The Montgomery advertiser., 1902-06-22
WALL STREET REVIEW MARKET CONTINUES DULL AND
 PROFESSIONAL. AnsAdvance of Over Point in United States Steel Was Sustain
 ing Force in the Open ssas ing Dealings.

Now York, June 21--Today's dull and professfJfai stock market calls tor little c0minefft~s An advance of over a point in LIS Eteel was "a sustaining force in the opening dealings. The demonstrative buying by the brokers usually, employed by the syndicate helped this movement. The southwestern railroads made some show of strength, St. Louis Southwest ern. preferred, rising 1 1-2 The effect of 1heSe movements never extended far. The<whole list turned heavy upon the appeal ance eof fhe bank statement and the closing was easy, with prices slightly bel1w1,lae night for the most part The bank astutement showed q gain in cash of lessthaTfsa million, while the estimates had been for nearly three millions. The deposit liabilities were increased by a loan expansion of nearly $8,000.000. The net result was an encroachment upon eve of preparations for tho July settle ments. the showing was considered dis quicting. especially in view of the con tihued firmness of foreign exchange.
 The organized campaign to advance prices of ,stpcks which has been in evil dence for some time past, gathered vol- ume and force this week and carried 1sesday. with the largest dealings for one day since the early part of May. On Thursday there was a movement to take prohts by the bulls and an aggressive sharp reaction and pause. The bull party had some adverse factors to con- tend with. which were ignored early. in the week. but which gained in influence upon sentiment when the reaction set in. In fact. the advance had little immediate new development as explanation and seemed based on the general assumption that the sustained general prosperity of the country justified higher prices for se- curitfes, The unexpected increase in the stock of the Illinois Central and the granfing Of rights to stockholders to sub scribe at par gave the whole market its i'll upon Wednesday and helped the bulls to take their profits with the first ap- pearance of real outside interest in the market that has been aroused, The man. ner in which unfavorable news was ig- nored on the rise is shown hy the promi- nent place taken by the Reading stocks Tn the advance, in spite of the miners strike and the continued paralysis of the anthracite trade. Professions of confi- dence in the success of crops and sug- gestions of probable increases of divi- dends on railroad stocks were the osten- sible motives of the buying of the Gran gers. which were pre-eminent in the up- ward movement. The Gould railroad stocks as a group. led by Missouri Paci- nc, were also conspicuously strong be- cause of an appreciation of the improved strategic position of these properties in the railroad world by reason of recent acquisitions and extensions and the be- lief that financial plan for consolida- ton of operation is being worked out.
 There were rumors of contest for con- trol of Reading. on the part of Pennsyl-
 
 more and Ohio. There was little effort to belittlc the importance of the an- thracite miners strike and the calling of national miners convention to con- glider the extension of the strike into the bituminous coal fields. The making per- petual of an injuction against the con- version of $200. .000000 of United States Steel preferred stock into bonds has had a depressing effect upon the securities of that corporation and upon the general financial sentiment. With the Northern 4F0ex. oh lxr l.. the courts, the shadow of judicial disap- proval is thus thrown over the two most important financial projects of the recent era of expansion. and a large part of the results of that era are felt to be brought into question. In the money market call loans have been easily neglected, but the outlook for the future is not felt to be clear. The demand for time loan has a feature at is was the week before The advancing tendency of sterling exchange here and it's decline in Paris has called renewed attention to the large obligations of this market to foreign lenders and the coming effect upon our money market of the maturing of these obligations. The discount rate has advanced at Paris and that center has withdrawn funds from London. which. in turn, has sold securi- ties here, creating a demand for ex- change to pay for them. The foreign trade statement for May. issued this the smallest trade balance in our favor for any May since 1899. owing principally to the heavy falling off in the volume of exports of all classes of agricultural ex- ports. The exhibit is disquieting on ac- count of the expanded condition of our foreign credits. Of domestic require ments, the week has seen the announce ment of various new bond and capital is- sues. including the opening of subscrip- tions to the shin company and the Metro politan Street Railway bonds and various other projects. The July settlement re- ouirements are yet to be met. The July disbursements and the repeal of the war taxes are looked to for relief both here and abroad. As to this relief. it is to be considered that on July 10 the London market must provide for 15 per cent in- sediment of subscriptions to the S60,- oOo.DoO sconsul issue followed by two sue cessive monthly installments of 20 per cent each Tn this country the month { of July is likely to witness the beginning of the interior demand for money to move the crops. The repeal of the war taxes is expected to afford some relief from the requirements of the surplus revenue collections. But last years con tinuous relief by means of Government bond redemptions is no longer open, by