The Montgomery advertiser., 1903-07-08
WALL STREET REVIEW
THE MARKET AGAIN A COLOR.
 LESS AFFAIR.
Volume of Dealings Showed No Alp. preciable Improvement Over That of the Day Before.
 Some Excitement in
 Last Hour.

NEW YORK. July 7.-There was more ap- pearance of speculative interest in todays stock market. The resistance of the market in tho face of dullness seemed to encourage an attempt to put up prices. There was no &C., count for the point rise In St. Paul and Mis- souri Pacinc on professional operations De- spite this not very striking demonstration the market was but a colorless affair up to the last hour. and the volume of dealings showed no appreciable improvement over that of yes teriay, There was some indication of a specu- lative contest fin the last hour in which neither side gave signs of any great strength. The market had begun to sag off but had stiffened again when heavy stream of United States Steel stocks began to pour upon the market The common carried a point under last night, the preferred and the second mort gage bonds suffered to a less extent There was nothing known by the public at the time of the showing for the quarter as to earnings but the assembling of the directors of the corporation to consider the report caused a strong conviction in the board room that the tape was giving an accurate forecast of it's character. The fear that unfavorable show ing of earnings was forthcoming discouraged the speculative sentiment and prices gave way throughout. The closing was in conse- quence dull and easy. The early hrmness was due as much as anything to the fact that yesterdays gold exports failed to bring any selling pressure on the market. The shipment uf gold from Australia for San Francisco and the beginning of the inflow of the Klondike product counteiacted the influence of the out go to Europe. The export of gold. however. causes misgivInss while the demand for money
 
 cred probable that any rise in the money rate would check the goli outgo. but in the present condition further shipments would not cause surprise. Satisfaction is felt in all de- partments of the financial world at the letting out of the imitation in the cotton market which went a step further today. But 1t is not expected that the curtailed demand for cotton will revive in any degree until condi- tions in that market become more placid. The weekly cotton report was distinctly favorable and was so far a help to stocks. The news oi the corn crop also was highly favorable, but the rise in the price of corn detracted from its inhuenca. The news of the wheat crop was not considered reassuiing. The monthly re- port of the Agricultural Department. due or Friday, Is awaited for clearer light on the condition of the cereal crops A break of $ points in standard rope and twine 6's wal due to fears that the interest would not be paid This, with a break of 5h in United States Cast Iron Pipe and of less amounts in some minor industrials and the weakness of International Mercantile Marine stocks were unsettling influences. Not much attention wa, paid to the late rise in call loans of pel cent, although the outward movement of golt and a significant drop fin New York exchange at Chicago to 10 cents discounts may indicate further demands upon New York banking re serves.
 The bond market was irregular: featur' was the sagging tendency of the high gIadf issues Total sales (par value), s .0o5. 900 United States bonds were all unchanged on the last call.
 New York Stock List.