The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-06-30
DAYS TOP LEVEL
WELL MAINTAINED
Stocks Show More Animation
on a Rising Scale
BONDS WERE ABOUT FIRM
Reading Was Easily the Leader OF the
Day-Marl<et Closed Very Active
and strons-No Money
Squeeze Feared.
BONDS WERE ABOUT FIRM

nyau York. June 29.-Today's stock mar
kot showed more animation on a strongly
rising scale than has been seen for many
weeks. Business for the first two hours
was considerably in excess OF the aver
age for the daily trading of last week. Inc
market closed very active and strong
with the top level of the day well main
tained eNt gains of to ~ was general
among the leaders and active SHOCKS
Reading was easily the leader Of the oay
market and its advance of "a on the pur-
chase of enormous blocks on a constantly
rising scale. The Pennsylvania group OF
coalers was conspicuous throughout ana
Pennsylvania itself broke through the OPP
position which held for at time 10 ana
rose to the best, in the late dealings. Inc
grain carriers were late to respond put
they came forward vigorously In the hnal
dealings with the Pacific leading. Union
Pacific and Southern Pacific rose more than
two points over Saturday. The buying OF
Reading was concentrated and the person.
ality of the brokers employed gave rise
to new surmIses as to possible new ad-
justment of relations and control IN the
field of the trunk lines and eoalers as an
outgroYth of the final Judgment Of the
new Pennsylvania stock The action OF
that stock was re-assuring factor upon
sentiment. The apprehension that with
the completion of the stock subscriptions
the motive for support of the stock by
the underwriting syndicate having passed
the price would give away, wvas seen TO
be without ground. The brilliant success
of fba st.l,c ft,tf mas n n
fluence upon the whole market The Of
ficial announcement that the total issue
was subscribed for by stockholders and
that ninety per cent of subscriptions were
paid in full, indicates money requirement
of upwards of $S5OOo,0Oo,
That this requirement could have been
met with practically no disturbance in
the money market has greatly strength
ened the confidence in the money situa-
ton, more SO. as 1t is now understood
that the subscription payments have not
yet been disbursed for repayment of the
Pennsylvania $40 000,00e negotiated last
January, although 1t is stated on au-
thority that this loan would be paid at
its maturity In the second and third
weeks of July. The Pennsylvania sub
scriptions seem to have operated for the
benefit of the New York money market
by the diversion of the payments to this
center, both from Philadelphia and from
foreign stockholders. The ability of the
money market to carry through this
great operation has detraeted from the
fears of money squeeze in meeting the
July / requirements which, however, are
unprecedented In amount. It is stated
that the total interest and dividend dis
bursements for July will amount to 1885,
100000.
Call money ruled at higher rate to-
day, however, and the time money mar
ket was perceptibly flrmer. Discounts
rose In Paris and Berlin and the price
of money in London was higher, but sterl-
Ing here was easier. The conditions OF
the national banks throughout the coun-
try on June shows percentage of legal
reserve to deposits of EOS per cent COM
pared with 21S per cent on April and
20 per cent on July 16 last year. The In
crease in loans and discounts since July
16 of last year has been $1941S6 119. This
does not CONSTITUTE a favorable showing
on its face. as to the ability Of the
banks to meet the coming demands to
move the crop, but this showing was lost
sight of today in the face of the more
immediate situation. The special strength
of Reading was connected with rumorg
of a coming increase in the dividend dis
bursements on the stocks Of the com
pany The reports Of rains In the north
west and the reaction resulting In the
wheat market stocks.
United states Steel second bs were
dropped down near so by persistent SELL
ing The bond market otherwise was
firm. Total sales. par value, sS62o,o0e.
United States bonds were all unchanged
on the last call.