The Montgomery advertiser., 1903-07-01
WALL STREET REVIEW
FOR TWO HOURS GREAT ANIMA,
 TON WAS PREVALENT.
After Dull Period of Firmness tho Market Became Weak Under Proat-taking on the Part of
 the Professionals.

NEW YORK. June 3o.-There was almost as many shares of stock that changed hands dur ns sne nrst hour of trading today as there was TOT the nrst two hours In the newly awakened activity of the previous days market. This nrst hour of trading had every appearance of animation and well sustained strength but the aosorptive power of the market was pretty well exhausted by this spurt and the dull period or hrmness which followed gave way the last Tour 70 general reaction under professional pront taking. The slight fluctuations during the first hour in view of the renewed activity gave sufficient warning that profit taking was soing on freely. This mornings purchasers. however, had less success when they attempted 10 take their profits in the last hour The days net changes showed very small net gains left for any of the speculative leaders and some of them went slightly below last night under the selling of the last hour. Yesterdays heavy buying and sharp upward movement in Read Ing was sufficiently explained by the state mont of net earnings for May, showing an in- crease for all the companies over the corre- spending months of last year of sI.42o, ,o7e This wipes out all of the loss incident to the great coal strike and establishes an increase in the net earnings of all the companies for the eleven months of the fiscal year of SI .o93, PAS This showing gave color to the current runors that dividends would be commenced on the sec end preferred stock Combined with the con- tinuing effects of the success of the Pennsyl- vania stock subscription. the coal carrying roads were made very strong for a time. Meantime in another department of the list the Wabash debenture SB bonds were being freely sold at an extreme decline of %. ow- ing to the dss,i ointment of holders that the directors ~ their meeting had decided not to disburr. any of the surplus earnings available for sn interest payment upon these bonds The days weather map. which showed rains in the Northwestern States where the drought has threatened the Spring wheat crop. was q strengthening influence on stocksS With this indicated relief In the dry section. the weather bureaus weekly crop report was given fa- vorable interpretation. Wheat reacted sharply, corn more moderately after N period of strength and cotton violently. It Is borne in mind that the New York money market is sometimes slow to respond to the effect of the periodical disbursements after the period of the dented volume for this July. In the last half hour after the profit taking movement had spent its force. United States Steel preferred was marked up 2h over last night on com parativeiy light dealings The nominal ground for this movement was that the fall in the stock below the subscription price offered to employees of the corporation were calculated to prejudice It's relation with its employees. The market closed unsteady. The cessation of the pressure of liquidation against the United States Steel second Ss seemed to be regard ed as the favorable opportunity for marking up the preferred stock
 The bond market generally was dull and firm. Total sales tpar vaiue). S3.43o. 900. United States bonds were all unchanged on the last call
 Treasury Statement.
 WASHINGTON. June 3o.-Treasury balances S231, 545.oiI; gold. Sio2. 2s3. loe.
 New York Stock List