The Montgomery advertiser., 1902-06-15
MALL STREET REVIEW |EIHTLE DEMAND AND NO oF- TERINGS.
Very Little Importance Can Be At ! sstached to Yesterdays Dcal- ings in Stocks-The Clos
 a ing Was Fairly Steady.

Eew fork, June livery little import
 Ance can be attached to today's dealings
 Ips stocks. Prices were we'll held but this
 Was not because there was any general
 1enand, but rather because there were
 no offerings. Outside of Missouri Pacific
 md St Paul. the dealings were hardly
 more than nominal. These two stocks
 rere lifted a point after the appearance
 ofsIhe bank statement, but neither closed
 at its best. The closing was fairly steady.
 However, but very dull. The bank state
 nent was considered favorable and help
 ed the market. The gain of million
 Rnd a quarter in cash reserves was larger
 than expected and the contraction of
 pver sa00o.0 900 in tie loan account came
 |n place of some apprehension of fur
 ther, expansion of that account. The net
 result was to add more than $2.0o0.e00 to
 the surplus over the legal requirements
 |n the reserves of the associated banks
 The buying of Missouri Pacific and of St.
 Paul Swas of the same character as dur
 Ing the week, and was attributed to the
 Operations of speculative pools. The coal
 ers were neglected owing to the lack of
 corr0boration of yesterdays rumors of
 meaeures taking which would end the Setr1ke- The rise of point in Norfolk
 And Western was based upon the reports
 that the strike of the soft coal miners
 ln the .Eirginias had been broken There
 was nothing in today's crop news to stim-
 nlat6 Speculation. The trading was per-
 functoFy throughout. The reports of the
 nercantiie agencies which showed the an-
 kArncfte strike to be the only cloud on the
 |f16iisfrlaf horizon and showing of rail-
 road eaEAings for the first week in June
 which are largest over per cent more Khan those of the same period last year.
 were influenced toward conserving the
 Firm undertone of stocks.
 There has been slight revival in the
 Etock market this week, but it was not
 husbanded. and the market has shown a
 disposition to relapse into 1ethargy and
 10 await clearing up of some of the ele-
 ments of uncertainty in the situation. fm VT1fd irar n {7ue largely to personal element and |&Was attributed to the operations of the Header of the so-ca1led Western party (which has dominated all the recent im- |#xet and has been largely influential as |4weiI in the corn market. The return of &his leader to the Wall Street district *was followed by strong dealings in some |&pf granEers and in some of Southern roads. The hope induced some profess
 Ssional feeling but the general sentiment z&pf outside public discouraged the cam I{paign and therefore it was discontinued }No all appearance. The deliveries of the Week have been such as to discourage bort speculation activity. but have con- flrmed the general confidence that Is felt {5n fhe general soundness of business and |lndustrial situation. The continuance of [1abor troubles in the anthracite coal re- kions. has kept attention focused on this Iphase of the industrial situation, and l has given general importance to some E4esser manifestation of a settlement be- Efween' miners and operators have defined fthemselves as apparently irreconcilable, &hnd the early rumors of further negotia- Efions towards settlement and of possible Etntervention by the Federal executive to 5tattempt harmonization have given way Ezto the conviction that the struggle must |fsettle down into a test of endurance. A 3possible spread by sympathy into the |zsoft coal region has been the further which conjecture rests. The |*suspensien of the strike among the West xfr.4.s ffsa116 mi |{been reflected in any appreciable extent. land 1t may have helped to repress activ- &ffty. Another question yet to be answered (which hangs over the situation, is the EIultimate effect upon the financial situa- |{fion of the peace in South Africa. The |{st6ck exchange settlement in London this {wcek has revealed an overbought condi- |Ition of securities. especially of [fIxaffir mining stocks and the EIweakness of many of the holders |Ihas necessitated realizing and tas |fkept prices in London on the downward |zerade. Not much revival is expected in [IEhgland before the coronation festivities Hare finished. There has been much con- E|troyersy for two years past over the ques- |Ition of the relative influence upon the de Dression which has ruled abroad of the |{Boer war and the competition of the ex- |$panded American industries. With the fwar ended the problem arises of the di- Erection to be taken by the stimulating &nfiuence arising from the settlements. |2A long period of liquidation in Europe |<has shaken securities down to a substan- |&tial basis which may prove attracziVe to E&eapital. The present condition in this 9country is one of expansion if not of in- |<hation. But the field for new development 6n this country is clearly out of all pro- portions yet to that of the old countries {of Europe. Even during the period of our 51argest increase in wealth and while we have bought foreign holdings of our own E5securities in all quarters. we have con- tinued large borrowers from foreigners Nor our new development. In effect for }eigners have used the proceeds of sales <of our securities to place in our loan mar 5kets. But while our money market has {been replenished with large temporary loans from this source there has been Nery little investment of foreign capital tin our securities. The question is whether