The Montgomery advertiser., 1901-08-04
WALL STREET REVIEW
PRICES HIGHER UNDER PRoFEs-
 SIGNAL OPERATIONS.
Traders Were of theopinion That the Steel Strike Would Be Settled The Market for the
 Week.

higher this morning under the operations oI sne small attendance of professional ently influenced by the belief that the | renewed conference on the steel strike gave promise of a compromise and a re- sumption of work Both the United States steel stocks rose point over last night and St. Paul rose a point and a fraction Prices drifted aimlessly for the greater
 part Of the session. There was an ad vance of 31s in consolidated gas for some | unexplained reason and gains of a point or more in II United States Leather pre-
 ferred; American Cotton Oil. Peoples Gas. Pacific Mail, St. Lawrence and such l inconspicuous stocks. Selling orders ap- peared when the bank statement was
 published. whether for the purpose of
 taking profits by room traders or from
 an unfavorable interpretation of that document would be hard to say. The
 rather large increase in the loan item increase in cash largely offset its effect on the surplus reserve item The selling at the last; though small. seemed rather tately to the lowest level of the day. IIP The closing itself was weak and near the low est. The railroad bond market was as sarrritidn Tar iron refieStins any demand for dull and heavy throughout.
 The week in stocks has been a dull one.
 In contrast with the two previous weeks, when the Monday morning dip made the low prices for the week, the Monday morning bulge this week generally made the highest. The market has been an the amount of the business done, the number of different issues dealt in and the extent of the fluctuations. The news
 n prsss n Hst res was of M
 torded from the two principal depressing factors of the previous period. the
 drouth & and the threatened Steel strike. gave the first indubitable assurance that whatever is left of the crop to be bene- ntted was sure of the requisite moisture.
 Notwithstanding the various phases of the steel strike negotiations, Wall Street has chung to conviction that the ulti- l mate outcome would be a resumption of | reaching prosperity of the industry. Yet, still the security markets have halted
 and the larger financial interests and | the general public have maintained a profound indifference to the market. The dominant influence upon speculative sem | timent exercised by the steel strike calls portions of the United States Steel Cor poration and the other projects in the
 railroad world which went hand and
 hand with tr 1t and from closely identical origins. These projects represented a
 process of capitalization of the enormous
 prosperity which the country had en-
 1oyed, 2s,. for r number number of years. with
 on fiotation of new securities is easy
 to perceive now in the, retrospect the
 Dofdness of grasp with which the far
 
 of vast accumulations of banking re-
 serves to provide themselves with the re-
 sources in the shape of syndicate loans projects 0ea on oh the perhsps Gns side these centered about the United
 states Steel corporation and on the rail community, of interests. It was after the steel combination had been fairly
 launched the Pennsylvania Railroad had
 frunr nnder rs it's inuencs the Coal Company had passed to the control of the Erie. the New Jersey Central to l the Reading and the Southern Pacific had been absorbed by the Union Pacific and the speculative world was ready to &C., cept with avidity any suggestion however
 extreme. of equalization of capital that home the fact that antagonism and con
 fiict of interest still existed in the world or capital. Even this was immediately seized by. the speculative interests as a means of settlement of more combina- tions. But othr factors intervened The damage to the crops by the drouth was sftion party in the speculation towards driving prices lower. Then came the shock of the trouble in the steel trade. The dependency of capital upon 'a state of general confidence for success in such vast projects thus began to be--showu The enort to support prices of securities ny sheer force of money proved unavail- ing. When the first of July arrived ara the period of the year approached for active use of money in moving the crops It became necessary to tighten some of ,il the ioads that capital was carrying and liquidation set in. It is demonstrated now that foreign money markets as well as New York were resorted to for syndicate borrowings at the period of new combi- nations. ana the repayment of obliga- tions created the operators now to check fhe Hew usual yaat periodical iow of money to outgo of the United States agriculturaI products; A continuance of the specula- tive activity fin the securities market was relied upon to afford a market for the new securities which were published to reimburse the syndicates for the out lay made in the combination projects With the checking of the successful marketing of these securities, the sums tied up in underwriting and fiotation sym dicateS remain to large extent unre- leased. The expectation that the amend ed revenue law would reduce the govern on the money market has thus far been disappointed. The government has taken up a small surplus for July of last year.
 Bankers do not feel safe to make loans poses in the stock market pending the demand from the interior of the cron moving. The sluggish and irregular ac- tion of the stock market this week afford interests are not inclined to contest these obstacles for the present and are disposed to let the stock market he fallow.
 The railroad bond market has been as dull and narrow as stocks, but has shown evidence of small investment demand
 U. S. new fs have declined A per cent on call during the week.
 New York Stock List.
 Atchison, preferred ...................... 94H Baltimore and Ohio ,................... 97