The Montgomery advertiser., 1903-10-01
WALL STREET. REVIEW
OPERATORS DISPLAY A LACK
 OF CONFIDENCE.
Brisk Upward Movement of the Day Before Gave Way to Dullness, Followed by . Downward
 Movement.

NEW YORK, Sept. sc.-stock market op- orators showed lack of confidence in the mar ket today in the absence oe the large buying by the great banking interests which supported prices yesetrday. The brisk upward movement gave place to dullness and hesitation followed by slow downward movement and ending with decided weakness and drop which wiped out .. good part of yesterdays gains. News developments were quite without influence on the movement and the entire interest of op- orators seemed to be centered on the ques- tion whether the leading banks and capital ists of the country would continue to lead . buying movement and whether the urgent H. quidation to secure relief from embarrassment caused by the over-extension by various sym dfcates and capitalists was finished. The open ing adavnce was much helped by the more cheerful tone in London. The completion of the stock market settlement there without em- barrassment afforded great relief and led to q sharp rebound in British consols. There seemed to be good demand also for American securities oyer there. It was suggested that Americans who desired to go long of the market might have preferred to do so in Lon- don as the closing up of the contract would be deferred for two weeks until the next stock market settlement. It soon became man. ifest in the course of the animated trading of the first hour that stocks bought yesterday were being sold to take profits. This seemed to demonstrate the simple purpose of that buy ing to support the market and check the dis orderly decline and took away the investment United States Steel second 6s on the 2-point rise was especially conspicuous and caused a fear that 1t had been marked up to market holdings. The renewal of the urgent pressure against Pennsylvania completed the discom- torture of the newiy-formed bull sentiment end turned the tide distinctly downward. A num- Der of the market leaders fell as much as 2 points. The closing was heavy and without effective rally A feature of the days news was the payment by the sub-treasury of over a million dollars on account of gold received from Austria and deposited at the San Fran. cisco sub-treasury. Redemption of United States 5s aud the Government interest pay ments due tomorrow were further assurances against any immediate stringency in money. Sterling exchange weakened owing Go the con- viction that the belated crop novement soon will make an abundant supply in that market The decision of pig iron producers to reduce their output for october 20 per cent. was not @ perceptibly weakening factor and is. in fact, regarded as a factor toward stability In the market. The decision of the United States Steel Corporation Finance Committee to guar antee the redemption of Its preferred stock at the end of five years at tho price subscribed for by it's officers and employees was not The abstract of the reports of the condition Of all the national banks on Sept. given out at Washington today was considered dtsappo1nt- ing in its showing of 6 loan increase Of Soo'- 4Ol o2l from June @ to Sept. 9 with de- crease for the same period in individual de holdings for the same period amounts to only a little over S2. 900 900, compared with last year. however, the percentage of cash on hand in the redemption fund and due from reserve was 266 6o per cent against 25.74 on Sep tember 5 of last year.
 tpar vaiue). ga, $40. 900. United States old 4s
 declined H per cent. on the last call.
 New York Stock List.