The Montgomery advertiser., 1903-09-05
WALL STREET REVIEW
ExcDssIvxLY DULL,
 1UT STRONG.
Atchison the Feature Both as to Volume of Dealings and Width of Movement-Shaw's
 Speeches Effective.

Volume of Dealings and Width
 of Movement--Shaw's
 Speeches Effective.
 -
 NEW YORK, Sept 4.-roday's stock market was again excessively dull. but strong. The three days which will intervene before trading VIII De resumed prompted the closing up of speculative accounts and the fact that tomor- this disposition. It Is evident that the ma Jorfty of outstanding accounts was on the snort side. There was no other obvious req son for the strength except that the bulls were as unwilling to put fresh Commitments on the eve of the long holiday as were the bears. Atchison was the feature of the market both as to volume of dealings and width of move ment. its extreme advance of 2& easily dis tancing all other stocks. There were some very heavy bear accounts covered on the ad- vance which helped the upward movement and gave ground for the supposition that they were the object of the movement. But the extent Of the movement gave rise to some surmises of an accumulation on e large scale, possibly for the the purpose of control. The corn market did not reflect any excess of confidence in that crop and the reports of frost in the Northwest gave rise to some fears that the cold would extend Into the corn belt. But the news of the condition of that crop in the lower portions of the belt conduced to a growth of confidence in the safety of that portion of the crop and so may have an inflhuence in the strength of Southwestern stocks The tone of the recently reported utterances of the Secretary of the Treasury on the general business and financial outlook have an encouraging effect upon sefi- circulation fosters the hopes of the financial market for such . measure. But the empha- sis by the Secretary in his published state ment on the deposits being made of Govern ment money in the agricultural districts had somewhat the effect of an admonition against speculative uses of these funds. The forecasts of the currency movement of the week indi- cate a slight improvement in favor of the in- terior which, with the weeks losses to the sub-treasury show a probable decrease in re- serve held by the banks of S3, SOC, 900. There have been shipments to the South in connec- tion with the cotton crop moving. but the movement on balance would have been in fa- vor of New York had 1t not been for the large special movement to Boston. which seems to have amounted to over s2. 900. 900 and Is at- tributed to New York interest in copper af. fairs. The complexion of the loan item is shrouded in the usual doubt. The closing was
 Bonds were dull and very firm and Govern ment bonds continued to advance. Total sales (par value). $755.ooo. ! ing the week on a small volume of dealings re- fecting clearly enough the highly professional character of the market and the waiting attf- tude of the financial world in general on the securities market outlook. The fate of the crop and the needs of the money market be- tween now and the end of the year are the principal matters to be cleared up before any definite stand on the future prospects of se- curities is to be expected by stock market com mitments. The feeling of confidence over the money outlook has gained force greatly. This was due in % an i%portsns Sp @ degree to the under funds in the treasury stood ready for deposit in bank Repositories. The inspiring effect of this assurance encouraged some attempt to put sional speculators, but the bank and large controlling interests in the great properties, whose shares make up the body of stock deal- ings appear to have frowned upon these ef- a Qa nQ atad n thA nf security which are growing up in the money market The relaxation of the money market was felt to be very important for the conser- vation of business activity and prosperity. Conditions even for mercantile borrowing had grown enormous thus threatening the ex- tension of the depression and contraction dustrial and business structure of the whole country. The hope has grown up that with the large liquidation effected in the stock mar ket and by avoiding renewed speculation in hation the usual extra needs of the Fall season for money may be met with depriva- tion of the mercantile needs for credits. The premonitory symptoms of the interior move ment of currency have appeared this week and 1t Is clear that the practical test of the coun- try's money resources is at hand. Trading in stocks will be likely to halt until the test Is made The Government report on cotton clears up one of the important clements of uncertainty and Is accepted as assurance of a plentiful crop. The situation is benefited not only by this assurance. but by It's influence in 
 speculative holdings of cotton the promise of relief for the consumptive demands of manu- factures and the encouragement to bankers to offer bills of exchange with assurance of a free movement of cotton later with which to cover the obligations thus assumed The American demand upon foreign money markets for exchange is beginning to loom large in the opinion of those markets. The advance in the Bank of England minimum rate of dis count of from 3 to 4 per cent. on Thursday was directed immediately against Germany. xyhIn ia rpaix hAaVv Fennaiftnnq the English gold supply at this time. But Germany's calling home of credits is indirectly
 intended for the American money market. This clearly set forth in official utterances on behalf of the Imperial German Bank sev- eral weeks ago in the form of complaint that German money was freely loaned to foreigners to aid an industrial competition against Germany, The recall of German cred It's thus may be regarded as prompted by policy rather than by the normal money needs of German markets and is made effective in London by reason of the large amount of Ger man capital which has been employed there since the rise in interest rates due to the Boer expenditures. rise in foreign inter- est rates will check borrowing In foreign mar kets for American account. but 1t will not evade the movement of gold required to liqui- date the trade balance in our favor when the export movement of merchandise sets in un- less it should be by foreign borrowing in our money market by offsetting sales of our securities in this market. Foreign markets
 were never bare of our securities as at q considerable import of gold will be made during the present Fall. The condition or the corn crop Is an element of uncertainty in the stock market, The making of a good crop is' of course. an important factor in the pros perity of the corn crop. Conditions during tne week promise normal progress in the crop.
 but there has not been the hot forcing weath- CT tending to correct the lateness Of the crop and lessen its danger from early frost' Whicn has been hoped for.
 The market for railroad bonds Is dull. but some slight investment absorption is reported sponse to the expected need for additional hold | ings by the banks to serve as security Tor the increased Government deposits promised vanced E per cent. the new As registered per cent and the 2s and 3's ih per cent; as | compared with the closing call of last week. Treasury Balance. WASHINGTON Sept. 5.-Treasury balances,