The Montgomery advertiser., 1903-09-13
WALL STREET REVIEW ALMOST TOO SMALL
 FOR COMMENT. Ths Attendance of Brokers on the Exchange Was Small, and From
 the Outset the Market Was Narrow.
-Proprietors-

NEW YORK. Sept l2.-Trading during to- days brief session of the stock market was So nght ana otherwise commonplace as to. call for little comment. Only slight response was made to London, which reported better prices for our securities. especially the Paciics and Grangers, the features over there being Union Pacihc and St. Paul. Even the steel stocks were easier abroad. The attendance of brok- CTS on the exchange very small and from the outset here the market narrow and ir- regular. early quotations showing advances and declines of about equal proportions St. Paul alone exhibited firmness at the opening. although an easier tone shown by such issues as Pennsylvania and Reading. The first transaction in steel common at a slight advance. which was soon lost, while the pre- ferred was altogether neglected. Atchison, the feature of the week. as to activity and strength. opened down and sustained a ma terfal net loss. Before the end of the first hour the market became listless that it could scarcely be said to have either tendency or tone The bank statement, with loss of cash almost three times as large as had been pre- dicted, together with further expansion of the loan account brought increased weakness all around, the chief sufferer being Brooklyn Transit. which made an extreme decline of 2%c in spite Of a moderate increase of net income over tlle previous year. The list closed weak. some comfort was derived from the fact that the excess reserves of the Associated Banks in the face of further drain on their hold ings is well over sI5 5. 900. 900 compared with weeks business was probably the lightest of the year. total transactions barely aggregating as much as single days operations in the pull campaign of 1902. In fact, dulIness was the chief characteristic of the market which from Tuesdays opening till today's closing pore frequent evidence of fragrant manipula- ton by the professional element According to @ 'le IIoNernment crops show an increase of something like SI5. ooo. 900 fin the market value or six important items, notwithstanding a decrease in other crops of lesser importance In keeping with this exhibit is the latest Government report contrasting the extent and volume of this countrys foreign trade for this snow an increase on the export side for the period named of S573. 900 900 as against an increase of imports for the period of SJ5o.- 900 Ooo Despite this marvellous growth for elgn critics continue to remind that our ac- counts are still on the debit side to which they were transferred when our speculative fever was al its height At home the financial situ- allon IS apparently viewed with caimness There is an abundance of money for mercan- tile and similar purposes, but the banks con tlnue to show extreme conservatism where money Is wanted for stock market purposes
 Reports that Secretary Shaw will discrimi- nate against banks retiring their currency ma new believers. In this connection 1t is 10 De noted, however. that the applications of banks Tor the retirement of circulation still come in large numbers. the limit for this month having been reached last Wednesday, Tn fact applications thus far received already exhaust the limit for October. aBnkers are not giving very serious consideration at pres ent to the various financial reform measures in progress on the subject that nothing reyou- tionary Is advisable under present conditions offers little hope for remedial legislation in the near future.
 Railroad earnings are still regarded as satis- factory, though in almost every instance show ing heavy increase in the operation and maintenance items
 Trading on bonds during the week displayed little feature of interest and huctuations fol. lowed closely the course of tho stock market Business was at low ebb, but little demand prevailed for the gilt-edge mortgage United states new As advanced per cnt and the z % per cent. as compared with the closing call of last week.