The Montgomery advertiser., 1903-06-25
N ALL STREET. REVIEW
DEALINGS TOO SMALL no BE OF
 ANY CONSEQUENCE.
Movements of Prices So Conflicting and So Fluctuating as to Laave No Room for Consistent
 differences.

NEW YORK. June 24.-very little can be gathered of prevailing speculative sentiment rom the movement of prIccs in today's stock market For one reason dealings were too small to he of any consequence and still freely In the hands of professional traders. The movement of prices so conflicting and so constantly huctuating to leave no room tpa, tbs consistent tnfe a t2 the motives degree of strength in the morning which seemed to be ample continuation of yesterdays late rally. Last prices however Rener- ally lower than last nGAt's Probably the real reason for this is thap prices advanced yes terday. In the prevailing doubt and timidity of the board room factors shrunk from car rying prices far in any direction. While one small party buys stocks another party ayails itself of this demand and go short and an opportunity for a fractional profit is suri- cient to. prompt closing out of contracts. For several years MT Morgan's return from his annual vacation in Europe made the occasion for bull demonstration in the stock market. him was buletined from various points after she was sighted. but the stock market failed to to resnond Some of the questions regarding the formation connected with Mir. Morgan's name awaiting decision have been the sub 1ect of uneasy contectures, which may account TOT the chsnged attitude towards his home coming The engagement of sl SOC. 900 of gold for shipment to Paris tomorrow was chilling influence the market especially in view of the condition of the surplus reserve or the banks and the approach of the period Of 1.-the the semi.an mi. settlements. The require ments Of this period complicated this year by the falling due of subscriptions for tbe so per cent installment on the new stock issue
 h. tions of which stock are being made in a de sutory manner. but the large holders of priv ileges are evidently deferrng their payments until the last moment. The privilege exnires on Saturday June 27. The payments sn far made have not disturbed the money market but It is estimated that upwards of S3U .uJ, 900 remains to eb paid on this account Ii has been expected that disturbance in the money market would be prevented by the use of the proceeds of these subscriptions for prompt repayment of the $40 GOO GOO Penn sylvania loan taken out last January If ap- pears. however. that this loan, which was for middle of July. Money higher in London today and discounts hardened in Paris and Berlin. while sterling fell away at both cen ters. This leaves the question of further gold exports from New York still open in spite of an easing in the sterling rate here today The excited speculation in the cotton market today and the notable strength in wheat and corn are normal influences for a contrary movement of prices in stocks. Enormous sell ing of United States Steel 2's and 5s carried the price down to S2 compared with a previ- ous low record of 63. There was a sudden rally of R at the last. but the depression of these bonds had a sympathetic influence in the stock list.
 The bond market otherwise was dull and ir- regular. Total sales tpar value). S3 OlO GOO United States new As coupon advanced k per cent on the last call
 Treasury Statement,
 WAsHINGToN June 24:-Treasury bal ances, S23o 6s9.7I7; gold. SIoo 425. l75.
 New Yu'k Stock List.