The Montgomery advertiser., 1903-06-30
WALL STREET REVIE V
MORE ANIMATION THAN FOR
 MANY WEEKS.
The Close Very Active and Strong With the Top Level of Prices We'll Misunderstanding
 Easily the Leader.

NEW YORK. June 29.-Today's etock mar ket showed more animation on a strongly ris- ins scale than has been seen to rrnany week4 Business for the first two hours was consid- ernoly In excess of the average for the daily tracing of last week The market closed very actiVe and strong, with the top level of tho aay well maintained. Net gains of IG2E were general among the leaders and active stocks Reading was easily the leader of the day's markets and It's advance of 2% on the pu"cnase Of enormous blocks on a constantly rising scale The Pennsylvania group cf coal CTS was conspicuous throughout and PennsyI- Vania itself broke through the opposition which held for time at l25 and rose to the best in the late dealings The grain carries were late to respond, but they came forward vigorously in the final deal. with the Pacifcs Hading. Union Pacific and Southern Pacific rose more than two points over Saturday. Tho puvlng or Pleading was concentrated and the personality of the brokers employed gave rise to new sufmises to possible new adjust ment of relations and control in the fields cs the trunk lines and coalers as an outgrowth Of the final lod~ment of the new Pennsylya nie stock The action of that stock was a reas. surtng factor upon sentiment. The apprehen- sion that With the completion of the stoclS subscriptions. the motive for support of the stock by the underwriting syndicate having passed the price would give away. was seen to be without ground. The brilliant success or the subscription was a stimulating infiu- ence upon the whole market The official an nouncement that the total issue was subscribed for by stockholders and that 90 per cent. of a money requirement of upwards of SS5, GOO. GOO That this requirement could have been met with practically no disturbance in the money market has greatly strengthened the confi- dence In the money situation the more so as it Is now understood that tho subscription pay ments have not yet been dishursed for repay ment of the Pennsylvania $40. oco 900 nego- tiated last January, although it Is stated on authority that this loan would be paid at its maturity in the second and third weeks of July. The Pennsylvania subscriptions seem fN hoxra al Ra- AAz York money market by the diversion of the payments to this center. both from Phila- delphia and from foreign stockholders The ability of the money market to carry through this great operation has detracted from the fears of money squeeze In meeting the July ist requirements whicn. however, are unprecedented in amount. It is stated that the total interest and dividend disbursements for July will amount to Sl36 300. 900. Call money ruled at higher rate today, however. and the time money market was perceptibfy firnier. Discounts In Paris and Berlin and the price of money in London was high CT, but sterling here easier. The condi- tions of the national banks throughout the country on June shows percentage of legal reserve to deposits of 22 oS per cent. com pared with 2 69 per cent. on April and 22. 33 per cent. on July l6 last year. The in- crease in loans and discounts since July l6 of last year has been Sie4.l86, ile. This does not constitute a favorable showing on It's face as to the ability of the banks to meet the coming demands to move the crop, but this showing lost sight of today in face of the immediate situation. The special strength of Reading connected with ru- mors of a coming increase In the dividend dis buTsements the stock of the companies. The reports of rain in the Northwest helped stocks. The weekly railway traffic statistics show the general merchandise movement well sustained and this was used to point to the ar gument that the agricultural communities would not keep up their demand for merchant disc if the crop really in danger. Specu- iative sentiment among the professional trad CTS became very bullish as a result of the turn in the market. United States Steel second 5s were dropped down near 62 by persistent sell ing.
 The bond market otherwise was firm. Total sales (par value), $3.62o.o 900. United States bonds were all unchanged on the last call.
 Naxr, vork Cfonk TiGf