The Montgomery advertiser., 1903-07-03
WALL STREET REVIEW
APPEARANCE OF BANK STATE
 MENT ANxIoUsLY AWAITED.
1t Will Be Published Today and is Expected to Show Effects of Large Operations Due to Close
 of Fiscal Year.

NEW YORK, July 2.-Another speculative anticipation was disappointed by the action of today's market This was that with the Penn syivania stock subscription and the seni-an- nual requirements of the money market out or the way. some speculative interest in stocks would be aroused. Todays money markets hected clearly enough the ref1ux of funds af- ter the tieing up incident to the settlements. Some doubt Is felt dver the showing of the weekly bank statement. >which will be pub lshed tomorrow. owing Co the Saturday holi- day. It is expected that this will show the effects of the large operations incident to the beginning of the fiscal year ss was the case with returns of the Bank of England and the Bank of France. which were made today. Both institutions showed decline in reserve. the English bank nearly $2. O0o 900 and France bank a slightly smaller amount. and both in- stftutions showed an enormous expansion Of credits. But the process of repayment of these extended accommodations Is already pro- ceeding both in Paris and London. In New York. the maximum call loan rate today was A. per cent. compared with per cent. yes- terday and 10 per cent. on Tuesday. A bank statement us.favorabe on its face is not likely therefore, to be factor in the speculation But the easing money market failed to help the stock market. There was no urgent pres- sure to sell,N but the buying demand was al- most improbable and prices sagsed heavily throughout the session. The approach of the holiday was a possible influence on the dull ness and especially as many members are preparing to leave town this afternoon until next week It would be difficult to hit upon any of the factors the dominant cause of the weakness. but sentiment in speculative circles over the future of values is undoubted- ly discouraged. London represented some sell ing of Americans 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 for additional industrial combinations and the terms proposed created a distinctly bad impress sion, although the securities affected are not dealt in on the Stock Exchange. The further discrepancy of over points in Hooking Val ley today. and the apprehensions of minor stockholders that they will receive benefit from the passing of a bare majority of the stock to the control of the leading railroad powers in the coal-carrying trade. Parallels were drawn with the palmy days of the com munity of interest plans. the absorption of the Burlington system and the formation Of the Northern Securities Company. the weekly re- from the crop region and the days reports Of railroad earnings including the Pennsylvania decrease for May afforded no assistance in ad- vancing prices.
 In the bond market Some of the older issues tended downward. The semi-annuaf interest of I% per cent. came off the New York Central general mortgage 3h's and they sold at par for the first time in~their history. The issue of this refundng mortgage late In 1897 was regarded as the opening of new era in our financial history and was one of the notable perity In 1899 they sold high as ! 3h. last year as high as ioob. They sold earlier this year at l0l, which was the previous low record Total sales of bonds (par value), SI,- 725 GOO. United States 5's advanced per cent. on the last call.
 New York Stock List,