The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-06-03
WALL STREET REVIEW
OF SPECULATION IN
STOCK ARE UNCHANGED.
The Only Conspicuous Price Move
ments of the Day are In Special
ties, Mostly of the Obscure
Cfann.

New York, June 2.--Conditions \ OF
speculation in stock were unchanged
To-day. The only conspicuous price
movements were in specialties. mostly
high grade stocks were affected. The
group of low grade non-dividend pay
ers which suffered from liquidation to-
day were active today. Such as were
dealt In were inclined to recover. the
general market was inert and the days
small trading did not alter materially
the level of prices. The tone differed
from time to time, but he undertone
portant, but It offered little to change
the opinion of doubt and uncertainty
which overhangs the market. The
report of the April earnings OF the
Pennsylvania was a depressing factor
and had some special effect on that
stock. The large falling of in net
returns both east and west of Pitts
burg and Erie was accepted as con-
elusive of the condition OF railroad
traffic In the region affected. The eff
feet was somewhat modified by pub
lished estimates of better results for
May owing to the operation of re-
trenchment plans which may conserve
larger proportion Of gross earnings
inent that the Pittsburg. c. c. and st.
Louis had discharged men to the extent
OF LOO to reduce expenses was an in
nuence In the same direction. Wall
declining tendency in the cotton mar
ket as promising a better adjustment
TO the needs of the cotton industry But
so sudden a drop as that of today and
the presumed speculative losses in
volved by the throwing over of long
holdings by the uncovering of stop loss
orders had somewhat disturbing eft
fect on. speculative sentiment. The
news OF grain crop progress was not
so favorable today and unofficiai esti-
mates of its condition were given some
attention. The figures of the national
bank circulation for May were dis
cussed. Az pointed out by the circular
issued by the National City Bank. the
additional circulation taken out for the
month of May of $11, 500, 900 was greater
with one exception than any month in
three years. At the same time the
current redemption of notes through
the redemption fund in the treasury
was $26.000.000 but 1892, 900 measured
the retirement of notes by deposits of
lawful money. The heavy current re-
demptions are symptom of the ten
dency OF the currency to longest in the
reserve In the centers, the bank notes
included in this movement finding their
way quickly into the treasury and SO
back to their issue source, But the
small retirement of outstanding notes
erected and the large additional circu-
lation taken out is the result of the
proht on circulation by reason of the
fall In government bonds by the large
80 ~. Ie.caseo py the governments
withdrawal of deposits with national
banks. 1t is feared that some re-
dundancy is being injected into the cir
culation by these conditions with the
effect of facilitating IL not forcing the
outEo of gold. The closing tone OF
the market was rather irregular and
the days changes were again insight
Meant. Bonds were irregular. Total
sales par value 1928, 900. United
states IS declined Is per cent on cali.
NEW YORK STOCK LIST.