The Montgomery advertiser., 1903-07-09
WALL STREET REVIEW
AGAIN THE MARKET IS MOST
 LETHARaIC.
Total Dealings For the Day Drop Back to About the Low Level For the Year-Bonds
 Lower.

NEW YORK, July s.-Professional traders made another unavailing attempt to awaken some degree of activity in the stock market today. During the early market the rate of ac- the latter part of yesterday, but the subse- quent relapse was into such a complete stag nation that the total dealings for the day dropped back to about the low record level for the year In the light of this morning s developments yesterdays late drive at United States Steel stocks seemed to have no other purpose than to provide a better vantage ground for an upward start. The common and preferred stocks were lifted about point In the active railroad list. St. Paul and Missouri Pacffc were the only stocks to gain as much as this The further engagement of sl, 800. 900 gold for export and the early sharp rally in the cotton market seemed to have no effect in checking the rise in stocks. It was after cotton had reacted that the unresponsiveness of the stock market to the stimulation of light professional buying was perceived Prices thereupon gagged of and the whole market fell pack into its rut of stAgnation. Reports have been current for several days that insiders were buying Erie stocks on the certainty that the directors today would advance .he first preferred dividend to per cent. and de- clare per cent. on the second preferred. Credulous traders who have followed this inside" buying learned today on inquiry that no directors meeting is in contemplation Tor two weeks. The incident Is characteristic Of the present market but far can be judged from the resulting movement in the stocks these rumors have done no great harm nor conferred any great benefit on anybody. The rally in the cotton market is regarded as natural incident of the process of set clement to a normal basis in that market. but until the settlement is completed the benefits to the financial and general business structure are not likely to become evident. The favor able crop weather was offset by the expressive hrmness in the wheat market and the profit taking reaction in corn did not entirely relieve the fear that the Government crop report due on Friday will make an unpromising showing for that crop. Further weakness in Interna- tional Mercantile Marine on the curb helped to disturb sentiment. There was also fur ther slump In Standard Rope and Twine is- sues, but a pretty effectual recovery followed New York exchange at Chicago declined 20 points to 30 cents discount The disposition at that center to recall funds and the com. plete cessation of any stock market inquiry from that source gives rise to some troubled surmise in Wall Street circles. It Is signih cant of the prevailing dullness of business that many stock brokerage houses are largely reducing their clerical forces.
 Active railroad bonds were pretty steady, but high grade inactive issues are settling to 6 lower price basis. The New York genera mortgage 3h's. which held last week low as par for the first time in their history. sold today at o7. Total sales (par value), Sl.Il5,- 900. United States bonds were all unchanged on the last call.
 New York Stock List.