The Birmingham age-herald., 1903-07-03
] |lNTICIPATIONS
 DISAPPOINTED tock Market Situation is Not
 Improved
EASY MONEY FAILS TO HELP
sentiment for Future of Values Is Dis couraaed--FavorabIe Report of Iron Review and Railroad Earnings
 Do Not Advance Prices.

New York, July 2.-Another speculative anticipation was disappointed by the ac- ton of today's market. It was thought that with the Pennsylvania stocks sub scription and the semi-annual require ments on the money market out of the day some speculative interest in stocks would be aroused. Today's money mar kets reflected clearly enough the re- Aux of funds after tieing up incident to the settlements. Some doubt is felt over the showing of the weekly bank state ment, which will be published tomorrow owing to the Saturday holiday. It Is ex- pected that this will show the effect or the large operations incident to the be- ginning of the fiscal year as was the case with the bank of England and the bank of France which were made today. Both institutions, showed decline in re serve. the English bank nearly s2,oooOOO and the French bank slightly smaller amount Both institutions showed an enormous expansion of credits.
 But the process of repayment of these extended accommodations Is already pro- ceeding both in Paris and London.
 ASNHAA rate today was 41k per cent, compared with six per cent. yesterday and 10 per cent. on Tuesday. A bank statement un- favorable on its face is not likely, there fore to be a factor in the speculation. But the easing money market failed to help the stock market. There was no urgent pressure to sell, but the buying demand was almost improbable and prices sagged heavily throughout the season. The approach of the holiday was pos sible influence on the dullness and es- pecially as many members are prepar- ing to leave town this afternoon until next week.
 It would be difficult to hit upon any factors as the dominant cause of the weakness but sentiment in speculative circles over the future of values IS un- doubtedly discouraged. London repre- sented some selling of Americans on fears of a disturbance of our relations with the Russian government but there was no trace of this feeling in New York
 Reports of plans of reorganization Tor additional industrial combinations and the terms proposed created a distinctly bad impression, although the securities affected are not dealt in on the stock ex- change. The further discrepancy of over six points in Hooking Valley today and the apprehensions of minor stockhold- CTS that they will receive beneht rom the passing of bare majority of the stock to the control of the leading rail- road powers in the coal carrying trade; parallels drawn with the palmy days of the community of interest" plans, the absorption of the Burlington system and the formation of the Northern Securities company: the weekly review of the iron trade; the favorable news from the crop region, and the days report of railroad earnings including the Pennsylvania de- crease for May, afforded no assistance in advancing prices.
 In the bond market some of the older Issues tended downward The semi-annual interest of 1A per cent came off the New York Central general mortgage 31ss and they sold at par for the first time in their history. The issue of this refunding mort gage late in 1897, was regarded as the opening of a new era in our financial his- tory, and was one of the notable events heralding the following period of pros- perity. In 1899 they sold as high as 11S , last as high as 1O91k They sold earlier tfis year at 101, which was the previous low record. Total sales of bonds, par value. s1, 1,725000.
 United States 5s advanced 4 per cent on the last call.