The Montgomery advertiser., 1907-06-13
THE STOCK MARKET.
sTAGNATION IN STOCK MARKET
 WAS RULE.
Sub-Treasury Statement for Day Show- cd Small Gain in Cash-En-
 cournging News from
 wheat Crop.

New York, June 12.-The constant change In the course of prices today seemed to represent more than the shipping Antiment of the room trad CTS who had the days transactions to themselves. There were some 1ndivid- ual points of strength and some weak ness and these had varying sympathst- lc eHects on the list as WhoIe.s The general drlTt, however, was very mar row and operations outside half dog en stocks were very scanty. There were lengthy period, in fact. when the market was practically stag nant. Less was feared of yesterday s japanese war rumors owing to the de- cline Of competent authorities to give 1t any countenance. The passage of tnls influence would open the way naturally to some recovery from the depression yesterday which was caus- ed by the fear of it. An opposing in- nuence was the weakness of Reading. This was traceable to the filing of the Governments suit to compel the dis solution of the combination amongst anthracite railroads. The effect of this factor was practically restricted to Reading in the group of coalers. A supplementary influence on the stock was decline in confidence here- tofore professed by speculative buyers at the meeting next week.
 In some isolated instances there was evidence of liquidation and although this was light the effect on prices was the demand. Rock Island, preferred. was said to be affected by this cause and American locomotive was another sufferer. With the subsistence of the Japanese war scare the bears were in- clined to fall back on inferential de- auctions of the difficulties of a great firm of building contractors announced yesterday.
 A morning affecting building operations gave point to the expressed anxiety over a possible condition of over-ex tension which might bring similar em- barrassments from difficulty of ob- taining working capital in other fields. Specific rumors of such conditions ex- tended into the dry goods field and set on foot exhaustive inquiries on the subject which. served to discredit the rumors entirely. The supposition that there might be resumption of gold exports was not fullled today, although influences in the foreign exchange mar ket were slightly more favorable to the operation than they were on Mon day. Discounts were rather easier at Paris, however, as they were also at Berlin and the money market here was appreciably tirmer. The rate for call money advanced slightly and funds of the money market.
 The statement of the sub b-treasury operations for the day indicated small gain of cash by the banks, but the Government institution has withdrawn from the banks since the last bank statement 4,011,000, which includes pay ment gfor the gold exported on Satur- day. The surplus reserve of the banks 900, 900 .s
 The approach of the July settlements centers attention on the large half yearly requirements which will be in- creased not only by the sale of $29,- 000,000 of New York city bonds to be offered before the end of the month, but by a payment of $11,625,000 of an installment of subscriptions to the new Northern Pacific stock which will be due July 1.
 News from the wheat crop was con- sidered encouraging and helped to sus- tain the grangers.
 decline in the London price of cop- per was a factor in the market The indecisive tone was unchanged throughout as shown by the small mix ed net changes
 Bonds were irregular. Japan 12s and As declined a fraction further. To- tai sales bonds, par value, $989, 900. U. s. bonds were unchanged on call.