The Montgomery advertiser., 1905-07-17
WALL STREET REVIEW
ONLY INSIGNIFICANT CHANGES WERE
 NOTICED DURING DAY..
Heavy Accumulation of Ready Cash Is
 Shown by Statement of Banks. Workings of the Money Market. ....

New York. July l6.-The stock market fell into letharsy today and only insisntilt1, T.,
 The heavy accumulation of cash revealed than Indicated by the preliminary estimates. but this was supposed to be due to reetin, Asorease by the working out of the com putation by daily averages As this build. of providing for the repayment of the 3l1.- "00.000 of Government deposits called Tor Sene ths from The eae of ea during the past week had evidently been due 10 the temporary employment of these
 The contraction in loans relieved any ap- that the s fr sas upon available credits. The absorption of Union Pseific set afioat renewed eon1ectures during the week. The Financial chron: from lss rallroads partly estimated indi- inx for the first half of last year of ap- parison with the first six months of 1897. sisht years ooo age, shows an expansion of
 The buying of Union Pacific held the mar ket firm to the close Total sales of bonds.
 The process of disesting profits which was manifest last week in the stock market cul- in prices. coupled with the announcement Of coming vacation departures of some of the accredited leaders of the recent specu-
 The market for the rest of the week showed the benefit of s some a fasSra6le M d., de portant operations on the part of the skilled annn organized parties which had formed the the which had been fostered in the belief that markets would be found for the holdings accumulated. The underlying feeling Of con fidrnce was fostered by number of in cidents one most far teaching effect prob The government report of condition as of July lst, published Tuesday afternoon ment to the hope of prosperous outcome to the country's cereal crops. The fact that their usual authority also relieved the anx- fcty lest the cottop leak scandal should serve to diseredit al! the Governments as- the basis of market operations unstable ana uncertain. with the threat of resulting un- settlement.
 In the money market the continued ex- pansion in earnings reported by the great alive hopes for long time past of increased disbursements of the growing profits But the policy of large outlay ,f current earn ings for Detterments and even of accumuia- ton of surplus to secure less profitable for conservative views on dividend increases The raising of the dividend rate on Balti- more ohio following that on keadins mas the hope of similar action in other cases stimulated by stock market rumors has been Pacific and of expected large extra d,s- bursements in Northern Pacific and Great Northern. The failure to act on thoso indpced selling of stocks
 The large subscriptions for the portion ot the Japanese loan offered in New York was e feature of the week. The money require ments for the applications were of moder~- ate effect on the money market. Bui the greater part of the payments are thrown over to the final installment falling due in october. and form an important adfition al item in the calculations of the money requirements at that time. Rates for time money have advanced under an active de mand for the six months period and the course of the call money markets has come Into increasing consideration.
 Bonds were dull and irregular United States new Is registered have advanced |. per cent and the coupon A per cent on cab during the week.
 NEW YORK STOCK LIST.