The Montgomery advertiser., 1901-07-02
In The Financial World
WALL STREET REVIEW
EXPECTATIONS OF HIGHER
 PRICES REALIZED.
There Were, However, a Number of More or Less Disturbing Factors Which Discouraged Buying.
 Bonds Quiet.

q
 NEW YORK. July 1.-Expectations of aroused by the action of the market dnr- inEt the latter part of last week were re- anzed today. It is no unusual thing for .ne enect of July disbursements upon the Tor wek or two. the looked for demand TOT reinvestment falling to appear and she rate TOT money holding comparatively nTm: t,: These conditions held today, al caIi money market There were, how ever, number of more or less disturb ing factors, which discouraged buying, ana when last weeks buyers attempted to take their profits they met no de- msnd to absorb their offerings, and prices melted away easily on a small volume of business. The tone of the foreign markets was quite cheerful and nere. The passing of the semi i-annual settlement day at Berlin without a hitch vas great relief to all the foreign, mar ernment interests in London made money ana discounts easy there. but the market here had to face the action of the Amal- gamated Association of Iron and Steel steel trade. Officers of the United states Steel Corporation professed to belittle the effects of the strike. but its effects were manifest upon the price of the company's steel companies were also weak. United States Steel. both common and preferred, lost 1A and Colorado Fuel and Tennes- see Coal about each. The expected divi- dend action on United States Steel to- morrow was also a factor in the situa- tion. the bears trying to discredit rumors that the common stock would be placed on a per centum dividend basis Fears or damage to the corn crop from drought in Missouri. Kansas and Texas especially depressed the corn-carrying Changers, which were more vulnerable by reason of last weeks strength. The decline reached sM in st. Paul, in Rock Island, 21z in H. nnois Central, 2k in Union Pacific and Texas and Pacific and in Atchsen pre- ferred. The hand of the bears was mani fest in the circulation of some alarmist rumors early in the day to the effect that the Clearing House Committee was in consultation over the affairs of some of the Clearing House institutions. There was certainly no such consultation and there were emphatic denials of any thought or intention or necessity of such a consultation. but the effect produced by the rumors showed that last weeks failures have left the speculative mind in an tmpressionable state. There is good ground for the supposition that last weeks episode has prompted some over hauling of collateral for bank loans and has induced rather stringent caution on the part of the banks in the certif- cation of checks. It must follow that business by Stock Exchange houses is conducted with somewhat less facility entirely untrammeled. There is nothing to show that any further ground than this exists for the rumors circulated of financial troubles. The fierce heat had its effects on the trading, as it had on all other kinds of human activity. There was notable strength in the Iowa Gen. tral stock, and in the New York, Chica- go and St. Louis stocks, the gains extend ing to about 2a6 points, Most of the active stocks were off a point or more during the day and the closing was heavy and dull.
 There was little doing in railroad bonds, but prices yielded in sympathy with stocks. Total sales (par value). H, 900. United Staes bonds were unchanged on the first call