The Montgomery advertiser., 1903-10-18
WALL STREET REVIEW
ACTIVITY DURING THE FIRST
 HOUR.
Advance of the Day Before Brought in Buyers and Proft-taking Was the Result-Net
 Changes Sm Ill. .&

NEW YORK. Oct. tY-Yesterday's sharp re- covery in prices brought in . large number of buying orders this morning and the stock mar ket was very active during the first hour By the. end of that time it became very evident from the narrow movement of prices that the deniand was being freely fed to take profits on yesterdays rise The bears thereapon became less solicitous to cover their short contracts and ceased to buy. The. sellers allowed prices to slip back to about last nights close at which point there was a marked decrease in the volume of business with the movement of the market brought practically to standstiil The market for the rest of the day was some what hesitating and irregular. An advance of about point fin Amalgamated Copper. United States Steel preferred and Union Pacific had reassurng effect and steaded the market, but failed to lift 1t to a materially higher level. A number of the industrials which had suffered violent losses during the week made sharp recoveries and the hlgh-p priced coaIers were marked up several points at a time on the professed confidence that accumulations of steam sizes of anthracite are heinz worked off The bank statement was regarded as favorable The further contraction in loans Is a satfsfac- tory development and the small decline in cash reserves In face of the apparent gain by the banks on the weeks currency movement is at tributed to possible withdrawal by the trust companies. The market did not hold and closed easy. but dull. The weeks decrease in bank clearings again centers in New York Philadelphia and Boston. due apparently to the decline fin speculation. while the average for the rest of the country shows an increase over last year. Imports of merchandise at New York for the week show a decrease of Se92- 900 from last week and of s 624 900 from Ing on the exchange situation this showing marks an increase of our power to draw on foreign centers for money needs.
 The stock market has been unsettled during the week by number of disturbing factors and continuance of liquidation in spots. The trouble has centered in the industrials as for some time and the dividing line between that class and the railroad stocks has grown dis tinct. This has led to some efforts on the part Of professional operators to inaugurate an up- ward movement in the railroad list in face of the continued depression in industrials. But the attempt met with meagre success beyond the comparative steadiness of the shares of railroads until the sharp rally on Friday. The disturbing influences have come from outside sources rather than from local quarters and still have to do largely with security market considerations rather than general business and industrial factors. This and the unsettlement on the Pittsburg Exchange has. been reflected on the New York Exchange.
 The London stock market has passed through troublesome settlement during the week. which proved a severe strain and reflected some influence upon the outside financial world. At the same time the market has not been free rom deoresssns influences drawn from indus trial developments. The reduction in the divi- dend and the formidable decrease in net earn ings of the United 9eAtes Steel Corporation has had a persistins Influence. Official ad- number of the greae esste. have pointed to general policy of reeranshnasGt in that quar- ter of the industrial vusla. Tee departure of an inspection party of Q1ite4 States Steel of hcials with the avowse ysrpose of seeking measures of economy ee operation and reduc- ton of working force hos voshted to the same conclusion. The high rotae paid for temporary loans by railroads within a year past show that many large projects were being carried forward of necessity owing to the stage to which they had already reached But the present movement awakens the fear that their continuance Is Co be limited to these necessi- ties and that curtailment Is in view.
 Railroad officials continue to speak in very sanguine terms of the present business and tstcs of earnings bear out these claims and continue to show average increases over the corresponding periods of previous years Re- ports of freight blockades and of car short age owing to enormous demands of traffic have been received from various parts of the mid dle and far West. Bank clearings the country over are well maintained. The past week mas | marked the passage of the period of danger to the corn crop and the Governments statistics trade statement for September reflects the late otward movement of corn and cotton due to the lateness of the crops but shows general exports well maintained, while a decline from the recent high level of our imports brings the | excess of export values up to only about S5 l 600 900 than in September of last year. These considerations were only partly effectual in | offsetting the weight on tho side of depres- sion
 The railroad bond market has not been ac- | tive at the Stock Exchange. but prices have been fairly we'll maintained and banks and bond houses report a rather better business over the counter with some evidence of a grow ing investment demand United States bonds on call have been unchanged.