The Montgomery advertiser., 1903-07-02
WALL STREET REVIEW
ALL THE ANIMATION GONE
 FROM THE MARKET.
The Apathetic Conditions of Last Week Seem to Be Renewed in Full Force-The Closing
 is Rather Heavy.

NEW YORK. July I-The newly awakened hope on the part of commission brokers of a revival of speculation. which prompted the ex- change governors yesterday to dismiss the res- olution of members in favor of holiday on Friday. received a setback today All the animation was gone from the market and the apathetic conditions of last week seemed to be renewed in full force. Yesterdays stfffen- Ing In the call loan rate to 10 per cent. served to intimidnte the trading element. The rate did not go below 6 per cent. and in the late dealings eased off to nominal figures after the principal demand had been satisfied The course of the call money market however was felt to be due to the moderation displayed by stock market borrowers and the late easing of the rate had no other effect than a moderate recovery from the earlier depression in the market due to the covering of shorts by pro- fessional traders. The recovery halted at about last nights level and the closing was rather heavy. Yesterdays sudden advance of over 2 points In United States Steel preferred, which was coincident with the return to the street after a long absence of noted operator con spicuous in the Notation period of the United States Steel securities had aroused some hope that a renewed bull campaign was to be dertaken in those securities under syndicate auspices, but the inertia of the preferred stock in the neighborhood of S2, which Is the sub scription price offered to employees strengthened the surnlise that the price level was the ob- jective of yesterdays movement. Other news of the corporations affairs caused a hope that the recent pressure of liquidation has not heen completed and there were runlors cur rent that the holdings recently in course Of liquidation had been taken care of The second mortgage bonds were lifted about point during the morning, but did not hold well. London was conspicuous seller during the morning and this considerable factor in the heaviness of the market. Some recov- cry in the exchange market also resulted and an advance in the price of American gold coin in London was also noted. Today's clearing house balances footed up SPA. 597. 490. which Is close to the high record level and is re- fection of yesterdays heavy financial trans actions incident to the turn of the fiscal year. Atchison, Southern Pacific and Union Pacific were carried a point under last night at one time. Hooking Valley fell with rally of 2A and the preferred dropped on account of fears by speculative holders that yet un- announced plan of joint control would not yield any benefit to them. The weakness of Colorado Fuel was due to the absence of a large order in liquidation. Sugar suffered from the marking down of the price of the product and the weakness of the London copper market affected Amalgamated. The May net earnings reported by Lehigh Valley and New York. on- tario and Western confirmed the belief in the very favorable conditions in the coal-carryng trade and revived some buying of Reading. but the May reports of St. Paul. Louisville and Nashville and Southern Railway showed that the effect of large increase in operating ex- penses. St. Paul showing net return slightly less than the corresponding month last year.
 The bond market was quite fru, but not &C., tive outside of United States Steel second 5's. Total sales (par value). S2.33o, ooo United States 2's advanced h and the old 4's # per cent on the last call
 New York Stock List.