The Montgomery advertiser., 1902-01-19
WALL STREET REVIEW
LITTLE CHANCE IN PREVIOUS
 @ --4-1' CONDITIONS. A..
The Increase in tke Cash Reserves as Shown by the Bank State
 ment, is Greater Than
 r.. r4 Expected.

NEW. YORK, Jan, 1s.-There was no change today in the conditions upon which i'iyesterday's advancing prices were predicted. The bank statement showed more than the expected increase an expansion of, over 5000, 900. A loan in- crease of $, 300 helped to swell the deposits sot that the surplus benefited only to the extent of S6,10S,OO0 The state- iaent however, was a strong one and the selling movement with which it was met was obviously profit taking by pro, movement was continued to some. extent this. morning. especially in the coalers. and some of the, industrials, but the later profit taking wiped out about all khe gains and left several important stocks a point or more lower than last night The reduction in the minimum discount rate from 1-2 to 3 per cent and the \. very strong recuperation revealed by. the Rank of Germany was confiTma- lion of the weeks indications of the inn proved situation :n Germany. The in- ftaT there. is inclined to How into home and other government securities, and no disposition has been manifest to renew interest in American securities. fea- tlIre of the days market was the bidding up of Chicago. Burlington and Quincy iinassented stock to POS compared with last nights bid of 191. No stock came out American Tobacco unassented stock sold IS points higher at 25o.
 The stock market has felt the cumu- lative, effect this week of various fac. s,;. which were contested by supporting or ders in the market by insiders. or by inspired public ications belittling the. ap- pearanee of these developments. These efforts to contest a prevailing tendency were apparently abl lndond with the open ing of the week and depression and pro- mission granted by the United States Supreme Court on Monday to the State of Minnesota to appear and argue its pe- the formation of the Northern Securi- ties Company ciihched the likelihood that this great project is to be subjected to litigation that probably will be prolonged The value of it's securities and the ques- ton of its very existence are therefore to be held in abeyance. The introduction of these securities to the market and the efforts for their distribution have been 1nuch counted on by spectators as stimulating influence in the whole mar ket. Another. chilling influence on spec ulaifon was the announcement Of new bond Issues by the Atchison and rumors of other issues by the Erie and Unior acA.c. The basis of these rumors Is the announced intentions of the two compa- nes to make vast outlays for extensions, 1mprovements and betterments.o In the case of the Erie there stands the decla- ration in the dast lnnual report that it would seem the day is now approaching when arrangement for new capitalize tions me profitabiy made
 
 ditional stock by the New York Central Company in the same category of in- fiuence, the granting of rights Of sub scription to stockholders at 125s operating as a valuable privilege at the present market price of the stock. has kept its quo-ation up. All through hefrecent pe- riod of railroad prosperity much stress was laid upon the large sums expended out of current net earnings for perma- nent betterments for which, additional capital would ordinarily be looked to. The ea1s.y n@az hat hoe .tcSr- pendftures would forestall future require ments and make possible a reduction of pendltures in less prosperous times, and dividend rates. The issuanceRgof new bonds and stock opposes this contention, as 1t puts new charges ahead of the dividends or gives new stock equal diVt- dend privileges. The existing car famine is also calculated to throw trouble upon the sufficiency of recent outlay for that p.lrpose. on which such stress has been paid. The apparent spurt at this time of the public demand for investment in se curities adds to the effect of these pro- ments in the affairs of the trolley syn dicate, the rubber trade and the asphalt trust The theory that abundant capital is. awaiting a favorable. turn of affairs to flow into Wall Streets securities has tte contend with the disclosures that / Normous sums have been. ventured in
 Tst s7rntccts whose securities have be-
 Ernost unknown in the stock market. It an important question how far this hwesfmefit of largo capital in great pro 1 Jects outside of, the stock, market has have been .eommitted to these projects and how far difficulties of releasing on them may develop, as they have done in the cases already disclosed. These con siderations have caused an undertone of Conservatism and some uneasiness, in she financial world which the favorable Reports of business and trade have not entirely alleyiated. The future course of fairoad earnings is earnestly studied. Latest reports show satisfactory rela- Hons but reports are renewed of rate cut ting In spite of the complaints of lack of cars to carry all the business off. The easier money conditions have failed to stimulate speculation. The rush to re tre pank note circulation Is d symptom that the constant expansion of the cir ciIlaton which was 4 feature or last wears conditions is not to repeat ths year. Applications are reported alr' 9dy on file in Washington for the withdrawal or bonds and retirement nf circulation up to' the full legal limit for this month for February and for part of March quota. Foreign money markets have be- come abundantly supplied with the turn of the year, but are not expected to re- main so. The issuance of d German and Prussian loan this week Is to be supple mented in the near future by the hew British loan and by large Russian loan at Paris. The London money market is expected to reflect the heavy payments for taxes for the quarter from the mid ale of the month onward. The stock market has become dull and sluggish under these influences and the only speculation of importance has been in stocks inspected by individual causes Bond dealers have complained that the investment demand for bonds was not IS large as usual for this period of the year and the principal activity has been n speculative or semi-specuative bonds United States rCfunding 2s declined I-4 Ser cent. below the closing call of last week.
 New York Stock List.
 \ aAtchison ..-........................... 76H