The Montgomery advertiser., 1903-07-04
WALL STREET REVIEW
FEW LEFT TO CARRY ON TRAD
 ING.
Many Members of the Stock Ex- change Away from New York. Handful Left Dealt With
 Each Other. t

Each Other. s,N, NEW YORK. July 3.-Many members of the s.oek Exchange who had waited on the Board. OI Managers to make today a holiday ignored tne session and went out of town. The handful ot members who attended the session today uaaeo S among themselves almost exclusively | ana mere was scarcely an echo of the outside world in the board room. As consequence today's dealings fell below 200 900 shares. to new low level. of activity for the years | 10 come. The fact that the grain and provision markets were closed for a holiday increased | the apathy in the stock market owing to the larse lmportance attached at this time to the progress of the crops. Speculative interests seemed to center in the cotton market which l aiVides With it at present the chief specula- t .ve interest. There was feverish activity in l the cotton market over the Governments esti- mate or the condition of the crop of June | 20. But the cornered condition of the staple leaves little room for just differences of crop conditions from the price movement. The im- provement in the condition of the crop since the l last was received with satisfaction in the stock market Neither this influence nor any other caused anything but trivial movement of | prices The bank statement was<without ap- preciable influence. although the Showing was | a weak one.
 | The increase in the loan averages of S3- oT9,30o was moderate in view of the heavy operations of the turn of the fiscal year. but the decrease of s4 SOP, 600 in cash reserves went to the sub-treasury, the operations of | that institution having failed to reflect the I diGDurHements today | to5. I25.
 There were very few features in the week. Ihe drop or 30 of Hooking Valley was ex- | piained by the official announcement of the payment of lo5 for the pooled common stock | constituting a majority of the issue with no provision made for the minority stockholders. These minority holders at one time cherished the hope of guarantee of A. or 5 per cent | dlvidends. The announcement of an advanced | rate of excess charges was followed by fan | l for remittance by tonsrrows steamer ad- vanced the rate of sterling exchange and the ing decrease of several hundred bushels
 Bonds were dull and irregular Total sales (par value.) $I 900. 900. =.
 There was some stirring of speculative ,in- terest in stocks early in the week which aroused hopes of an awakening market for se- curities. but the hope proved unfounded and again late in the week. with a sagging ten dency of vaues owing to the almost total lack of demand. The increased animation with which the market started off on Monday was largely due to the good impression caused | by the outcome in the stock subscription It was feared that some artificial support had | been given the stock during the subscription l period and that with the subscription closed and this support withdrawn. there would be a 1 further fall in the stock When the price ad- | vanced on Monday the whole market was bene- l hted. It was considered the best augury for | the money market also that this great opera tion had been carried through with scarcely I | tions paid in full instead of only the 50 per cent. installment of the subscriptions called for. the requirement upon the money market | small a proportion of subscribers availed them | selves of the privilege of deferred payments was regarded as Q striking evidence of un- | expected resources in the money market The | official assurances given that the Pennsylvania | $40, GOO. 900 loan would be paid at maturity in the second and third weeks of July instead | of being extended according to privilege prom ises further relief to the money situation. The action of the money market over the turn of the fiscal failed to develop any signs of a squeeze. So far as the fears of a squeeze in money had deterred buyers of stocks from coming into the market. this element seemed removed But the demand for stocks has failed to develop and the professionals who bought stocks early in the week in antici- patton have again withdrawn from the market. Whatever may be the cause of the apathetic market it is evident that 1t is not removed by the passing of the semi-annual settlements and the completion of the Pennsylvania stock that the present easy condition of the money market has not entirely relieved apprehension that the Autumn requirements will demand all the resources available. The continued high level of bank loans after the extensive liqui- dation which has occurred makes a deep i'm precision. The controllers report shows loans and discounts of all the nationa, banks on June to be $le3 ls6, tls larger than on July 6 last year
 In the same period specie holdings by the banks have fallen of Si6, l47,5e0 and legal tenders SI.26I ,4o3. The percentage of legal reserves on June was 22 os per cont as against 22,33 on July 6 last. The treasury departments statement of money in circula- ton in the country. exclusive of holdings in the treasury on July l. shows an increase of SI29. 379S52 since July l last. The de- crease for the same period in the cash reserve of the bankws argues an extraordinary growth in the demands of the circulation and is a convincing evidence of the high activity in business. But 1t does not indicate improve ment in the banking situation. The conclusion is that the banks have been compelled to take over enough loans for foreign lenders from whom they have been paid during the long | period of liquidation in the market. The ap- | pointmentof a receiver for the United States Shipbuildtng Company and the developments in the courts regarding that organization and the plans for the reorganization of some minor industrial combinations have caused a deep impression throughout the financial world and have awakened spirit of distrust gainst the whole of that class of securities.
 The iron market Is closely scanned for indi- cations of the basis for the coming years bus- ness and for light on its volume. A good i'm 1 precision Is caused by reports of large orders for steel rails and the sudden marking up of United States Steel preferred on Tuesday was regarded hopefully as a possible heralding of demand for securities of this class. The price to which this stock lifted Is that at which subscriptions offered to employees of the corporation and it's halt at that point caused a surmise that 1t was sought to estab- fish this leved to relieve possible dissatisfac- tion among stockholders in the ranks of em- | ployes.
 The very large earnings shown by the anthra- cite carriers for May gave them a firm tone in the market and made them favorites In the abortive upward movement. Net earnings for | May in other territory reflected such large en- croachments by operating expenses as to de- , prlve them of stimulating influence upon prices. 1 The stock market is keenly attentive to the crop news, a matter of course The highly speculative conditions in the cereal and cotton markets make the deductions to be drawn from price movements unusually confusing. The existence of a cotton corner is a cause for uneasiness a possible speculative col lapse. Any good effect of favorable reprts of the corn crop is modified by the known late ness of the crop and the probability that It's final stages will be more than usually subject to hazards of frost The doubt over the out come of the crops and the unsettled labor con ditions are the grounds for an appreciable spirit | of skepticism over the future which helps to keep the demand for securities at low | level
 The investment demand for bonds. usual at the periods of disbursements of dividends and interest has been present in only moderate de- gree The point Is made that labor troubles have resulted in large withdrawals of deposits | from savings banks and diminished denfa nd 1 from those institutions for investment. United States 2's coupon. the 3's registered and the l 5's advanced A per cent and the old As # per cent as compared with the closing call of last week.
 Bonds.
 United States refunding 2's. registered. lo6 United States refunding 2's coupon. o6