today showed the market stiil In skiilful hands and the appearance of activity and strength was well maintain ed during the period of profit taking sales. Later the appearance was not so favorable, and an the oSsanizsd support of prices %as Of realizing profits had been successfully concluded. The result was disappoint- ment to a following that had looked for a prolongation of the movement over the end of the month 1t was expected that theFreinvestment of profits to be disbursed next month might be the objective in view by the operators for the advance. The taking of quick profits proved the greater attraction, however, in view of possible con money market showed no immediate indica- ton of coming stringency and the reaction in foreign exchange. which promises to put a stop to the outward movement of gold went farther today. This movement was made much of yesterday as a reliance for averting the threatened strain en the local treasury operations in fact showed loss by the banks to that institution since last threatening prospect for the heavy credit requirements of the end of the half year in view of an existing surplus of less than $6,000,000 held by the banks last Saturday. | The forthcoming sale on Friday of $29,- 100000 of New York City four per cent. bonds came in for renewed consideration to. day. The encouraging eject of the success of Mondays Philadelphia bond sale on the hopes of a success for the New York offer ing had passed away to some extent to- day and there was renewed anxiety over the sentimental effect on the industrial situation of d failure to place these bonds
 A feature in the money situation was the furt oF discount in London and the continued offering in the exchange market here sof bankers bills for the pur- pose of drawing foreign funds for loaning in this market.
 This movement is much relied upon to ease the suspicion in the local market over the turn of the half year. Beyond that period account is beginning to be taken of the effects of the withdrawal of govern ment deposits from the national banks to the amount of s30 900. 900 which is set for July 10. There has been a declining tendency in the treasury's figures of the outstand- ing deposits with national banks, which looks as though some repayments were call of July 10. London was a buyer Of secu- .rities to a moderate extent and helped on the early rise. sharp rebound in the London price of copper was a help. also to revival of crop damage reports and this may have conduced to the late reaction in stocks.
 It had much more the appearance how ever. of natural reaction from yesterdays sharp advances and of demonstration Of the continued narrow dimensions of the present market The closing tone was easy with losses more numerous than gains. Bonds were irregular Total sales par value S1.04S. GOO. United States bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST.