The Montgomery advertiser., 1902-03-02
WALL STREET REVIEW
HARRIET WAS DULL AND LIST
 LESS YEsTERDAY.
Many of the Most Important spscu. lators are Absent from the
 Street and the Small Fry"
 Are Left in Charge.

New York, March 1.-The stock market was very listless and idle today and re- stricted interest even on the part of the professional traders Many of these have the exchange to go away for spring va- cation trips and the absence from the Street of many of the bankers and rail- road presidents who are generally con- eral acquiescence in the present state of things. The small traders whose dealings make up the market devoted their atten- tion to the less important stocks which With the exception of . rise of s-l in American cotton oil said to be due to fa- vorable trade conditions, there was no movement of sn!ficien. importance to chronicle. The bank statement showed q smaller decline in cash reserves than at tributed to the working of the average system of computation by which the gold shipments on Thursday figure for only three days ,n the statement. 7 The loan item was also a relief in the modest pro- crease had been feared. The room shorts therefore covered on the publica ton. 7 :. With both loan and deposit item of the hank. these hgures never befors recorded in the history of the clearing house and with the surplus down to the small sum of $9.97ss2S, the desirability of caution in iucurring obligations in the call loan mar ket is clearly recognized and there Is no
 
 tion in the stock market. The distinctive feature of the dealings in the stock mar ket this week has been the prominence of the less prominent stocks which are not immediately allied with the great railway systems and the industrials jol small capitalization and which are saf. fected only by individual causes and are not a barometer of general conditions. of these during the week. Usually some ostensible reason was advanced for the buying of the particular stocks affected. but they were for the most part vague rumors and there were often sudden re- lapses in prices when rumors failed of confirmation, and the speculative pools responsible for the movements had taken their profits. The sum of these move ments helped out the appearance of ac- tivity in the market for much of the time but they were in reality a symptom of the underlying neglect and indiffer- ence of capital to the market. As for the general market as a whole it has maintained fairly firm undertone. not withstanding the tendency toward stag nation. That is to say. holders are not seeking to market stocks while the de- mand is so slight that sales could be effected only at concessions in prices. that very large volume of securities representing the proceeds of consolida- tions is In strong hands, and that the complete success of consultations can HOt De Sdlu tO pc assured untlI the Secu- rities find ownership with the investing public. Much weight has been attached by spectators to the expected develop- ments of plans for further consultations, as they may be affected by the Northern Securities Company's sale. The propose | suit against this company by the govern ment necessarily brings into question not only its own future. but that of many other projects designed on the same lines. The sediment of the government s suit is recognized to be a matter oi months and perhaps no one supposesr that the stock market will lie stagnarit all that time. There are factors of more i'm mediate application which promise un. certainty in the speculative sentiment. The money outlook is by no, means clear and the resumption of gold exports on a large scale Is a complicating factor. It Is clear that the gold has gone out in payment of maturing obligations abroad
 and the growing demands on foreigr credits indicate that further calls will be made by this country's foreign creditors. The speculation in Kafflrs in London has apparently eliminated for the time and the taking up of contracts in these has