The Montgomery advertiser., 1901-08-11
WALL STREET REVIEW 1
PAUCITY OF DEMAND AIDS
 DOWNWARD TENDENCY.
But Little Interest Attended the Fluctuations of the Steel Stocks The Closing Irregular and
 Almost Lifeless.

NEW YORK, Aug 10.-High prices from London were reflected in a fairly good tone for railroad stocks at the opening, but small gains were soon wiped out and prices dipped well below yesterdays close for important stocks on a renewal of pro- fessional selling. The interest excited in the government monthly crop report and the prospect of some important develop ments in the strike situation next week caused large dimnution in the volume of business. The paucity of the demand cy. which was most marked in the gran gers. Pacifics. Coalers and Southwesterns. Missouri Pacific and kindred stocks were influenced by denials of recent reports uf the impending absorption of Mexican railroads. As on the two preceding days Missouri Pacific spurted up sharply at the close, the final figure today bringing tcrest attended the fluctuations in the steel stocks today, their movement being only fractional but indicating better sup port for the common than for the pre- ferred, the latter ending Ss lower. The than anticipated. was without any de- rided effect on the market. The increase
 in loans of SEAS, 700 was not readily ex- plained and it decreased surplus holdings I PIP 4m:. The closing was irregular and almost lifeless. Developments of the week were not sufficiently defined to af- ford much encouragement to either bulls or bears and the result was a dull narrow unSettleu ndTkcI. Tn a001t1On the uncertainty as to the crop situation con tinued. in the absence the government monthly report and the wide variance m estimates by recognized trade authorities. These conditions reduced public opera uons and from day to day fluctuations represented only the character of the professional views. Liquidation was on large scale earlier on uneasiness as to the possible ramifcations of the steel strike and crop scares. Discussion of the effect on general business by the reduced nj hno ot1er <xfk r.. 5s~- farmers in the event of their condition becoming critical was factor in limit ing general speculation: Large amounts or on the me. tinted . States ate Steel issues came were less than when the rupture first occurred weeks ago. This circumstance was ascribed to the formation of an all enormous amounts at fixed prices.
 The known conditions rendered profess sionals chary of attacking the stocks the strike and the consequence of a squeeze being weighed. Nevertheless their re- covery from the low point when various times by ''Infiuentiari selling. Consistent support was lacking for other stocks and speculative favorites. such as sugar. St. ern Pacific. covered wide range either way frequently. Pessmistic views re- garding the damage to the crops which had hitherto made large inroads on
 
 not borne out by the tenor of the late advices. Reports of copious rains reme- died conditions somewhat and the im- provement noted by the weekly crop re- port caused a modification of alarmist re- ports. Stock prices then reflected an apparently oversold market. Operations of the long account however, were con- ducted with caution. traders taking profits quickly and being content to await the monthly showing. General propriety represented in large part by the agri; fluctuations in the grain market were watched closely and stocks conformed pretty closely to their variations Damage is admittedly greatest in the corn belt. but some interests believe the | prospects are good for an unprecedented growth of spring and winter wheat. | A general waiting attitude was more or | less in evidence and occasional bursts of activity were succeeded by. periods of semi -stagnation Various bull move | ments were engineered in stocks which do not exert any bearing on the general tone and their fluctuations did little | more than to increase their broader scope of the leading.
 Railroad returns were viewed with sat | isfacton. the large gains by the repre- sentative systems traversing every sec tion of the country indicating that gen | eral business was in good volume Re- cent liquidation in stocks was conducive to ease in the money market and call Lenders reported time loans in fair de- l nIand and mercantile paper terms with | ont especial change Considerable satls- | faction was expressed at the liberal re- ceipts of gold at Pacific coast points from the Klondike and Australia. credited to the local banks which enabled them to gain largely on sub-treasury operations. The institution also dispersed the August government interests and as the interior currency movement favored the banks. | the prospects for a good bank settlement heeped to maintain market prices. Ex- port of gold appeared to be foreshadowed | in the near future by the higher market in sterling bills A scarcity of commer- cial concessions coincide with an active demand. brought rates to level at | which it was considered probable that gold shipments would soon be made. | There was talk of exports to Germany but all foreign government instit1tions 1tI. o1;' to offer special Inducements. the actual outflow is likely to be s., deferred .horn until l a good profit on this form of remittance. Prices of bonds moved within narrow | limits throughout and displayed little | feature aside from pool operations in a | few relatively unimportant issues.
 l United States bonds were all unchanged on the call prices for the week