The Montgomery advertiser., 1902-03-16
WALL STREET REVIEW
LITTLE INCLINATION TO TRADE
WAS SHOWN.
Recovery in Prices After the APP
pearance Of the Bank State
ment, But the Demand Was
Listless and Unimportant.

New York, March 15.-There was very
little inclination to trade shown today
owing to the complicated situation in the
movement During the morning there
was a latent dread that the bank state
ment would reveal the narrow margin
Of the surplus entirely wiped out There
was no urgent pressure to sell. but prices
sagged, except for few special stocks.
After the publication of the statement
there was recovery in prices, but the de-
mand was listless and unimportant and
the market closed dull and only barely
steady and some concessions from the
rally. The decrease in reserves was close
to the previous estimates of $6,0o0000. The
gratifying feature of the exhibit was
the lowering of the loan item to the ex-
tent of $14,372.0O0, which brought down
the deposits 81 .296, 700 This Is the largest
weekly decrease In deposits which has oc-
Cured since last Nav and reduced the
reserve requirements to the extent of
$5,R4.175. The surplus was maintained
above 100000. There has been no evil
dence In the stock of liquidation to any
thing like the loan contraction report
This Is undoubtedly due to the fact that
the loan obligations have been shifted
rather than paid. 1t Is known that part
of them have been shifted to foreigners
through the exchange market and 1t Is
believed that the trust companies have
been large lenders, drawing on their de-
posts with the banks for the purpose.
The small disturbance caused In the
money market by this extensive shifting
of loans encourages the hope that future
requirements will be met with similar
ease. 1t Is expected also that the gov
eminent bond redemptions today will all
be reflected in next weeks bank state
ment, minus the deposits for transfer to
San Francisco which are approximately
half the amount of the bond redemptions.
The electrical companies, the local gas
companies. Rock Island and Missouri Pa
| cific were notably strong in the days
market while some recent favorites were
! under pressure of realizing sales.
The character of the market has re-
| manned much the same this week as for
some time past. The great mass of secu-
rites comprised in the great railroad sys-
tens of the country have lain Inert, IN
contrast with their conspicuous leader
ship of the market in times of genuine
| speculative activity. The important in
| dustrials have not been so notably neg
| lected. These securities are more in!iu-
enced by causes individual to themselves
| and to the trades with which they are
concerned and less by general conditions
| Of a financial or industrial character than
are the stocks of representative railroads.
They are likely therefore,. to be a specu-
apathy by the speculative public. But
the feature of the weeks market as for
some time past has been the spasmodic
movement and spurts of activity in many
obscure stocks which are seldom traded
in on the stock exchange. Most Of these
movements have only vague or conflict
ing explanations and the sudden activity
is likely to be followed by as sudden
neglect and with sudden apd wide re-
lapses in prices. These phenomena are
the clear evidences of the artificial and
manipulative character of the movements.
Speculative poels are formed and an ac-
emulation made of the stock picked for
the movement. This buying in itself
raises the price. rising price is the
sure attraction for others to buy, accord
ing to the law of human desires. The
accumulation by the pool has reduced the
floating supply of the stock and thus IA
cilitated the bidding of prices against the
newly developed outside demand The
pool is then thrown upon its best re-
sources of skill and manipulation to feed
this new demand in such moderation as
to keep the price sustained at point to
yield it profit After that the stock
market fell back into period Of obly-
ion. This has been the history of many
! of the recent movements In the stock
| market The seasonable dullness in the
| general speculation is due to obvious
! causes and the general acquiescence in
It is illustrated by the large number of
absentees from Wall Street amongst the
figures that are influential in affairs
there. This is so marked as to make it
difficult to secure quorums for directors
on the exchange meeting, more than one
of which has therefore been postponed.
The pending litigation against the North