The Montgomery advertiser., 1907-06-04
THE STOCK MARKET
TONE BECAME VERY WEAK DURING
 SESSION.
Reasons for Weakness Were Not Apparent Beyond the Obvious Explanation
 thnt There Was No Demand.

New York June s-rhe tone of the stock market became very weak again today and most conspicuous stocks lower than they sold last Monday. The reasons for the weakness were not very apparent. beyond the obvious explanation that there was po demand for stocks. No effective demand developed at any time during the session. and bear operators showed no urgency n their desire to cover their shorts until the final hour of the trading The amounts of the stock sold was not large but the antire prostration of the buying demand left prizes easily vulnerable to moderate selling pressure. Tho Pacifics and the cop per industrials were weakest features. al- though the declining tendency of the mar
 Published reports of assertions by the head of the Hartman system of the neces- si,y of retrsnehment .hronShoSt ,oct the m rah ahs stocks of that system, The weakness oi the coppers was sufficiently explained by os s' the ms. a''1s rh. in NeR s' vors
 change also marked down the price of tr metal here. report from Washingtt that a determination had been reached not to push the government prosecution against the Hartman railroad capitalization had no effect in checking the declines In those stocks. Railroad traffic officials were quoted as usual in weekly reviews of the conditions in their field. and were disposed to concede some falling off in the volume of freight moving. although claiming an ex- cess still over the corresponding period of last year. Railroad earnings. reported con- tinted to show an improvement in fhe net returns for April, the addition Of Pennsyi- vania to the list, with the first increase In net for many months. being regarded as es- pec!ally significant on account "f the rep resentative character of the system.
 Some disturbance of sentiment was due to the persistent heavy demand for gold from Paris, shipments to that point arranged here amounting to s2,000, 900 and at I.ondon to s2.s00. .ooo It does not appear that any sinister sisnificance lies behind this move inent. which is most reasonably attributed tt.- A. 4t.,st. s., Ero onnA demands on the Bank of France and the low level of it's reserves, the present hold ing of that institution in spite of the aecre- tions of the last week, remaining far below the amount held at this tine last year The flow of gold to Paris, nevertheless. is the cause of niissivings in other markets chief ly from the fear that 1t registered knowi- oige of coming political conditions not known to the world at large.
 Rates for call loans in this market retain cd the slight advance of the latter part of the week. in view of the poor bank state ment of Saturday and the further outso of gold to Paris. Interior money markets S report disposition to greater ease. The incoming reports to the controller ot the currency of the condition of national banks as of May 22, show a marked strensthc cnns of position at most interior points. with the preceding call of March 22.
 FseiinE regarding the wheat crop was less despondent but the news of the ts, cotton for the weakness of stocks nearer to th" stock market itself, and there was reviv- al of many rumors previously heard or IT. nanciai trcubies. warded off after tho March slump but recurring with the yield ing of prices against to the former unprofit- able levels.
 The lack of confirmation of any of the trouble rumors as the day progressed had much to do with melting the shorts to rover more extensively late in the day. The substantial recoveries resulting were well maintained to the last
 Bonds were heavy. Total sales par value s1,S24.000. United Srates bonds were un- changed on call.
 srn1sI. I