The Montgomery advertiser., 1904-06-26
WALL STREET REVIEW
STAND MADE AGAINST THE REAC.
TTONARY TENDENCIES.
Yielding nc the Close, Leaves the Mel
Changes for the Week Quite
small-Deaiings Are
Indifferent.

NEW YORK. June 25.--The stock market
made some stand early today against the reac-
tionary tendency OF yesterday. but yielded at
the close and showed small net losses on me
day. The result IL to leave the weeks changes
quite small. The dealings today were inoll-
ferent TO the point of lifelessness iac
tional rise in Union and Southern Pacihc an !
steady tone Of the Wabashes. inoie21tiiS /,
the passing of the effect Of the remission OF
the interest on the debenture bonds, "eLe
the encouraging factors. Free offerings ..
Consolidated Gas and of the MeropoH'eh
Traction stocks were unsettling inf1uences
The bank statement contained no great sur
price. but II was entirely without stimuiatlns
effect. The increase in cash reserves was
nearly In accord with calculations anu
brought that item to new Level. Ine s. ,,a
600 900 loan increas, wants TO be only once
repeated to bring that item 70 record levei
Today's deposits at Si.l43.3 100 exceeu
by over 81 I 900. 900 the previous record mao
early last month. just previous 70 tne VII,
drawal Of Government deposits from the oanks
for the Panama Canal payment. GreatIy cuI
tailed demand for money IN the cnann os,.,o U
trade IL clear Induction from this conoluoh
OF money. Total sales Of bonds, par Faiue'
Prices q stocks have crept upward ,t TINS
week slowly and somewhat laboriously Busi-
ness has been In small volume on the STOCK
Exchange and fluctuations have been exceed.
been unmistaksbly arm and the sentiment n
Wall Street has been more cheerful ano nope
full over the outlook. The market mas pen EN-
small advance met little resistance in the way
OF selling or realizing or bear attacks me
was decidsdly ven mixed in character. but the
news unfayorable TO values was accepted as
further development Of factor long recognized
in the situation and considered in the opera
lions for some time past. There has been
general disposition to feel that the worst OF
those developments is now over and attention
has been given TO the possibilities of better
ment for the future. Underlying the stability
Of the market is the contentment felt with
that in the absence of some change In COM
dtions the country may feel secure for proht-
able harvests. The possibility OF such cnangs
is not absent from calculations and Is reefcted
in the cautious conservatism Of any operations
for advance. Profitable crops for the sea-
son are greatly relied upon TO end the con-
tracing course If trade and industry now for
some time manifest, and to infuse confidence
which operated on basis OF possible further
shrinkage in consumptive demand and Is itself
potent factor In such shrinkage. The hope
of profitable crop in the Northwest has had
the Canadian Pacific group Operations in that
group have not been free from appearance Of
an organized campaign and the sympathetic
effect on our own Granger has been moderate.
Reports from mercantile sources have not re-
vealed any marked change in conditions. but
while the lower level Of activity Is still mani
fest, there seems 10 be no progressive shrink
age. Reports of gross earnings Of railroads
show Improvement for June thus far. the aver
age earnings of all roads reporting showing
a good percentage Of earnings over last year
In the Southwest comparisons are
with the period OF flood damage
last year. for which some allowance
Is to be made Net earnings for the
earlier periods now coming to hand show
some severe declines in prominent instances.
Ohio. In others. such as Wabash and Pitts
burg. Cincinnati, Chicago and St Louis. the
retrenchfnent In expenses has been so consid-
cradle to more than offset the decrease in
gross earnings available for dividends and to
maintain the integrity of present dividend
rates. Various minor railroads have reflected
the keennesss of the activity of stockholders
over this question. which first made
prominent by the proposition to fund interest
on the Detroit Southern bonds and by the
passing Of the dividend on the Minneapolis
and ST. Louis. The reduction Of the dividend
restriction on Lake Erie and Western pfd
was followed this week by the passing of a
dividend on a subsidiary road Of The Vanderbie
system. the Indiana, Illinois and Iowa. The
development developed by these acts culmin-
Wabash debenture bonds, which became
known to the traders for first operations only
on Friday: An important factor in maintain
ing the firm tone of the weeks market was
.he rise in United States Steel Securities No
very definite news Of improvement In ira lie
was received 10 explain the buying OF the
stocks but its rise was Of important senti-
mental effect on the market. So was the re-
taxation OF the pressure in Southern Pacific,
which has been bought on all occasions of
weakness since the announcement of the pre-
ferred stock issues by bankers usually en-
trusted with financial operations for the COM
Tsny. The redundacy in the money market
has Increased and has had an appreciable
effect on the investment demand for high
grade stocks and bonds The quick subscrip-
winding-up Of the Lake Shore dsbenture bond
syndicate and the taking of Rock Island notes
has been regarded as expedients against tho
present poor demands for bonds
Bond prices have moved upwards during the
Week win the exception OF some Of the spec
tered have declined I-s per cent on call during
the week. 's