The Montgomery advertiser., 1903-08-04
THE MONTGOMERY ADVERTISER.
MALL STREET REVIEW
STOCKS SETTLE IN1o ANIMMov-
 ABLE RUT.
Union Pacific the Most Prominent, at One Time Being Forced Down 1N-selling Attributed to Professional Mani-
 pulation.

NEW YORK, Aug 3.-The stock market settled down into almost immovable rut today. Stocks of the first class which tra- versed a range of much a point might be numbered on the fingers of one hand Union Pacific was the most prominent of these and was forced down at one time h. but was not held there. The selling attrlb- uted to professional manipulation for effect on the market. The undertone of the general market was in fact heavy. but the drift of prices was quite aimless and sluggish to a degree close to inertia. The only significance to be deri%ed from the market is therefore a negative or&. The extreme apathy of the trad ing rpresenking the profound doubt in which this speculative outlook Is shrouded. according to all opinions that can gather in the Wall Street district. The total dealings fell below the 200, 900 shares mark. It is nee essary to go back to the Summer of 1900 just preceding the last Presidential election to find level of activity as low as that nov pre- vaiing There were several weeks In August and September of that year when the daily av- ereee of transactions ware less than 200 900 and several days during the Summer the dealings for fuN days session fell to below 100 900 shares. &he low record for that Sum- mer was on Aug. 22 when only e6. 254 shares changed hands. The total dealings for the week ending Aug. 24 of that year only 696, 900 shares. The principal puzzle in the situation which was dwelt on today was the astonishing maintenance of the volume of loans of the Associated Banks fin face of the thorough liquidation to which the stock mar ket has been subjected. The enormous shrink
 
 ous decrease In the basis of credits and the urgent selling os securities to make good this shrinkage In margins or to pay of loans out right has been patent to all observers for month after month in the stock market. Con- jecture loses itself In the attempt to guess what great sinkhoe can have absorbed the tremendous proceeds of all this liquidation with practically effect on the loan item of the banks of the trust companies The question of possible over-extension Of credits outside the securities market and the neces- sity for a future contraction there similar to that which Wall Street has been going through engages an interesting amount of attention The action inaction of todays market re- fleets the disposition of the speculative world to sit down and await further light on these questions. The improvement in the condition of cotton over the previous month shown by the Government report on cotton agreed closely with expectations and failed to weaken the cotton market. The strength in wheat was calculated also to have weakening effect on stocks The weekly statistics of railroad traf- ic made a remarkable and favorable showing, especially in the matter of the general mer- chandise movement. The Western agricultural population Is reported energetic buyer or all kinds of manufactures
 The bond market dull and irregular. To- tai sales (par yaluel. S937, ,o0o United States bonds were all unchanged on the closing call
 New York Stock List.