The Montgomery advertiser., 1901-07-04
WALL STREET REVIEW
yEsrERpAY,S MARKET LITTLE
 MORE THAN NOMINAL.
Volume of Business Was Exceptional ly small-Agreement to Ad- journ Over Until Monday
 Was Greeted with Cheers.

NEW YORK. July 3--Today's stock
 market was little more than nominal.
 The volume of business was 50 small that
 had there been wide price movement.
 the fact A question of most vital inter
 est on the Exchange was whether 1t
 would be possible to get together quo
 rum of the governors to achieve the
 until Monday next. When this was &C.,
 complished it was greeted with cheers
 all through the Wall Street district and
 there was an immediate hegira of mem
 compelled to stay to close up contracts
 remained in the board room. The leaders
 in such market as there was was United
 States Steel. That stock reflected clear
 ly enough the disappointment of holders
 over the divide>f, or rather over the
 wording of the dividend declaration. The
 omission of the word quarterly in con-
 the common stock was alleged to throw
 doubt on the continuity of dividend rate
 thus established. The argument of the friends of the stock that room was thus
 left to increase the rate as well as to
 decraese it did not assure the specula- tors and they sold the stock freely. The preferred suffered even more markedly, declining sas from the top level; The com seemed to be without aggressive support. The effort of belated borrowers to secure loans to carry over the four day interval until Monday caused lively Hurry m | money. As high as 2s percentum was paid I for call loans. and considerable Iquida- | tton was precipitated. The last hour was. | in fact. the most active of the day on
 the closing up of accounts and number | of leading ,tocks were carried down point or more. The disturbance Tn the money market was evidence of delay In | the returns in the market of the money paid out in dividends and interest. In | spite of the payment of Government in. | terest, the sub-treasury has taken small
 sum from the money market on balance Ithis week. The sharp discount to which l Chicago exchange has fell Is evidence of the presence in that market of heavy | claims on New York. The apprehension was felt that the effect of a weak bank ! statement would have to be faced when | trading was resumed on next Monday. The bond market was dull and irregu- lar. Total sales (par value). ,7S5,0O0. United States bonds were all unchanged.
 There was general hope and expecta- stocks last week that there would be some | revival of speculation this week, which has been totally disappointed.
 It is not unlikely that quite favorable quate to overcome the oppressive infu- ence on stock operations, as on every oth- | CT form of human activity, of the terri
 ble heat of the week. Business at the | that the price changes offer little signifi- | canse. It is no unusual thing for money | to continue tight after the passage of | half-yearly dividend period owing to de- l lays in the distribution of resources &C., l cumulated in loans to the channels of the money market again, but operators for the rise this year had to face in addition | the discouragingly small demand from | investment sources in anticipation of div | idend disbursements. It Is not customary | for prospective recipients of profits to l await actual money in hand to reinvest | when there is a rising market before l them. This year the anticipato ory invest | ment demand was conspicuously absent. I There has been an undertone of uneasi- | ness, also an outgrowth of the discussion I and criticism of the affairs of the Seventh | National Bank and Marquand & Co.,, whose failures were of very moderate et- 1 feet on the market last week. The sur 1 that a process was going on of the over hauling of collateral in loans and the | operation of credits lacked the perfect | smoothness and facilities which have | characterized the money market since re- 1 cuperation was fairly established after the May panic. Certification. of checks for the large amounts employed by Stock Exchange houses has been less ready. Conjecture regarding the character of col lateral for bank loans in general was stimulated by this condition and also by the closing of two banks in Buffalo, not | in themselves of importance In the pub | lie discussion which has been going on | the argument has been frankly advanced | that some of the methods of the failed
 
 which are admitted in contravention of | the statutes are really essential to the conduct of business in the Wall Street | district and are entirely in common prac- has beSn, as usual, bear contingent of professional operators ready to make use of all available means to work reaction. They have had on their side the current | of reports in London reflecting on the se- | curity of New York bank loans. The feel ing thus engendered has had the effect | of repressing rather than depressing | speculation. The hot weather of the week | has caused anxiety regarding the crops. especially the corn crop and corn-carry- | ing railroads have been especially af- | fected. The inauguration of a strike by the Amalgamated Association of Iron, Steel and Tin Workers has given pause to speculation based on the prosperous and active condition of those trades the real scope of the subject is little under The success of the semi annual settle ments in Berlin has afforded relief to the money markets of the whole world in London as to threaten with French capital invested there, but this ease of
 money is considered both in London and New York. With a heavy wheat crop to move, large demands for money from the
 interior are looked for. notwithstanding the present large increase of interior capital Part of this capital has, in fact, been invested in New York money market while rates were attractive here, and is subject to withdrawal to meet interior needs In this connection. the decline in Chicago exchange on New York this week to 25 cents discount compared with 21 cents premium last week IS significant The ability of foreign markets to meet New Yorks demand upon them TOT gold for the grain export movement grows a factor in the money problem Of the tu- l ture. Ii is not expected that the eXpec- tation will be met and the shortage or inc grain crop in France threatens con- tinued depression, pointing to condition of accumulation of idle money at bank | ing centres. - | ected as stocks and have moved mar rowIy.
 Money and Exchange.
 NEW YORK. July S.-Money on call per cent: ruling rate, 10 per cent. Prime mercantile paper. 4u512 per cent; Sterling exchange easier, with actual | business in bankers bills at 4.SI12G4SIes or demand and at 4.S5d4.S5h or sixty
 days posted rates. 4S6 and 4,sSE.
 Commercial bils, 4.SSk.
 Silver certificates. 60; bar silver, 5SS l Mexican dollars. 47.
 | Government bonds. steady; State bonds
 and railroad bonds. irregular.
 New York Stock List.
 Atchison '..:,' '''''.'''''.'''''.'''''''. % | Baltimore and Ohio ..............lO lO6iI Baltimore and Ohio, pfd. .............. 4 l Canadian Pacihc .lOilS | Canada Southern .. .......... ......... 6Y12 EChesapeake and Ohio .................. 4I1z | Chicago and Alton ...................... 44as I