The Montgomery advertiser., 1902-06-29
WALL STREET REVIEW
GENERAL STOCK MARKET WAS
 PRACTICALLY INERT.
Condition of the Banks We'll Main tained Despite the Weeks |, Syndicate operations-Dull-
 ness the Feature.

New York, June 8-The general stock market today was practically inert. There were some speculative operations in few special stocks, but they had no ap- preciabie effect on the general list. The bank statement did not reflect any mo- table recuper ation, but the condition or tha banks Is we'll maintained despite the weeks syndicate operations and prepara- tens which have presumably been made for the July settlement. The statement was considered negatively favorable, ever, that thee may be some shifting of loans on Monday. Today's money and exchange markets were nominal. as Is usual on Saturday. but sterling exchange narrowing the margin between the point of profit on gold shipments. Foreign bankers believe that some gold may go out next week. Of today's special move- ment the rise in Chicago and Eastern Illinois was due to. a suggestion that the treasury stock ofsfhe- company may be distributed to stockholders. illinois Gen. ftral was moved up to a fraction above !stock issue was announced and closed at the top. The general market raa of slightly in the closing dealings. The re- pof | of q voluntary increase of --l0 per Corporation seemed to make these stocks firm. although the industrial department generally vas heavy, Reatiing AlsQ was heavy because Of a rumor that the Press-'
 
 Attorney General as to whether the an- thracite combination is in contraven@ @on of. the antitrust law. The closing tpnei was rather heavy.
 Prices of stocks have been lower this week with some recoyeryt5 the ,eonspic-, uous feature of the market has been its dullness. This was equally true of the selling and the buying. When .depresstE almost entirely, but there was no urgent pressure to sell When attempts were made to invite a following by advancing special stocks there was no response in the way of buying. n he event of the week was the sudden announcement of the dangerC us illness of the King of England and the postponement of the coronation The elaborate cer emonies in preparation for the coronation and the sum of human disappointment involved in it's postponemcrt gave the event a sensational character that magLified it's effect out of propo- ton to It's real power to influence political or financial affairs. There is serious element of loss involved to the business world of London, and there was, in addition, a large specula- tion commitment on the hope of trade revival as a result of the end of the war in South Africa, which might be forced into liquidation should the depressing effect of the kirg's illness check the considerable pressure of American securi- ties for London account upon New York The London money market Is heavily in- GcDteu lD 1dTlS ana Berlin. ana the sud- den drop in sterling exchange at those points caused a marked tendency to withdraw credits from London. It was evident on the contrary that London had claims upon New York What we have borrowed abroad even from Paris and Berlin, has been affected largely by the sale of our bills in the Lordon market to Paris and Berlin bankers. The consc- Up rapidly to within a shade of the gold export point. Had 1t not been for re- newed selling by New York bankers of loan bills in the excnange market it is probable that gold would have gone out this week.
 This course of the exchange market was more prominent factor in checking stock market activity than was the ac- tual pressure of foreign holdings of stock for sale in, New York. Last weeks loan expansion and various syndicate require mel ts to De met this week left our mon- ey market In no condition to support an active speculation in any event. The sustained high level of railroad earnings It Average increases over last years earnings. the volume of bank clearings especially outside the speculative centers and the extraordinary activity in the iron trade in all it's branches, are taken as evidence that the country's prosperity Is still well maintained despite labor troubles. Confidence Is general that the Y ear's crop will ne large, There will be some misBlvings regarding the course of The money market during the fall when tHS ut tHldHuf ICF currency and the matur- irg of foreign loan obligations may con- verge upon. New York. There is mo- table neglect also of the industrial stocks as class, with United States Steel as a lea der. pThe heavy and neglected tone of these stocks Is attributed to uncer- tatnty regarding their financial organiza- tion which is aggravated. by the issue of bonds ahead of the stocks to provide working capital or for improvements or for other purposes. The passing of the dividend on Colorado Fuel and on Ameri- can Ice, preferred. this week has tended to increase the uneasiness of stock hold CTS in this class of securities. So has the conclusion reached by The Journal of commerce that the amount of new capi- competing with the great combinations has greatly exceeded the actual new cap ital placed in the combinations them selves.
 The dull bond market has moved mostly In sympathy with stocks. United States 2's declired Is. the S's, 1-4 and the new fs. 1-2 per cent as compared wIh the closing call of last week.