The Montgomery advertiser., 1901-08-18
WALL STREET REVIEW
WEAK TONE IN THE STOCK
 MARKET.
Expectations of Higher Money Mar ket the Cause-Prediction as to
 Further, Expansions in
 Loans Not Borne Out.

NEW YORK, Aug. 17.-Expectations of higher money market caused a weak tone to the stock market today. which was accentuated after the publication of the bank statement. Predictions as to further expansion in loans were not borne out, the statement on the contrary show ing a decrease in this item of $1 .645, ,300. This unexpected good showing. however, was more than offset by a loss in cash of S2.TS.000. which was quite unexpected, as the estimates yesterday figured on a gain of nearly three-quarters of mill lion dollars. Some uneasiness was also felt at the efforts being made to close in operation since the strike was declar- ed. Persistent selling of the United States Steel stocks, which made extreme declines of 7s and 1ss respectively for the common and preferred, stimulated bear selling at other quarters, Pacifics, local fractions, Sugar and Amalgamated Cop per. which were lower fro l to points. The Southern and Anthracite and Bitu- minous coal road stocks also rallied sharply. In the final dealings trading was shade more active, but the. close was weaker. An incident of the das1 was the pronounced weakness in the ster- ling exchange market offerings of all classes of bills, being very large with scarcely any any inquiry Demand seH bills sterling was well held.
 Consideration of the favorable under lying conditions gradually supplanted the earlier dominant influence of the gov causing a higher and broader market. These consisted of the large volume of the general trade, excellent railroad public interest in the market Mondays market, when the crop report and the strike figured to their largest extent. rapidly discounted. The low prices of the week were then recorded and the sub sequent recovery, though irregular, car rna6G eGnanialIV those tapping the corn belt. were expect ed to be targets for bear attacks when the week opened. But the moderate losses that followed aroused belief that the worst was over, and the heavy de- mand for the short account that develop ed later colored this view. The failure order. and the successful operation of various plants, caused predictions of an early collapse of the steel strike. The
 
 and gradually reached level points above last week. This improvement was maintained until the late announcement was made that the Joliet mill had shut down. This incident, combined with general disposition to take profits on the weeks large advances, gave chill to ing this the waning effect of the crop re- port and labor situation caused a more cheerful tone, although the speculation rstained mqen o or Iss recent to pEot9ssoa frsnni advantages of the rising prices to put out short lines. but as their effort dislodged but little long stock, they covered quickly and awaited a more opportune time, These attacks. became less energetic after the early days and the later ex- tensive demand that arose was credited tions were considerably more favorable, and. as grain prices relapsed after Mon days strength, operators began to fig ure on a larger crop than the government tn DfQana0fnnS of the financial turn to the farmer from the yield oc- cured, 1t being contended that the higher prices obtained for cereals would offset had some effect in sustaining stocks but net results will have to await the har- vesting of the crops. Railroad earnings suits of the crop tonnage until the win ter, and are meanwhile showing larger increase LeaSing systems issued ire uuent bulletins of the crop situation. They were quite uniformly encouraging. and supported some favorable forecasts by trade organs. Commission houses re- ported an increase in outside orders, ; public interest has been reawakened by the betterment of conditions and advance in prices. London was a heavy buyer throughout, the improved financial and political conditions abroad causing re- vlveCi interest in American rails. Last months severe decline in prices was gen orally attributed to an important western bear party, and the substantial advances in the Changers and Pacific. stocks is largely credited to coverings by this in- terest. St. Paul was the leading feature of the week, talk of a possibility of an increase in the dividend causing active dealings, and rise of 10 points. Moth ing definite developed to support this rumor. It's influence on the market was very strengtheaing and the he. preferred movements were not so pronounced. but there was large transactions in stocks, which have not receEly been prominent. especially the trunk lines. coalers and high priced specialties. This divirsified buying followed the circulation of favor able reports. the Anthracite coal stock CTS bought on the strong trade conditions and little attention was given to reports of renewed labor complications. The formation of a large bituminous coal combination benefited these properties, and the trunk lines being the largest car riers to the seaboard sympathized. The late bear attack on Peoples Gas died out and the stock made good progress upward. Sugar. however, was hammered vigorously early on the illness of the president of the company, and unfavor- able trade conditions. The loss was more than made up later, but it was very fev-.