The Montgomery advertiser., 1903-06-19
MALL STREET. REvlEN
CROSS CURRENTS IN THE STOCK
 MARKET.
The Great Body of Securities Listed For Trading, However, is Stag ant-show of Strength
 at Opening.

New York June 1S--There were a few individual stocks in which active trading and wide movements made cross cur rents in the stock market today, but the great body of securitiei listed for trading on the exchange was stagnant. The mar ket started off with some show Of strength with the influence of the reduc- tion in the rate of discount Of the Bank of England to 3 per cent, and the easier tone to private discount in response. A higher rate range ot quotations for Amer ican as a consequence awaited the open ing of the stock market here Some of the leaders were lifted point over last night during the first half hour Penn sylvania was in special demand and rG- mors continued to circulate that the Penn sylvania-Gould dispute had been adjusted. It was possible to secure official admis- sions that efforts to this end were beink made. but there seemed to be by outside interests rather than by mutual approach Of the two parties to the difference. The progress. of subscriptions to the new Pennsylvania stock had favo. able ef- feet on it's market as well When 1t was learned that the price of cotton was run ming off sharply the professional opera tors in stocks indulged the hope that they would be able to force an upward turn, but they met selling pressure and had to abandon the attempt. This sell ing was especially acute in Metropolitan Street Railway. Metropolitan securities and the iron and steel stocks. the sell. ng
 
 Steel. both common and preferred. The former touched 2S T-S, and the latter ex- ceeded it's previous low record of IS 3-4 by fall to 7S 1-4. The presence in the market of a large and persistent selling osder in United States Steel was the oc- casion of much surmise as to its source. The whole group was depressed by the admissions made by an authority in tho trade that concessions made in the price of iron do not yet tempt consumers, and that concessions are being quietly made by some of the larger interests in the steel market. A further reduction in the price of iron was announced during the day. The incident of a delayed payment of maturing obligations by the Colorado Fuel Company was continuing factor of depression in the whole group. Colorado Fuel itself dropped at one time 3-4, but recovered the greater part of that loss. The weakness of Metropolitan Street Railway and of Metropolitan Securities was directly traceable to the statements regarding the companies earnings made by it's President on the witness stand. The drop in Metropolitan Street Railway reached 3-4, and in the Securities Com pany B. with a partial recovery in both cases. The effect of the Bank of Eng land discount reduction was partly offset by the continued strength of sterling here and its weakness in Berlin and Paris. The inference seems to be disposition on the part of Berlin and Paris to withdraw capital from London on account of the reduced interest rate with an attempt on the part of London to divert the demand upon New York. Money here continues easy and the banks are gaining from the sub-treasury. and it is believed from the interior as well. Rates for time loans. however, are firmly held and 1-2 per cent is demanded for loans over the year end. The ease of call money is said to be due to the fact that large provision has been made by many interests In the way of time loans to guard against the period of stringency, and in the meantime continu- ing the proceeds of these time loans out call on stock collateral. The market closed intensely dull and weak and near the low level of that day, with losses of about a point in a number of leading stocks.
 Bonds were weak. Total sales, par value. $1.610.000 United States bonds were all unchanged on the last call.
 Nav Yak Stock Iiaf