The Montgomery advertiser., 1901-11-03
WALL STREET REVIEW THE STOCK MARKET WAS SPoT- TY AND IRREGULAR. The Close Was Firm, However, with Prices at About the Best of the
 Day-Union Pacific
 Led Rally.

weak bank statement. very LdTse osSat the rsiIy. The selling after the bank stateuent had been consideraple ana tns rsins earlier had been pretty well wiped JJrton Pacific was most prominent In fhe rally and was marked up to 1OS 1-4 through many offerings of several tnous- and share blocks esfh The snS SoutneiTn nsia AmaiEamated Copper, and United States Steel preferred also rallied strongly, the last named rising point over iass S rsiiied but feebly. dropping back to the lowest of the day at the close. The gen eraI movement was narrow, but some iess important stocks ,s movso S,rssse w.ee There was strength in Illinois Central and the St. Louis and San Francisco stocks. It was hoped that the gold exports. comihs th full amount in the bank statement under the average system. But the casn az, crease proved to be . million and a ,nan haif in if.e excsos ssowsa the process ef loan sxpsn- sion by the banks still heavy in force. The London money market snowed re- lSf sy sns stsrns excSange at recovered a fraction. Further gold ex- ports from New York next week are are counted as Pan,ca Pracscfi csc at tS. ciose was accompanied by rumors that state ments of terms of the Northern Pacinc settlement was posslbility peIore trau- stocks have drifted uncertainty during the whole of the past week, with no cons sistent movement defined at any time; The conflicting eddies of the pool or speculation have been due to movements of individual stocks under the innuence of special causes. The prevailing impress sion among market observers mas Desn For the first time this year the weekly transactions in stocks have fallen below the aggregate transactions for the cor responding period of last year. durirH one of the weeks of October, yet sur vey of the transactions of the whole month reveals an aggregate Of l4.Vzs, ,l4f tober of last year, which was in turn the largest aggregate of transactions for any October in the previous ten years. Sales ono%nt or 10nts to i par @ value of com pared with $l2. .2s7. 600 in October of last wear. and s5s,7l7 ssO in October of 1898.
 It will be seen. therefore that the sen. n. with the furious activity of the speculat- i've Jurors of the earlier part or the year when the daily transactions at the stock exchange from 1,000,00o to 3,0o0,ooO shares a day for many successive days. It is true, however that speculative opera tions have fallen to low ebb, and are left almost wholly in the hands of profes- sional operators The multiplication of securities listed and dealt in by their ex- banded share issues counts for the main tGnanCe stock market above any previous record for the corresponding time of the year. The usual withdrawals of banking de- posits for active circulation: the course mally a period of dullness in speculation. The fostering cause of speculative activity the banks. which are employed by the average speculator in the form Of loans on call.
 It is found to be the invariable rule NI ROr fnH mt o and industrial purposes works a con traction of the supply available for speculative purposes on call: no matter may amount to. Thus. in December. 1899. when the war in the Transvaal broke out the demand for call loans for exchange ran the rate up ta 1s6 per cent. per annum, and precipitated a severe panic, but did not check the outgo of gold to London. Speculation is therefore naturally timid in times of strong cur rents in the shiftings of money supplies. Options continue to vary as to what will oe the ultimate direction of values. when speculation issues from it's present dor 1nant and hesitating condition. The az gregate requirements of foreign money markets until the turn of the year are week point to the likelihood that tht New York money market will be called Sn to meet those requirements. The be advance in the Bank of England discoun rate points clearly to that conclusion The ability of the foreign markets t' of heavy trade balance in our favor fo many months is now seen to be due t the enormous return of foreign holding of securities to domestic holders and t, syndicates during the struggle for con trol of the Northern Pacific and tn origin of the United States Steel Cor 9oration. The prolongation of the Boe war keeps Europe shut off from its GUS !omary source of gold supply. while thu continued production in this country mpply Industrial depression in Ger many and in Russia have involved heavy losses. French capital having been heavily committed in Russia. This is held tc account for the calling home of French :apital.
 There have been suggestions also that foreign capitalists have not entirely ap proved of the uses to which their money was put by the borrowing capitalists and syndicntes here. The depression abroad is already reflected in degree in the de cline in our exports and in the increased . competition of surplus production anC lower prices, and the question obtains how much further this tendency may go Attention has been attracted this weel by reports of retirements from busines of wheat exporters on account of disap pointing foreign demand and collapse' contracts both. in wheat and ocear treights have involved losses The ex port of iron products has avowedly fall sn to insignificant proportions, althoug the urgent demands of the home trad are given to account for this. It is on of the many anomolies of the foreign eX change situation that London has t shift to Paris demand for gold upon Ne' York, while Australian gold Is diverte from its usual course to London for shiT ment to San Francisco and ultimately New York. The weeks shipment ( E22S00 900 to Paris is exactly counterba anced by gold received in New York. C in transit from Australia. The renewf of bond purchases by the secretary of tn treasury only partly relieved the apprt hension of the disturbing effect upon tn money market of the unwieldly goverr ment surplus. Reports of the domesti trade situation continue favorable In tn volume of bank clearings throughout tn country. the earnings and amount ( traffic of railroads and the activity in tn iron trade. But opinion Is not well df fined as to whether or not the country prosperous condition and prospects ar not over capitalized on the basis of tn large financial organizations of the pas wear, notably the Burlington deal. IT.. : Steel Corporation and the generally hig level of prices for securities still D.
 Railroad bonds have been quite activ during the week with periods of notabl strength here and there. U. s. three advanced +. the refunding twos and tn old fours F, the fives E. and the ne1 fours 1 per cent. above the closing ca of last week.