The St. Louis Republic., 1903-06-30
STOCK MARKET ANIMATED
AND PRICES IMPROVING.
READING THE LEADER IN
GAINS AND BUSINESS.
Coalers Conspicuous, Pennsylvania
Breaking Through Opposition
After Struggle.

New York. June 29.-To-day's stock mar
ket showed more animation on a strongly
rising scale than had been seen for many
weeks. Business for the first two hours was
considerably in excess of the average for
the daily trading of last week. The market
closed very active and strong. with the top
level of the day well maintained. Net gains
of 1a2a4c were general among the leaders
and active stocks. Reading was easily the
leader of the day, and its advance of %.
on the purchase of enormous blocks on q
constantly rising scale.
The Pennsylvania group Of coalers was
conspicuous throughout, and Pennsylvania
itself broke through the opposition. which
held 1t for a time at 12j. and rose to the
best in the late dealings. The grain car
riers were late to res pond, but they came
forward vigorously IL. the final dealings,
with the Pacifics leading. Union Pacific and
southern Pacific rose more than over Sat
urday The buying OF Reading was CouCen-
trated and the personality of the brokers
employed gave rise to renewed SurrniSes as
to possible new adjustment of relations and
control in the field of the trunk lines and
coalers, as an outgrowth of the final lodg-
ment Of the new Pennsylvania stock.
REASSURING FACTOR.
The action of that stock was a reassuring
factor upon sentiment. The apprehension
that with the completion of the stock sub
scription the motive for support of the stock
by the underwriting syndicate having
passed the price would give way was seen
to be without ground.
The brilliant success of the subscription
was a stimulating influence upon the whole
the total issue was subscribed for by stock
holders and that 50 per cent Of subscrIp-
tions were paid in full INDICATES lea oas a money
this requirement could have been met With
practically no disturbance in the money
market has greatly strengthened the con-
So as II Is now understood that the sub
scription payments have not vet been dis
imbursed for payment of The Pennsylvania s
$4,000, 900 loan, negotiated last January, al
though 1t is stated on authority that this
loan will be paid at its maturity in the
second and third weeks OF July. The Penn
sylvania subscriptions seem to have oper-
sted for the benefit of the New York money
market by the diversion of the payments
TO N,is center both from Philadelphia and
from foreign stockholders.
MONEY Is HIGHER
The ability of the money market to carry
through this great operation has detracted
from the fears of a squeeze in meeting the
July l requirements. which, however. are
unprecedented in amount. it is estimated
that the total interest and dividend dis
bursements for July will amount to 1896 S3o.-
Co., Call money ruled at a higher rate to-
day, however. and the time money market
Paris and Berlin and the price of money in
London was higher. but sterling here was
easier.
The condition of the national banks
throughout the country on June shows
percentage of legal reserve deposits of 22.0S
per cent. compared with 21.es per cent on
April 9 and 22.S3 per cent on July 10 last
year The increase in loans and discounts
since July Is of last year has been 1884,
1ss.l1e. This does not constitute favorable
showing on its face as TO the liability of
the bank to meet the coming demand TO
move the crops. but this showing was lost
sight of to-day in the face of the more i'm
mediate situation. The special strength OF
Reading was connected with rumors of Z
coming increase in the dividend disburse-
nnents the stocks of the company. The