The Montgomery advertiser., 1901-08-01
WALL STREET REVIEW THE MARKET PROFESSIONAL IN
 CHARACTER. Buying of Stocks Freely for the Purpose of Supporting Prices.
 Bonds are Dull and
 Irregular.

NEW YORK, July 31.-There was no in- dication this morning of any weakening
 from the lethargic state in which the stock market has been during the whole
 of this week. A spasmodic dip was ef-
 fected in the stocks of the United States
 Steel Corporation at the opening on the
 failure of the Amalgamated Association
 to agree upon terms for settling the strike
 at their session yesterday. The whole
 market opened down in sympathy under
 the attack of the professional traders.
 demonstrated it's professional character.
 The opening dip, following yesterdays de-
 cline. represented the extent to which
 small traders were willing to commit
 to cover short contracts and take their
 profits. if possible. In the absence of
 any important interest in the market
 these day-to-day varying fuctuations are
 what are called the larger interests. pend
 ing the development of new factors. in-
 cluding the settlement of the steel strlke
 seemed to be pretty clearly defined by
 during the period of liquidation they ac-
 complished their purpose of supporting
 prices. When prices advanced they were
 willing to sell out the holdings. which
 ere taken purely for supporting pur- poses, but were clearly indisposed to at tempt an extended advance until the situ- ation clears itself. The market IS thus
 left fallow, except for the efforts of sI all COHtliecHt ol picASSSiOh"t 'P~-N
 tors whose attempts to move prices are of small efficacy. They secure no follow | ing when they bid up prices and they :n- duce no important liquidation now when they offer them down. It Is noticeaole | that railroad authorities are willing 10 concede rather more damage to the corn crop, now that the drought IS enec-uaily broken than they were during the p6rlod when the securities of their companies | were under pressure of liquidation. With | the turn of the month, some slight fepien- 1 ishment of the money market IS looked | for as the result of dividend and interest | disbursements which are. however, small. | The most important is the dividend on
 United States Steel preferred of 1% per cent for the quarter. This will involve an outgo of about $9 GOO. 600 for the s506, 413- 1 400 of the preferred stock outstanding. | Preparation for the dividend which is | payable on Aug. was reflected in the
 large operations of one of the clearing | house banks today This doubtless had | much to do with the small furry in the | call loan market late in the day which | helped the movement of the traders to | put down prices to about the lowest of | the day. Limitations that the stock set | clement negotiations were not going
 smoothly helped to this end. The closing was thus made weak. United States Steel
 fell an extreme 2% and the preferred 3le | The most conspicuous feature of the mar
 ket next to these. was Norfolk and West | ern which rose nearly 3 points on a per | sistent demand which was without ex- | planation.
 The railroad bond market was intensely
 dull and irregular Total sales tpal
 value). s9l0,OO0 United States bonds all | unchanged on the last call.