The Montgomery advertiser., 1907-06-12
THE STOCK MARKET
A MOOD OF DEPRESSION GREET OVER
 THE MARKET.
Trading Was Largely in Professional Hands and the Movement of Prices were Under Suspicion of Ex-
 aggeration.

New York, June 11.--A mood of depression crept over the stock market again today which efforts to throw off proved uLavail- ing. The trade was largely ID professional hands and the movement of prices were un- der suspicion Of exaggeration by the efforts or this class to further their purposes or getting action sufficient to offa- profit on operations The consequence was Iath- CT cratic movement of prices and abrupt fluctuations on comparatively small deal ings The opportunist policy of the traders led to sudden shifting of posirion In the mar Ret without maintaining any ground for
 The constant changes thus involved gave suggestion of lack of conviction on tho part of the operators. 'rnere Was some d.spo- sition to attribute the recur:snt weakness to the important failure In the contracting business announced this morning although the effects of this were slight so far as sur face indications went The decline at the opening which was attributed 70 this cause oid nor go tar before effective support was forthcoming.
 xThe dimensions of the liabilities -1nvolv- ed in the failure. however, made it impres- siye. The incident gave rise also to sech discussion of itsspossiDle synptomatic char acter. Its significance as an evidence or a shortage of capital was obvious, but the example was lessened n It's 1orcs by the fact of the large outlay Gy the involved company in permanent improvement work at time when capital wa, especially otfft- cult to secure The implied suggestion that the financial position was such as 10 hamper improvement work was .iot helptll to spec IAatfye sentiment more influential tact- or in the weakness of the market WAS ihe bad impression caused by the acerbtty of public discussion in Japan Of relations With the United States No actual happenings were reported to account for tGe feeling but there was much attention given to the sub- ject in the financial district which found its reflection in the study of the coinpara- tive naval forces Of the two countries and the vulnerable position in case of au out break of hostilities.
 The Japanese 4hs declined x to 's per
 
 were unaffected here although some heavi- ness was reported in Japanese issues abroad.
 Paris also resumed the liquidation of cep- per stocks in London. The contingent rato for the approaching settlement m Lonacn was called stiff. but discounts y,eided there.
 stronger and opinion gained force that A rise before the end of the half year is likely The announcement of the coming offering of $29,O00. 900 New York city bonds em- phasized this belief. The periodical dis bursements to be made on July 1 this year unusually heavy.
 The question remains open of what means will be employed for the redemption af the government bonds maturing n July ], or whether by drafts on government deposits with the banks or by the preliminary wIsh- drawals of the funds from the banks ty transfer to the sub-treasury. The acton of the wheat market confirmed yesterdays refuted the extreme apprnensIoas which have been held regarding the crops.
 But stocks failed to benefit rom this. There was & momentary rise n prices when 1t was announced that Governor. Hughes had vetoed the New York two cenc tare bill, but the drop from that point was of trouble with Japan. Last prices report ed slight recoveries from the lowest.
 Bonds were irregular. Total sa!es par value s924,ooo United states bonds were un- changed on call.
 NEW YORK CLOSING STOCK LIST.