The Montgomery advertiser., 1905-07-16
WALL STREET REVIEW
ONLY INSIGNIFICANT CHANGES WERE
 NOTICED DURING DAf.
Heavy Accumulation of Ready Cash As
 shown by Statement of Banks. .. Workings of the Money Market.

New York, July 15-The stock market fell into lethargy today and only insisn,alil mail
 The heavy accumulation of cash revealed by the bank statement was much larger than indicated by the preliminary estimates, mates but this was supposed to be que , d9 fee.ia ara., Aecrease by the working out of the com putation by daily averages As this build of providing for the repayment of the sll.- "oO.0OO of Government deposits called Tor benefit from it. The ease of call money during the past week had evidently been funds.
 The contraction in loans relieved any ap- Japanese loan had made any undue inroads upon available credits. The absorption or rSe Sa eomns sst ost
 which has been expected from day to day during the week. The Financial Chrons gross earnings attracted attention, returns from 125 railroads partly estimated tiIH, ind1
 the year over the rather unfavorable show Ing for the first half of last year of ap- parison with the first six months of 1897, eight years ago. shows an expansion or The buying of Union Pacific held the mar ket firm to the close Total sales of bonds'
 The pr Iocess of digesting profits which was manifest last week in the stock market cul- minated early this week in sharp break of coming vacation departures of of the accredited leaders of the recent specu- The market for the rest of the week showed the benefit of some favorable de
 organized parties which had formed the backbone of the preceding advance and
 which had been fostered in the belief that
 markets would be found Tor the holdings fidcnce was fpstered by number of in
 cidents, One most fai teaching effect prob The Government rsport of condition as of
 july lst, published Tuesday afternoon was
 retarded as warrantins every encourage the country's cereal crops The fact that the Governments estimates were accorded
 their usual authority also relieved the anx,
 icty lest the cottop leak scandal should
 serve to discredit ali the Governments az ricultural statistics and to serve to leave the basis of market operations unstable and uncertain. with the threat of resulting ua h the money market the continued ex- pansion in earnings reported by the great
 sysfems t inn GI the & country @ m haws sspt disbursements of the growing profits. But
 the policy of large outlay >f current earn ings for betterments and even of accumua- a- tion of surplus to secure less profitabl le
 periods have been advances as explanations The raising of the dividend rate Baltt-
 moro & Ohio following that on Reading has
 the hope of similar action in other cases stimulated by stock market rumors has been
 PaefiS and of 0'es Expected % large e'V extra M ats l bursements in Northern Pacific and Great Northern. The failure to act those cases has caused disappointment and has Induced selling of stocks
 The large subscriptions for the portion of the Japanese loan offered in New York was | a feature of the week. The money require
 ments for the applications were of moder- ate effect on the money market. But the greater part of the payments are thrown over to the final installment falling due In Octohep, and form an important addition al item in the calculations of the money requirements at that time. Rates for time | money have advanced under an active de course of the call money markets has come Into increasing consideration.
 Bonds dull and irregular United States new As registered have advanced is per cent and the coupon per cent on cab during the week.
 NEW YORK STOCK LIST.