The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-06-05
WALL STREET REVIEW
MARKET CONFINED TO NARROW
PROFESSIONAL RUT.
Lacked Even the Few Special Feat
Ures Which Relieved the Monot-
ony of the Day Before.
Bonds More Active.

NEW YORK, June 4.-The stock market to-
day was still confined to its narrow profess
sionai rut and lacked even the few spec al
There was some slight irregularity during the
day, but the general tone was rather heavy.
The losses were small and were caused by
very light selling, which probably due
merely to the efforts of the professionals to
Sford basis for trading. The cstensible ba-
from the anthracite region this morning that
some of the coal mines were suffering from
the shutting down of the pumps due to the
inability of the operators to get sufficient sub
stitute labor for the striking engineers and
pump men. Rioting in Chicago over the team
steers strike had the effect OF somewhat sharp
ening apprehension over the subject of labor
troubles generally. although much gratifca-
tion Is expressed on all sides at the absence
preston is deepening. however. that Ions
struggle is probably in prospect. The effects
OF the coal shortage are in the meantime
growing more acute and possibility of the soft
coal minery becoming ultimately involved in
the dispute Is always kept in mind. This pos
sinihty may have accounted in part for the
rather marked heaviness of the United states
Steel stocks. The resignation of two direc-
tors yesterday was also a factor in the case.
in competing enterprises was discussed. The
decision to maintain the present price of steel
rails for 1908 and reports of large orders al.
ready received running into the next year did
not prevent the selling of United States Steel,
especially of the preferred. The Weather Blu
reau report of damage by frost last week to
and the delay to the planting Of crop
and its backward cultivation by reason of un :
favorable weather helped the undertone of
depression. The extraordinarily favorable out
look for the cotton crop reported by the same
authority was the motive for some buying OF
cotton carrying railroads. especially Kansas
and Texas and st. Louis Southwestern
Southern Railway also one Of the firm
stocks in the market. sharp reaction in
Canadian Pacific after its recent sustained ad-
vance had sympathetic effect on the
market. Continental Tobacco preferred also
lost all of it's advance, which has accompa-
v.ta thn tix-itx In he CON OF
bonds. A rise Of 5 points in Detroit United
Railways not explained and about half
of IL lost Call money was somewhat
easier. but held at 8 per cent. or above
Sterling exchange continued to advance. The
firmness of exchange in spite of the higher
rate for call money and the selling by AmeIi-
can holders of British consols to take profits
Is attributed to a demand by bankers to cover
against previous sales of exchange bills made
in the course of borrowing abroad. The mar
ket closed semi-stagnant and heavy.
The bonds were rather more active than
stocks and the price movement was irregular
Total sales tpar vaiue). So 72o. 900. United
States 3's declined Y and the 2's registered
Il per cent. on the last call
Money and Exchange.
NEW YORK, June 4.Money on call 2%G
ga per cent: closing bid and asked 2a3 per
cent
Prime mercantile paper. 4a4%
Sterling exchange firm; bankers bills. 4.873s
for demand and at 464tsG4 s4% for 60 days;
posted rates: 4. s5h and 4aa
Commercial bills. 4.S414.6 IS.
Bar silver. SPA: Mexican dollars, az.
Government bonds, firm.
New York Stock List.