The Montgomery advertiser., 1901-08-25
WALL STREET REVIEW
CUSTOMARY TENDENCY TO
 TAKE PROFITS OFFSET.
Buying Attracted by the Good Re- ports of the Mercantile Agencies and Settlement of thesFrapco-
 Turkish Trouble.

today Dy the buying ttldcleu oy
 highly favorable character or the weekly reviews of co mmerclal conoi, tions by the mercantile agencies and by the settlement of the Franco-Turk- ish trouble. The London market was closed for a holiday today, so that the demand for American securities in- duced by the later development came directly upon the New York market. There vas some profit taking before the appearance of the bank statement, ana again In the final dealings, but the professionals found little difficulty in prices, and held the market pr city steady and near the top until the close. The public still holds back, but evidently the hope Is entertained that Monday morning will bring more out siders into the market, attracted by yesterdays greater activity and strength and is persistence today. The bank statement was about as expected in the cash item, except that the sup- posed special shipments to Philadelphia expansion was attributed to the stir ring by pools in the stock market which has developed during the week. The leaders today were Atchison. Erie, the Pacific, Amalgamated Copper. Su- gar, about in the order named The strength was well distributed, but some of the recent strong stocks hung back especially the Pennsylvania group, the Wabash, St. Paul and Southern Railroads. The United States Steel stocks were quiet but the pre- ferred rose point in the late dealings. There has been a revival of speculative activity this week except in - a few spots. The volume of dealings has been somewhat less than last week, and on Tuesday the dealings in bonds fell to the low level of the year. There was increased activity of speculative bonds later in the week. Notwithstand- ing the dullness of the market, the tone has been quite finn and there were pe- riods of positive strength. Closing up Of outstanding contracts on the short siGs were responsible for some part of the strength. thus eliminating a poten- tial requirement for stocks and giving premise of even greater dullness in the future. There were, however the usual opers tions by the always industrious room traders to try to reap advantage from requirements of shorts by bidding up stocks and even to inapgurate bull movements by the formation of pools in special stocks. Tn few cases oper- ations were of sufficient consequence to give oeler ts the supnositiOn that larger financial plans wereNeing worked out or coming developments warranted exreotations of large returns on STOCKS, but all these were insufficient at any time to give great animation to the market The covering by shorts was largely attribu- ted to western sources, from which sell ing had been largely on the early indi- cations of damage to the corn crop. Tke sustained character of the demand indicated that the crop damage had been over discounted by the selling of stocks and possibly over-estimated also. The continued high level of rail- road earnings in the regions affected had cheering effect upon holders of securities, the price of corn seeming to have been advanced to a figure saf- ficiently attractive to bring out large offerings from reserves in farmer s hands. Finally, the fine condition of the spring wheat crop and the large total crop of cheat indicated have re- ,ceivsd increasing attention. Last weeks record exports of wheat
 although not fully maintained this week adds to the importance of our wheat crop and reinfGrces the statis- tics of foreign wheat crops as show ing large requirements to be met from our surplus supply of wheat The conditions thus presented are a forcIble reminder of the outcome of last years s marketing of crops. The development of shortage of spring wheat last year which caused acute weakness in the securities of all railroads in the north
 western region, proved to be neutraliz- ed by the heavy traffic in general mer-
 oh hux roI
 not checked in the increase. The ex-
 ceptional profit enjoyed last year by
 the Southwest in the wheat, corn and
 cotton regions, are believed to insure
 them against excessive business de-
 pressions from this years corn short age. The steel strike cloud still over-
 hangs the market and trade authori.
 ties point out considerable effect Lpor the market for products already. The diminished productions of iron has re- suited in weakening in that market
 while delayed deliveries of some lines
 of finished product caused by the c.os-
 ing of mills is beginning to interrupt
 projects under way.
 The claim of The London StandarC that American consumers of finishe, goods are placing orders in Grea
 Britain on quite a large scale Is con
 sidered significant in that respect. Wal Street opinion, however, Is inclined t, determinedly optimistic view of tht outlook in the steel trade. Operators il stocks are inclined to continue thei
 analogy with last years events anC point to the ultimate improvement il the anthracite trade in spite of tn
 shut down of the mines. This senti
 ment may be the effect, rather thai the cause of the frmness of the Unitet States Steel stocks, in which the deal
 ings have been small and insignifi cant. The real pressure upon tn, stocks came in anticipation of tn, strike and forced the drastic liquida
 tion early in July when forehandeC financiers were preparing for what the! saw was the inevitable. Amply re
 trenched as a result of that foresight under the generaIship of the most skill 'ful manipulators in Wall Street, tn, feeling in financial circles is thus seer to be one of confidence in the ultimat, values of securities and continued pros porous condition. Speculation halts be
 cause of a doubt of the capacity of tn, money market in the immediate futurl to supply the sinews of war for opera tions on a sufficient scale to attract { large outside share in SpeculatiV' movement. Money on call ruled easl at the moment, but there Is no induce
 ment to make large commitments il stocks in reliance upon all loans. Al
 ready the interior Is withdrawing fund
 fro New York for the annual croI movement, thus belying the superficial view that the large resources of inte
 ~ior banks this year could relieve New York banks of this drain. This al
 most perennial expectation is due tC misconception of the nature of this in
 torior demand. The payments to the field lahnrers and 10 small farmers nee.