The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-06-05
WALL STREET REVIEW
PRICE CHANGES FOR WEEK PRAc.
TICALLY NIL.
Size and Value Of Cotton and Grasr
Crops Fail to Have the Expected
Effects on the Cotton
Market.


New York, June 1T would be dif-
hcult to find a stock in the active list
which shows a change of as much as a
point in the last price of Friday last
for the three days holiday. Gains and
losses are mixed. Prices have not been
very far from the level of a week ago
at any. time. but the light selling OF
the early part of the week was follow
ed by equally light covering of shorts
| yesterday and today. thus practically
obliterating the weeks changes. The
market is entirely unaffected by news
The government report on cotton to-
day goes to confirm the unofficial esti-
mates OF the promise of a record crop
OF that product At the same time con-
tinued rains and cool weather in the
grain belt accentuated the anxiety felt
over these crops but the stock market
remained immovable. And yet 1t Is
for the season is a problem whose So
luton is the paramount factor in de-
Gliding the course of the present stag
nant stock market. The doubt over the
prosperity of the cotton crop, or more
assured prospects as to the outcome of
all crops may be awaited in the deter
mined apathy of the stock market.
The bank statement did not reflect all
the expected gain in cash. But Wall
Street has been drawing unfavorable
the accumulation of idle bank reserves
80 that the motive for the days stag
nation can hardly be attributed to this
| cause. The closing was virtually mac
tive.
Total sales of bonds par value, s545,-
900. Some revival of trade was report
ed from the West early in the week
owing to the progress reported by the
grain crops, but the lack of sufficient
warmth during the week and the tone
of some of the unofficial crop estimates
have impaired the better feeling over
the grain crop outlook.
Gross earnings of railroads reported
have made rather better comparisons
with last year than in the preceding
per centage. Net earnings for April,
however. have been discouraging and
have failed to reflect any benefit from
hopes are held in this respect for the
May showings and reductions of work
ing forces have been accomplished du-
ring that time. These reductions are
attributed. however, to the avow.o oe-
crease in traffic and so have double
significance to the security holder. Re-
ported plans for the curtailment of
iron and steel production are inter-
preted as an index of poor prospects in
that important trade and a diminished
demand for copper and lead are given
the same significance This course of
so that Its principal effect on securi-
ties is to hold them in deadlock while
awaiting the next phase in the bust
ness situation. Gold has continued to
go out in moderate amount from New
York, but receipts of Japanese gold
from San Francisco also have contin-
ued. Money remains extremely easy in
New York with reserves piling UP fur
Their in the banks and no obstacle is
offered to the gold outgo by an advance
In interest rates. Attention is attract
ed TO the large bank note expansion
for May in face of the contraction of
the circulation by accumulation in re-
serves. The release OF government
bonds which were held as securities
for the government deposits withdrawn
for the Panama payment is the stimu-
lating cause for the bank note expan-
sion and some fears are expressed that
the gold outgo is forced to some ex-
rency already apparently redundant.
The Journal of Commerce points out
that interpretations for May in he East
ern States of one million dollars and
upwards reached an aggregate of $780,
100000. This is a larger aggregate
than for any preceding month since
June, 1903. But of this amount $70,-
100000 Is accounted for by the reor-
ganization of the United States Realty
ed Lake Superior Company. Further
reorganized capital of these two cor
porations is $92, 100000 less than that
of the old corporations. The apparent
rise in the Incorporation figures thus
are far from representing a renewal in
the imitation of capital issues.
The bond market has been narrow
vanced is, the IS coupon and the old
As IA, the new As registered 3-S and
the new as coupon SIS, while the Is
have declined IA per cent on call du- |
ring the week.