The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-06-04
WALL STREET REVIEW
.LANGUrD MOVEMENT OF PRICES
DURING THE DAY.
Variations of as Much as Point
are Rare and Occur Only
4 Among the Obscure
Stocks.

NEW YORK, June SIT would be useless
% seek for anything but negative infer
fnce from the operations in today's stock mar
bet owing TO the smallness of the dealings
md ianguid movement of prices. Variations
% e much as a point are rare and must be
Fought amongst the obscure portions OF the list
An example of the curb market is offered by
-. Paul. usually an active leader Of the
market. but in which there were only three
transactions up to 2 o'clock today 1t is nee
fssary to go back nearly two years to the
period preceding the last Presidential cleo
lion to find any such showing of stagnant
tpeculative interest. The undertone was
father firm, as abe immediate news develop
was entirely by small professional traders
and the market narrow that they were
obliged to concede all of the advance in price
caused by their bidding in order TO close out
q contract. The traders bought during the first
hour in the belief that the success of the an
thracite operators in keeping their mine pumps
going. in spite of the strike, would presage a
rise In the value of anthracite stocks I'M
portance was also attributed to the notable IN
crease in the receipts of corn and the result
ant decline in the corn market. the imme-
dfate benefit of increased traffic in railroads
consequence than the obvious inference that
the freer offerings of corn were due to belief
of planters that the coming crop would be
abundant. The higher rate for money was
probably the most influential factor in repress-
ing speculation. Rates for call money ruled
about at last weeks maximum throughout.
che syndicate operations last week which re-
suited in the $4,000. 900 loan expansion by
the banks are liable to be repeated in kind
money market in the present narrow state OF
surplus reserve is an object lesson against
free speculative commitments. The question is
beginning TO be canvased whether the tax
reduction bill which goes into effect on July !
will afford the expected relief to the money
market by relaxing the Governments surplus
revenue requirement. The fiscal operations Tor
May show that in spite OF n decrease of over
81. 600 600 in internal revenue collections the
Governments surplus for the month was fully
equal to that of the year before. The avail
able cash balance in the treasury was brought
70 above sls5. 600. 600 and the increase of
Government deposits in national banks was
less than 81. 600 600. 1t is probable that the
decrease in internal revenue is due to meas
ures to Withholding traffic until it can get the
benefit OF the July ! reduction of taxation. On
the other hand the reduction In Government
expenditures more than keeps pace with the
decrease in revenue and the new ordr Tor
reduction in the force of the army will &C
centuate this tendency. The most notable fac
tor in maintaining the surplus of the Govern
rnent, however, is the cessation of bond re-
demptions which were a continuing source OF
= to the money market after July oil
year. The policy of the new Secretary
- ne Treasury has not yet provided sub
81 Ute for this relief and his intentions in
natter not known to the public
ere was an active demand for Consolidated
"a eco As. Otherwise the bond market was
4'#a and irregular. Total sales fpar value)
3 . o5 900. United States bonds were all I'm
eed on the last CALI