The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-08-24
WALL STREET REVIEW
ONLY LANGUID INTEREST TAX
EN- In OPERATIONS.
The Actual Reserves Of the Banks
Did Not Show the Expected
Small Improvement-The
Weeks Market.

New York, Aug. 23.-The interest IN To-
days stock market was languid IN spite
of some brisk operations on the part OF
some speculative pools and substantial
Increase in the surplus reserves OF the
banks which is usually made slgnai Ior
an upward movement of stocks IL ola
not escape notice. however, that the act
ual reserves of the banks failed to show
the expected small improvement. the turn
in the tide of the sub-treasury opou tons
having taken up entirely the contribution
to the money market made earlier in the
week so that the cash in the banks was
decreased some s317.700. The contraction
in the loans of $40. 100 shows that the
funds which supplied the stock market
during the week came from the trust
companies and from proceeds of Dor
rowings abroad. as had been supposed.
The action of the banks in reducing their
loan account is in expectation or the
coming demand from the interior which
has evidently set in for the season. The
decision to postpone the dissolution of
the Southern Railway voting trust by re-
framing from the declaration of the diV1-
dend on the preferred stock had only
slightly depressing effect upon that com
panys stocks. as 1t Is supposed to he
step toward the completion of the ar
rangement with the Louisville and Nash
VILE Colorado. Fuel was erratic and be-
came weak after an early advance the
newly arrived operator whose buying adj
vanced Southern Pacific published extern
sive announcements to explain the faith
that was in him and the demand for
Pennsylvania was supposed to come from
the same source. The moderate advapCe
that followed these movements and the
publication of the bank statement met
selling to realize and the market closed
irregular.
A somewhat vacillating sentiment re-
garding the speculative outlook has been
reflected by the fluctuations of prices in
the stock market during the week. Con
fidence has continued una bated over the
prosperity of the general conditions in
the country, but solicitude has been man
ifested at different times over the re-
sources of the money market to carry
the present expanded credits through the
period of expanded circulation Of money
In the country The return to New York
of j. P. Morgan after an extended vaca-
ton gave rise to a revival of speculative
animation which was followed by sharp
reactions. AS there has been spec
the expected developments to follow
Morgan's return, and as those develop
m"nts were net announced Immediately,
the realizing of profits was a natur al
consequence according to the customs of
speculative boyers. There can be no
doubt that there are settlements out
lined of important problems which have
awaited Mr. Morgan's approval and adj
vice, ana which will have important eff
feet on financial affairs. but the hope
p, Cfessed in speculative quarters of ra-
pidity and scope of thes. decisions was
somewhat absurd. 1t is evident, also
that the speculation already has partly
if not wholly discounted the effect of
some of these projects. The belief that
the anthracite coal miners strike would
be settled Immediately by Mr.. Morgan s
presence was naturally disappointed. The
| faith is strong in Wall Street, howeve",
| that the end of this struggle is approach
| ing and that the suspension of mining is
| not likely to extend into the season OF
demand for winted supplies.
1,1 cit,
vile and Nashville has remained ever
since the passage of control of the spec
ulative buying of the stock in the open
market and the subsequent deposit of the
stock with j. p. Morgan and Co. for set
| Element. is not likely to endure much
| longer. Efforts to discoust this settle
ment have been an important influence in
| the market not only on that stock but In
| the whole Southern field. The entry OF
| the st. Louis and San Francisco into tbs
| field is supposed to enter into the final
settlement. and the movements of the
| Gould stocks have suggested the posi-
bility that they are also involved. It is
| evident, also that the situation caused by
| the impairment in the health of he Pres
| ident of the United States Steel Corpo-
ration commanded the early attention OF
| the leading spirit in that combination
Mr.. Morgan's resumption of the active
| direction of the far-reaching affairs which
| he commands was therefore an import
| ant incident in the financial world and
was clearly reflected in the stock market
| There also was an easier. tone deVelOped
| In the money market, after a slight furry
| on Monday as a consequence of the un-
| favorable bank statement of last Satur
| day. The source of relief to the money
| market was not obvious. 1t was alegeo
at first to be due to funds attrac ted frOu
the interior by the higher rates prevail.
ing here. hut this view, was regarded
with scepticism, in view of the active
money markets of the interior
| and the transfer of
| New York to interior points. The NOR,
| likely explanation was that the New
| York trust companies were placing loans
| in the local market and thus relieving
the pressure on the clearing house banks
| There also was further large transfers OF
| credits to foreigners early in the week
| but as the money rate here relaxed. the
| foreign exchange rate hardened and tn,
offerings of finance bills in the exchange
market diminished markedly. The fac
| that a further 20 per cent. installment o.
| subscriptions on the $l6O,OOO 900 British
| loan comes due in London on September
| T. the talk of an early issue of a trans
vaal loan in London and a report tina
| the French Government will issue soor
| a new loan of $500 900. 900 were addltiona
influences in hardening the eXchanS'
market. in which the short interest i!
now very large. London also sold stock!
| here steadily all the week. The move
ment of currency to the interior is ex
| pected to develop suddenly into large pro
| portions as soon as it sets in and the
| transfers through the subtreasury OF
| Wednesday and Thursday and Friday
were regarded as probably tn" imitation
| of the movement. Last year the COURSE
| of the current changed the week ending
| August IL when the interior gained less
than half million, as was the case II
! the following week. But in the weei
| ending August 81 the interior gained s..
| az, 0ON at the expense of New ork anc
| VARYING sums every week thereafter unit
| November .. when the current turned
/ again. In the week ending September
| ii, the orderly course OF events We're IN
! terrupted by the assassination of Presi
dent Mckinley and heavy nqulLatlon wa wa
| precipitated Up to that time the reserves
| of the New York clearing house bank
| had declined $40, 500 400 compared vi
| August II and loans were contracted Si<
! IA 200 In September of last year als'
| the money. ,.et -,
| also the money market had the benefit OIL
| payments by the United States Treasury
| pf an 10 so ON account of redcmptions OF
| United States bonds The BOND marker
was unsettled this week ny the reduction
| Of the yearly interest disbursements or
| the Central of Georgia first income bonds
| from : 10 3 per cent and resulting active
| foundation The general market has beer
| irregular and only important dealers were
| in the speculative issues. t. S. news Is
and old Is advanced IL. the Is SIS and the
| As IA per cent as compared with the
| closing call of last week
| Rouds
United states refunding Is, REGISTERED. 09s
| United States refunding 2's. coup"n-..... or
United States 3s. registered '.'''.' iO5S
United States SIS. coupon o 93
| T-nited States new As. registered -..... -
| United states new As, coupon ......,. 32%
| United states old as. registered ....... i0S@