The Montgomery advertiser., 1901-07-28
WALL STREET REVIEW
APATHY AND INERTNEss ARE
 APPARENT.
Trading Was of Unimportant Dimensions and the Price Move ments Were Insignificant.
 The ond Business.

NEW YORK, July H.-Not much com nent IS required upon today's stock mar Ret. The same conditions of apathy and ,nershess , that have been gaining for the portan dimensions and the price move nents were without significance. The puonc was entirely unrepresented in the market and the meagre trading represent ed only the efforts of the speculative op- orators of the smaller class to produce some movement that would offer them aays profits. whether on the upgrade or the down-grade. The dealings in the United States steel stocks and to a le ss extent, in the GrangeN and Paciics, overshadowed the rest of the market. The steel stocks were strong on the same kind or operations as those Of yesterday, seemingly based on a belief in an early triumph of the corporation in the strike contest The common stock rose an ex- treme 11s and the prefer red 2h. The corn carrying railroads were benefited by the weakness of the corn market and reports or the breaking of the Western drought. number of minor stocks moved appa- rently from individual causes The American locomotive stocks and lnterna- tlonal Power were sharply depressed. The Canadian Pacific's subsidiary roads re- sponded to the recent strength in that Amalgamated Copper, American Cotton Oil. the Virginia, Carolina Chemical stocks and few others were notably strong. Traders sold the market on the
 
 statement. but they induced no following and covered their shorts before the close, which was steady at the recovery. The week ust past has given pretty clear evil dence of the culminatfon for the time at least. of the speculation for the decline in stocks and for the rise in grains which Ras been going on in the various markets during the whole of July. The effect on the stock market has been feverish and irregular movements of prices with mar rowing fluctuations and decreasing vol tune of business. According to the inva- riable rule in speculative movements of any dimensions this one has overdone it. self The consequence has been reaction from the recently prevailing tendency. stocks have recovered and grains have relapsed. Monday mornings prices were the lowest of the week, but did not reach, except in a few cases. the level of the preceding Monday The week opened much as that preceding had done. Con- tinued hot weather and drought over the Sunday brought an accumulation of sell ing orders into the market which sent prices down with rush, and there did not seem to be the vigorous support which was offered the previous week when the declaration of the steel strike had demor- alized the United States Steel stocks. Everything looked promising for the bears but it began to be obvious before had involved them so far that they he's ftated to commit themselves further and that they were disposed to close up their cOntTdCIS. The same COnOlIlOnS were manifested in the grain markets, where the unloading of the longs produced a collapse in corn out of all proportion to the meagre relief reported for the crops in the drought-stricken districts As a consequence of the reactionary tendency of the markets. the week has been given to sort of taking stock of present prices as they apply to actual futurS promise. More conservative views have prevailed as to the relatively lower prices warrant ed by the damage to the corn and wheat crops. It Is pointed out that the heavy de- cline in the Spring wheat yield last year was found not to warrant the severe de- clines in the prices of Northwestern Rail- road stocks. Earnings of those railroads were found to be well sustained by the very large general merchandise traffic and distribution of stockholders was not di- unfinished. Export estimates of the yield of corn on basis of the damae done re- veal that a large traffic yet remains for the railroads from the crop. The impor- tant compensation of a successful wheat crop is urged. The relatively smaller pro- portion borne by the grain traffic on the Western railroads to the total tonnage is taken into consideration. The large surplus carried by the railroads as a resi- due from the several prosperous years are cited to show their ability to face year of scanty earnings. But when all this is said. the fact is still recognized that the unprecedented prosperous conditions of the last few years are alreardY altered with the final outcome of the steel strike to De reCkOneQ WlIn. EVen with the severe losses already recorded from the high level of the year, in the prices of railroad stocks. the fact Is kept in mind that the | high level was beyond all warrant in ac- tual conditions and represented large de- gree of speculative imitation. It goes with out saying that the recent conditions in the securities market have not been propi- tiOus to the market and no small part of the recent heavy liquidation. Is probably due to the measures of protection for capitalists with large commitments thus nc cessitated. The beginning this week in small way of the transfer of currency to the interior to move the crops calls at tention to the fact that recent liquidation in the stock market had its object prepar- ing to meet this requirement and not to supply means for renewed speculation in stocks. The question also arises wheth- CT this year will see the normal response to this interior movement of currency in an inflow of gold from abroad. It will be remembered that since the South Afri- can war cut off the supply of gold from Europe. the United States has seen no important inflow of gold when our export of foodstuffs began to go abroad. This was true in spite of a merchandise ex- port balance in our favor unprecedented in our history. Foreign money markets look for a demand for gold for New York in the Autumn, but as to their ability to meet it. authorities are not agreed. The speculative outlook from the ,resent level of prices is thus seen to be much maintained.
 Business in railroad bonds has been on are related in value to stocks by convert ible rights. United States refunding 2s have advanced A per cent. on call for the week