The Montgomery advertiser., 1903-12-20
WALL STREET REVIEW
CONFINED TO A FEW
 STOCKS.
Continuationg of the Speculation in {, Aznalgamated Copper and United
 a; States Steel Preferred .fs Shows q Firm Tone.

NEW YORK, Dec. 1e.-A few stocks sup piled all the interest in today's stock market. Insss wss ccntpnsnce sf the TeesnaI na InitsS gees States Steel preferred showed firm tone, on the better feeling regarding the trade outlook; Opinions on the outlook in these two metaA trades are inclined to reset upon each otner. There was repetition of yesterdays attack on Rock Island and of, the rlmors of con- ing equipment bond issue to which that at.sa. st- tack was due. The coalers were notany strong. especially the high-priced stocks in the group. The foreign markets showed in rather pronounced form q recrudescence or tne. Lesas of war between Russia and Japan A rumor found circulation that Russia was seeking war loan in Paris and that New York banhers had been approached to participate in the ioan. 1 continuance for any length Of time or Ihe recent course. Of our foreign trade would oher n probability of some American investment m foreign Government securities: But the ques- ton of volume. of demands for railroad bor- rowings waiting to be satisfied by our money market is for prior decision. The bank state ment showed an even greater accumuiauon oL cash reserves than forecasts had indicated, but preparation for meeting the annual dividend Is plainly in progress. The loan contraction of over S2.oooooo also serves to benefit the surplus by decreasing the deposit total, the surplus thus being expanded to over Sl4,-. %. ooo0 comparing favorably with the cor responding period in recent years There has been a notable decrease in the volume of deal ings in stocks this week and business has been largely congested in a few of the spe- cialties in which there was evidence Of the
 
 advances in these stocks has served to hold the general market. despite the apathy and indifference of the trading. The duilness is normal to the approach of the holiday season and the speculative tone Is awaiting one. A large share of attention has been given to de- ve1opments in the iron and steel trade on ac- York by members of the pools in various branches of trade to dechie- upon the question of maintaining prices. There was. much public doubt early in the week as to the maintenance af ranOYfa circulated of selling by independents below the schedule especially of steel bilIets and or urgent pressure for con cessions on steel rails by number of the great railroad systems. The rumors regarding the net earnings oe the United States Steel Corporation for the current quarter were also very discouraging. As the meetings of the dif- ferens steel pools was successIveiy held with out making any change in the prices of their products there were marked change for the trade. A better Inquiry for firms of structural was reported as a result of adjustment Of some of the troubles and labor controversies which have tied up operations in building and 6rmer tone for pig iron developed as 6 result Q the heavy cutting down of production and the taking of some large stocks of the market The progress of retrenchfnent and wage re- auction in the trade also gave promise of i'm portant economies in operation. The detailed reports of the arguments in the Northern Be- curitfes case was studied with great atten- tion in the financial world and the hearings of the points at issue on a great mass of cor porate securities and upon the organization Of corporations was appreclateu WIln TeHeWeu force. This influence was only initiated by the probability of the final decision of the case being still deferred for several months. The approach of the end of the year brings with 1t sense of security in the ability of the money market to meet all year-end re- auirefnents without disturbance. The free re- turn of currency from the interior and the large inflofiw of is1ported gold have so fortified the banking reserves to afford apparently ample margin for the dividend and interest and the meeting of maturing obligations. Pro- visions for such of these obligations as are due to foreigners has caused a sharp rebound in the sterling exchange market and has lift ed it away from the gold import point. This result has also been guaranteed by falling of in the supply of cotton bills in the exchange market with the renewed advance in the price of cotton. Interest is awakened In the ques- ton whether the abnormal export of cotton for October and November is to give place to a corresponding relapse in latter months. The cotton exports for November were lifted to value only once exceeded for any month fin the history of the country. namely. in Co., tober of 1900, when great wheat crop in this country coincided with e disastrous short age in European crops.
 The bond market failed to reflect any invest ment in demand in anticipation of January dis bursements. United States bonds unchanged.