The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-06-12
WALL STREET REVIEW
GOOD SUPPORT FOR PRICES IN THE
SHORT SESSION.
There Was Considerable Realizing Bn'
IL Was Evident That Satisfaction
Was Felt Over the Monthly
Crop Report.


New York, June 1.-THE short ses-
sion of the stock exchange today show
ed good support for prices and the mar
ket closed firm at the top level OF the
week. There was considerable reaiiz-
ing but 1t was evident that sufficient
satisfaction was felt over the color OF
the monthly crop report to prompt a
good absorption of this realizing. the
days gains were not striking, but ene
steadiness Of prices in view of the ae-
tivity of the trading made the tone
good. The bank statement showed
about the expected gain in cash re-
reserve requirements by reason Of the
rise in deposits with margin of So
S01,525, which went to enhance the
surplus reserve of the banks. A re-
permission had been given for the de-
posit of s2,100.00 at the New York sub
treasury for transfer by telegraph to
San Francisco which Is a reversal OF
centers, without explanation. Today's
bond market was broader and more ac-
tive than that for stocks. 1t was point
ef out also that large business Is be
ing done In high grade railroad bonds
over the counters of bond houses which
dAas not figure in the stock exchange
transactions The Financial Chronicle
for May reached s54.4o4,53s. This in
cludes the $4,000 900 New York city
bond issue but the aggregate figures
reach to one-third the total sales OF
municipal bonds for the full calendar
Prices of stocks have been slightly
higher this week than last and there
has been an occasional stirring of
something like speculative interest
These have been spasmodic and In the
intervals the market has relapsed into
the intense apathy which has charac-
terized 1t for a long time past The
market seemed TO be free from pres
sure ana the gains made on the occa
sional spurts have been fairly well
maintained. The movement was large
~ due to professional operations with
absorption of Ontario and Western was
the principal special movement of the
week. and this was commonly supposed
secure the dissolution of the voting
trust, an act which would necessitate
the actual holding of stock to maintain
control of the road
This evidence of powerful interest In
the market, the most direct sympathet-
ic effect of the o. and w. movement.
was on the coalers group and this
group had other influences in it's favor
so that II formed the backbone of the
upward movement The estimate of
the May output and consumption of
iron was an event of the week show
ing not only reduction In the current
output, but an accumulation of stocks
on hand. Railroad earnings made a
continuous exhibit OF decreases from
last years level and the decreased vol
ume of bank clearings is evidence to
| the same effect. While money has con-
tinued easy and in little demand. the
cessation of the gold export movement
has been of good effect on, sentiment
| European money centres have grown
quite plethoric. In spite of the pres
| ent seeming redundancy Of money. Ire
| period of the interior demand for cur
rency is looked forward to with some
uuestionings. The course of the gov
| eminent revenues at Washington
arouses some doubts whether the treas
ury department will be in position &c
take measures for the relief of the
money market of the kind which have
been employed at that season for. a
number of years. A strong banking
position to meet the fall requirement is
| therefore regarded as essential.
There has been some improvement In
! the investment demand for we'll secured
railroad mortgages but fluctuations ir
more speculative bonds have kept the
| price movement irregular.
| U. S. new As have declined Is an6
| the rs have advanced IA per cent or
call during the week.
NEW YORK STOCK LIST.