The Montgomery advertiser., 1901-10-06
WALL STREET REVIEW THE MARKET FOR STOCKS WAS
 DULL.
  Settlement of Labor Disputes in Steel Circles Caused Some Bet ter Feeling Railroad Bonds Were Irregular.

New York Oct 5-The holiday Tn Lon don today accentuated the duliness nv,e and tended to relax the selling pressuIe, as London has been constant seLer ra on this market of late. The fact mat tneae Is no loan market at the Stock E1cna1sse .se on Saturday also tended to relax the pressure upon the market. While there has been no stringency of money dur,hs the week this has been due 10 the laos that in reducing their outstanding lodns bankers have been discriminating against industrial collateral, rather than making up the ruling rates for call loans. OwIns to the continued firmness or s.SrnnS i,i nf cot- ton bills this week, relief oy golo m ports does not appear imminent. DemAnu r continues from bankers snort ot Sa- change, and experts in that market oe- clare that a large short interest remains to be covered during November. IL ls said that some fresh sterling loans nave ". been negotiated this week. The loan III. crease In the bank statement revealeo that other forces are still at work Tn the credit market which offset the stock mar. pressure against Amalgamated Copper depressed the whole market
 There has been some irregularfty m the stock market from time a to tune he.n nur, in a small scale. The course or prices ln the main has been downward, ana the weakness increased during the ,atter paet paat at the weak spots, which was feature during the crisis following the assassina- tion of President Mckinley ana wnicn was attributed to the joint efforts Of the great banking and financial powers of the country, has been conspicuously lack ing. Liquidation has not been heavy nor was forthcoming at the declines. and there seemed to be a general agreement of sentiment in the street that reaction- ary movement was due ana neeo not 1 pc the normal course of prices Of securities at this time of year, when the largest de- mands are annually made upon 1ne ing of the crops and the period of waiting for the situation to shape itself concern ing the outlook for the coming year.
 The artificial support which was con sidered necessary when the shock Of the Presidents assassination had to be met in order to prevent demoralization ana panic, is no longer considered necessary. The opportunity having been given for due consideration and preparation to meet the ultimate efects or tnat event, play of forces. So far as the, general outlook is concerned, confidence has been maintained Trade returns are encourag- ing in all tSsaSRS continne an at a record figure.
 Railroad earnings are still at higher level than last year though the @ rsti1 tbs o1 2 for earlier weeks and months for some time past. A feature of many or the railroad reports coming to hand both TOT
 
 the fact that increase in net earnings are achieved in a somewhat lessened vol ume of actual tonnage moved: This IS 2 practical demonstration of the healthy effect of the maintenance of freight rates and reflects the progress made in the community of interest as factor in suppressing the rate cutting which has made such serious inroads upon railroad earnings in times past. On the other hand, the reduction in the freight move ment is not an entirely reassuring fact In part this condition is due to the higher grade of much of the freight moved and which is a natural consequence oi the prosperous conditions of the country ]. The Eastward movement Of agricultural product shows falling or partly owine to the shortage of the corn crop and the holding back of cotton. But the West ward movement of merchandise. whose rates, has continued at an unprecedented volume. While this condition has served to sustain railroad earnings, it is ob' yiousIy not a self-perpetuating condition as it is in effect due to the enjoyment of past prosperity. In the steel trade thu reports are of excellent conditions follow ing the settlement of the labor dispute with new demand in filling belated order and with a large residue of steel raj production byrthe mills. The statemen slf monthly net earnings published by tn United States Steel Corporation upon tn occasion of the declaration of the regu larly' quarterly dividend upon its stocks fs considered corroborative of the health. condition of the steel industry, which i regarded as an index of the business con
 sition of the whole country. The with drawal of artificial support from tn