The Birmingham age-herald., 1907-06-11
STOCKS YIELD ID
 PROFIT TAKING Appearance of Strength of Monday Not Confirmed WHEAT OVERSHAD0 s Some Animation In the Market After the Governments Report on Evl-
 dence of Relief From
 Depression.
WHEAT OVERSHADOW s

New York, June 1O.-The usual results followed today in the stock market from the week end recovery in prices. That is, some moderate demand was attracted The sufficiency of such a new demand to absorb the proit-taking sales on Mon day by the professionals who have bought stocks on week end rise is regarded usu- ally as a test of the real strength of the market. Regarding in that light the action of prices today did not serve to confirm the appearance of strength last week. The moderate advances of the first hour were yielded almost entirely before the force of the proht-taking sales.
 The subsequent lethary of the market was attributed to the desire of operators to see the complexion of the govesn- ment report of conditions of the wheat crop before venturing on commitments. It was not until the appearance of hte report which was delayed until o'clock, that anything like animation revived in the stock market. It gave prompt evil dence here of relieG from the depression caused by the reports of Saturday re- gardng the extreme deterioration of the Kansas crop and by gloomy prospects as given by a private crop report. The government figures were anrepted as a refutation of these alarming reports
 The decreased acreage SoWn in spring wheat seemed to have no disturbing eff feet on sentiment any more than did the decline in condition of that crop compared with last year. Prices advanced to the highest of the day after the ap- pearance of the report in consequence with the sharp reaction in wheat. The midday reaction to stocks was helped by the noon situation of the weekly bank statement of Saturday especially as Sat urday's gold shipments were supposed not to have been reflected in the state ment, even with the large excess in the cash loss over the estimates. An i'm portant development on the international money situation was the cessation of Paris demand for gold.
 The Bank of England secured prac- tically all of the supply of gold in the London market at price a fraction lower than last week, and there apparently was no bi1 for French account. Contrary to expectations also there was no additional engagements of gold for Paris account here. The sustained strength of foreign exchange up to the close of last week made further gold exports probable.
 The Bank of France has completed its important work of recuperation of re- serves, which has been determinedly pushed for several weks past. The money markets have been relieved of a sub stantial requirement..
 The abstract of condition of national banks throughout the country as of May 20. shows how sustained a demand there has been for credits loans, showing an expansion compared with March 22 of $95, ,999593, while the growth compared with June IS, of last year. all of this to the formidable total of $424,253,6l3 The accretion to cash reserves for the eleven months period amounts to $40,35S,544, of which $35,371. .591 has been added In the last sixty days. The proportion of the reserve to deposits in the sixty-day in- terval has risen in consequence from 20.7 to 21.22 per cent.
 The rally in stocks after the publication of the crop report was seized by pro- fessionals as an occasion for free profit taking, and prices ran off again to the io--esr point of the day for many stocks, and made the closing easy.
 Bonds were firm; total sales par value