The Montgomery advertiser., 1903-12-13
WALL STREET. REVIEW
MARKET IS IRREGULAR AND
 RATHER DULL.
Reactionary Tendency Prevails and There is No Perceptible Res ponse to the Developments of the Day.


 perceptibie response to causes in the movement, which represented the working out qs tns speculative contracts. Profit taking in that stock nearly 2 points at one time. There was pressure against Pennsylvania and the Send on limited % number % of s shares '"s 'ia the stock for the coming year at 5& in the curb market.
 F The money and exchange markets were nomi- nal as usual on a Saturday. but cabled reports were of an expected arrival in London next week of S2.5oo, 900 in gold which Is likely for the week throusbout inc country show a slight increase over last year for the first time in many weeks. The gain in cash by and the decrease over a million in loans left only small change in the deposit item and ID the reserve requirements so that the sur. sompaT.d %S S. soo year ys sso ghs market closed irregular, but near the lowest after . lively selling movement following the publication of the bank statement. The daily average of dealings in stocks has risen to near . million shares this week. The market has been highly irregular, advancing at times and meeting with backsets and reactions which prices small But a large distribution of se- curities has presumably been effected at . disposition to throw over their holdings at re- sessions. The reactionary movement is re- garded as normal after so considerable an advance. The approach of the end of the year and the annual settlements to be met at that period beget e conservative spirit about finan- cial commitments owing to the Likelihood of hurrfes in the money market through the large temporary requirements upon resources.
 The hearing of arguments in the Northern Securities case. set for next Monday. and the belief in an early decision in that case will be the occasion of forebodings It Is true that the prevalent belief Is that the decision of the lower court against the company foreshadowed the decision of the Supreme Court, but prece- dent shows that Supreme Court decrees on eases of this wde-reaching character are of long g-continued and sweeping effect on the se- eurfties market. And this precedent Is rein forced by the prevalent dread that an agita- tion against the great industrial and financial combinations may play large part in the ap- proaching national campaign. The vunerabil fly to adverse criticism of some of the com binations is an additional factor in making speculative sentiment on the subject sensitive. But these influences have merely modified the conviction of an improvement of conditions warranting hope of better things in the future. Even in the iron and steel trade the further indications of the formers contraction that have taken place are mingled with some signs that affairs ready for an improvement. Trade statistics of Dec ] show the process of reduction in production still heavily in pro- gTess without yet having reached the reduc- ton in requirements, but a somewhat better Inquiry and a hardening of prices Is reported both in the iron and structural steel depart ments. Next weeks meeting of the steel bil- let pool is awaited with great interest to dis close whether sufficient confidence in the de- Tand at current prices Is felt to avoid q fur ther concession The November return of do- nestle imports show the greatest value for cot- ton exports for any month fin the history of the country. The declining value of the country's imports is no less significant in the explana- ton of the course of the foreign exchange mar ket and the persistent inward movement of gold notwithstanding the employment of de- vices by foreign banks to protect their gold holdings. The decline in prices of our com
 modities warrants the expectation that the decline in imports will continue and put out manufactured products Q basiss to compete better in foreign markets, thus promising c | rranTkk anfwa
 ordinary outward movement of cotton invites comparison with the great export movement Of wheat few years ago. The enormous trade balance in our favor thus built up was an important element in the era of expansion which followed. It will be remembered that | foreign holdings of our securities were swept home fin a flood a result and American hold ings of foreign Government securities were largely extended in the struggle to adjust the balance Then followed the tremendous out pouring of new capitalization which became the problem of the time to absorb. In the | struggle to take care of the commitments made at that period including the formation of the United States Steel Corporation and the | Northern Securities Company, the American holdings of foreign Government securities were sent back to the home markets to realize re- | sources In addition indebtedness to for eign lenders was run up to figures variously tmated to ht the highest figures ever reached | by our foreign hating debt. The long tinued liquidation which subsequently, followed here and the severe sacrifices involved known to have been due in small part to the necessities of making these foreign obli- eations The effect of the new turn in the in- ternational trade situation must receive impor- tant consideration and the movement of the securities market in the last two weeks must be attributed partly to this development. The inbuence upon foreign money markets is a matter for careful observation 1t Is clear that and considerable withdrawal of our bal- ances from abroad at this time would result | in an advance of interest rates and which would attract funds from here and might lead | to renewal of American commitments in for eign Government securities.
 | The bond market has been moderately active and irregular. United States 3s advanced per cent and the newt As declined A from the | closing call of last week.