The Montgomery advertiser., 1903-08-01
WALL STREET REVIEW
TRADE IN STOCKS BECOMES
 APATHETIC.
Undertone is Heavy, But the Price Movement is Narrow and Un- certain-Semi-Stagnant Con-
 ditions are Prevalent.

NEW YORK. July 3I.-The trading in stocks became extremely spathetic today and at times the dealings on the floor were more than hominai The undertone heavy, but the priee movement was very narrow and uncer- tain The recent weakness in Atchison was supposed to be explained by the statement of June net earnings showing a decrease com pared with the preceding June of S64 .395. An official explanation was added that the heavy costs of the floods were accountable for the poor showing. The bears who have been seiIing the stock short ceased to operate that side of the market and covered. The rally m Atchison relieved the market of yesterdays principal disturbing factor and checked any general downward tendency. but the demand became very light and the market was semi [ stagnant. The determination to keep out of the market was partly due to the issuance of circular by the Rock Island directors asking Tor authority to issue S25O, 000, 900 refund ing and unifying mortgage. This is a 1rmaton of many runors which have crcu- lated lately without receiving wide credence. The weakness of the stock market yesterday was due to those rumors and it rallied today. indicating that yesterdays selling was for the short account. The proposed issue is puzzle to Wall Street. in view of the present condi- tion of the market. Money conditions retained yesterdays relaxation and preliminary figures indicate cash gain by the banks for the week of nearly s7,ooo. 900. The repayment of the Pennsylvania loans has been expected to show in tomorrow's bank statement. but the purchase of the Evansville and Terre Haute and payments
 
 International Mercantile Marine Underwriting and of S3 500 900 on the Louisville and Nash vile bond underwriting may compicate the loan item of the banks. The nominal eas" In the time loan market seems to be partly due to the light demand for funds and this in turn does not free the stock market from evidence of forced liquidation in spots. Yes terday's extreme weakness in some of the spe- cialties revived some fears of money troubles In today's market and helped to paralyze the trading. The struggle of the Consolidated Lake Superior Company to obtain subscriI'- tions to its bond offering was accorded atten- tion for its possible echo in the stock murket. St. Paurs moderate decrease Tn June net earn ings and Union Pacifcs moderate increase seemed to be equally without effect on those stocks. The weekly statistics of grain exports confirm the hope of a good foreign demand tor wheat, the shipments rising 5o9 495 bushels over those of the preceding week. but the com exports have fallen off 572. 529 bushels for the same period Today's movements of prices were mostly insignificant. New York Central was forced down over point on re- newed rumors that bond issue was pending to provide for the terminal Improvements. United States Steel preferred was notably heavy. The local fractions made advances and Amalgamated Copper rose point over last night. None of these changes was maintained and the market closed dull and heavy.
 Bonds wers irregular. Total sales tpar value). SLABS. GOO. United States bonds were unchanged on call
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