The Montgomery advertiser., 1903-06-20
WALL STREET REVIEW DEGREE OF aTRENGTH DEvoL- oPEs AxxR OPENING.
 a es-4@<$A- Net Gains at the Close Run to a Point or so>in the Most Import
 < ant Speculative tS Stocks.

NEW YORK, June 1s.-After a weak open ing this morning the stock market developed degree of strength and closed higher net gains running to point or over in the most Important speculative stocks The trading be- came intensely dull and approacheg stagna- tion at times at the higher range of prices and the closing was heavy but only slightly be- tow the best The days dealings barely az gregated half million shares and there was a considerable congestion of operations in Reading the United States Stel stocks and Atchison. The United States Steel stocks were under pressure at the opening and had de- rlined sharply in London before the trading began here on what was alleged to be selling for the New York account. There is general conviction that he liquidation which has been going on in these stocks is due to special needs of large interest in the corporation ond there were indications today that the stock being sold represented collateral for a large ma- turing loan. Support was forthcoming for the stocks and the principal banking house in the steel syndicate undertakings was an open buyer. The decision of the United states Steel authorities to maintain the schedule or prices at this years level and the official assertion that large orders for steel rails for 1904 had been booked gave an upward impetus to the stock. The common touched 90 but closed at 2sh and the preferred closed at the top price at 80. After rally had set in for the stocks the second mortgage bonds were forced down by considerable selling orders to s3 with frac- tionaf recovery at the last The coalers were conspicuous in the upward movement and the principal buying of them was attributed to a speculative combination of professional oper- ators. Rumors circulated of very favorable showing of net earnings for May by reading while the upward movement was m pfosTeNS' The rise reached points in Reading. Atchfson was also in conspicuous demand and was helped by favorable reports regarding crop prospects in its territory. The decline In the cotton market was a factor for the whole list so was the prospect of 2 favorable statement. although the money market has little immedi- ate influence on the stock market owing to the disproporfionate ease of call loans as com pared with the time loan rates, which are firmly held. With gain for the banks on sub treasury operations of sl.s65.000, due princi- -pally to the high rate of disbursements on ac- count of pensions, the indications are that re- ceipts on balance on the interior movement have been sufficient to bring the net gain for the cash items of the banks up to $5,O0 1000. It is not expected that he loan account will show any such contraction as that of last week since the liquidation in the stocks market has been largely suspended. but neih- CT is an important increase in the loan ac- count anticipated It is hoped, therefore, that the surplus reserves Of the banks will show considerable recuperation. As this item was small for the season last week. the promise of recuperation is viewed with satisfaction. es- pecially with the period of semi annual re- ouirements for money approaching.
 Bonds were dull and irregular. Total sales par value $2, 210, 600. United States bonds were all unchanged on the last call.
 Nav Yak Stock List.