The Montgomery advertiser., 1902-06-08
WALL STREET REVIEW
NO CHANGE IN THE REPRE-
 SENTATIVE INFLUENCE.
The Market Practically Idle in Con- sequence-No Demand TOT Stocks and Very Lit
 tie Selling.

New York. June 7.-There was no change in the several representative ln- iiuences upon speculation in stocks too iy, i and the market was practically idle Tn consequences. The policy of the large in- terests in stocks seems to be deflned as one of pertinacious holding until the un- deriving strength of the situation emerges from the present obscurity. Meantime the professional spcculators are unwilling to venture upon d campaign against val ues. Today some influence upon senti- ment was exerted by the strike oincials of the coal miners m West Virginia, by the increasing difficulty of protecting the anthracite mines from flooding by keep ing the pumps going with makeshiit Ia bor by reports of too abundant rains m the corn belt and by the failure Of the bank statement to show any recuperatioh in the percentage of reserve against oe- posits. While, these facts had the efrect of absolutely killing any demand Tor stocks the selling induced was or quite Insignificant proportions and the Eght play between professional room traders, 6vhose attendance at the board was re- 'duced to a minimum. was all that maae the days market. There was lazy ana Canadian Pacific Otherwise not a single leading stock on the list varied more than 8 small fraction. The small decrease in loans by the banks was insufficient to offset tho decline of over a million in cash reserves. leaving the surplus slight ly lower than last week. It has been a dull week in the stock market,s the vol ume of dealings for Tuesday running down to the lowest total for any one day in nearly two years The general charac- ter of the market was one of waiting. but there was evidence of liquidation by some tired holders and the professional element on the exchange was attentive to rumors of the formation of formidable bear party with campaign against prices in view. The great bear leaders of past cam paigns have been committed to the pro- lection of various important stocks for some time and this was an important ele' meiit in the sense of security in the sta bility of the market that has been felt
 The anthracite coal strike has been more or less depressing influence and has served to discourage any attempts to advance prices in other parts of the list. There were efforts apparent by pools in one or two cases to advance prices after the first of the week, but the last of the market to realize on the prices had been lifted, discouraged these efforts and the market fell into a state of profound neg lect. There can be no question of the heavy cost in earnings involved in the total shutting down of the anthracite mines and the withdrawal of the prin- cipal item of traffic from the coal roads
 The calling out of the engineers and pump men and the struggle on the part of the mine owners to keep their pumps running and save the mines from damage by flooding have added to the depressing influence of the strike on values. The in creased bitterness and hostility resulting from the struggle have added to the anxie- ty which it causes. The stocks of the coal CTS themselves have bean well supported and have not suffered acutely but the effect is potent on the market at large. Whatever expectation was indulged that the declaration of peace in South Africa would result in immediately stimulating the securities market was promptly dis sipated on Monday when 1t was seen that the order of the day in London was the taking of profits by the spectators who had bought in anticipation of the peace. The profit-taking continued dur ing the week. but seems to have spent its force. There has been no activity of consequence developed in foreign securi- ties markets as yet, and 1t is the opin-
 ion of foreign observers that there will not be until after the coronation of the King. An important feature of the req lizing in London was the taking of profits by American holders of British consols. This operation would naturally tend to l replenish the supply of sterling exchange | in New York. The higher rate for money which resulted from last week $ | loan expansion by the banks was. at the same time, an influence deterrent to | making remittances to foreign markets.
 Despite this the course of foreign ex- change has been upwards. due to de- mand from bankers to cover maturities on bills sold heretofore in the course of borrowing in foreign markets. The for
 
 | are known to be very heavy at this time. | and the effect of the maturing of these | leans from time to time during the re-
 mainder of the year, is the subject Of | much conjecture. Much depends, of
 course. upon the volume of exports of our
 maturing crops. The promise of a plen- | tiful corn crop and especially the flat | tering report of the cotton crop prospect | by the Government Weather Bureau arc
 received with qualification on this ac- | count. Great importance is attached al
 so to the ultimate eff cct of the Boer | peace in widening activity in business
 and industry abroad. Enlarged demand
 for capital will have marked effect or
 the inclination of foreign lenders to re-
 new their loans here. The national bank
 returns for the whole country for April
 show low percentage of reserves
 against deposits over the whole country I which emphasizes the point often made recently of the narrow margin of re-
 serves afforded by New York banks
 cash holdings against their own and New l York trust companies deposits. An
 analysis of the Controllers return by The | Evening Post of this city shows that
 country banks hold 2 per cent of the re- | serves against 90 IA year ago. The | demand for money to move the crops is
 therefore likely to fall. at least as large, | ly as usual, upon the Eastern banks l For the. banks of the Eastern seaboart
 to percentage and reserves to deposits is
 g 7-S per cent. compared with 27 3-S z | is therefore attached to the crop moving
 needs this year. first in the demand iron
 the interior and later from the volume
 of exchange created by exports to mee
 maturing foreign obligations. The pres
 ent narrow reserves of banks and tho | liability of the money market to sucf | syndicate requirements IS that whicf
 expanded last weeks bank loans by $15 l coo. 900 indicate the hazard of large specu | lative commitments on borrowed money liable to sudden call for payment. Asid'
 from the troubles and the future needs | to be met by the money market condi
 tions are almost without exception favor able to values. There has been lquida
 ton of speculative bond issues and al
 irregular tone in that department. United States 2s registered 3's and the new 4. declined 1-4 and the 2's coupon and olC fours Is per cent from the closing cal l of last week.
 Treasury Statement.