The Montgomery advertiser., 1902-03-23

fact. accentuated by the cratic move ment of the less prominent stocks. Two weeks price changes are mostly gains
 although small ones. This firmness of undertone in the market Is attributed wa riously to the confidence in the, pros poets of business conditions and to the fact that the bulk of the securities are held by the powerful capitalists, who have adeauate means to hold them and hide their time for favorable opportuni- ty to market them. The actual promise for the outcome of the year is in the normal period of doubt and development This is undoubtedly the real season for the dullness and neglect of the stock market which is only varied in years of extraordinary conditions, such as those of last year. The critical period of the growth of the country's great staple crops is always a period of hesitation and cautious speculation. The outcome of the winter wheat crop is looked to with spe- cial interest this year. owing to the short comings of last years crops in the win ter wheat belt. The rains of this week in the Southwest have broken as promise of favorable outcome and have helped to keep the market for stocks firm. The current returns of railroad earnings from that region are showing in the falling off in railroad traffic. The obstruction of traffic in the Northwest by snowstorms has been partly offset by the belief that the coming traffic Is IdNOTGu py tne COHlHk CECp. lHt dSTtS- ment with the textile workers in the New England mills was helpful factor. The iron and steel outlook is highly en- courag.ng, although authorities in the trade have been inclined to deprecate ur- gent buying for future delivery and the difficulties of securing raw material and the transportation of finished product are complained of. The United States steel stocks have been inclined to sag. but this was in part due to doubt about the proposed issue of $250. 900 900. debenture bonds for the retirement of $2O0.000, 900 preferred sto k and to provide $50, ,000. .000 additional capital. Speculation operation Is confused as to whether this heaviness security ahead of the preferred stock with prior claims to earnings or whether 1t is intended to facilitate an accumu- lation of the preferred stock to insure the sence of these various factors of doubt and hesitation, the condition of the money market alone would account for the dullness of speculation. The enor- are due in part to the te-up in syndi- cate projects and in part to the great activity in business. The low surplus re- serve which result makes the money market sensitive to demands upon re- serves for the needs of the circulation. The countrys large indebtedness to for egn lenders make our market vulnerable as well as to the exigencies of the for eagn money mAHkeLS. Large government operations in prospect there are begin ming to have an effect. The Russian loan announced this week of over 490, 100000 to be subscribed for in Russia, Ger many and Holland. was something of surprise to the financial world and leaves behind it a large Russian loan to be placed in Paris. The weeks fall in British consols in anticipation of the coming British loan to provide for the coming years war needs in South Africa and is not regarded so certain as the last requirement for that purpose as was the case some weeks ago.
 Foreign money markets are hardening under this influence and high money rate here is all that wards on further demands upon us for gold. Finally, the suspension of the Secretary of the Treas ury's offer to redeem government bonds removes a safety valve from the money market, which has been relied upon for relief in any possible time of pressure, and which has been a sentimental inf1u- ence in keeping up confidence and when 1t was not availed of. The conviction is general that If money stringency Is to be avoided. it must be by avoiding ex- tensions of credits in stock market spec uIatton. Some of the seml-specuiauve bond issues have been in active demand during the week. but the general market has been rather dull and irregular.
 United States bonds were all un- changed as compared with the closing call of last week.