The Montgomery advertiser., 1903-06-21
WALL STREET REVIEW
MARKET MAKES SOME HEAD WAY AGAINST DEPRESSION.
The Disappointing Bank Statement, However, Carries Prices to the Lowest Level-Board Room
 Traders Control.

NEW YORK June 2o.-Today's stock mar ket made some headway against early depres- sion which seeemd to be reflected from Lon don, but the disappointing bank statement carried prices to below last nights level all around. The trading throughout Ian, gish; Very few transactions were of an origin outside the board room. Support seemed stocks and the coalers. The scontinu 1nc., of this years schedule of D ices for steel pro- of se orders for see ras Gs th steel stocks and was encourag .ng factor of the whole market. There were some spe- Its decline of 2Ss was due to disappointment over the failure of dividend action at the from the corn belt and the nrmness of the cereal markets as we'll as the rally in cotton had unsatisfactory effect on stocks and the reports of the danger of passenger rate War in the Northwest We're not liked. The new ers in sop,hern e pantec i raips. ,nn ,ss Trninr Pacific interests disposed of the suppJsition that the dispute had been compounded Re- ports from Boston of cut in copper by leading competitor depressed Amaigamated Colorado Fuel hurt by the vague rumo-s over the control of the company. The in- crease in loans, although small, detracted from was recuperated by only ssaa 400 rise in the discount rate at London and sharp eSnpistsd sterng at aris and Bern f we,e & upon New York.
 Narrowing and irregular fluctuations have a marked the weeks operations in the stock market. The renewed decline early in the week after last weeks sharp recovery was viewed with some anxiety lest it might indi- cate renewal of the liquidation which would carry prices to lower level than before and preciptate burdens upon the market But support developed before prices got down to last weeks low level and the uncovering or o fFesh s stSP loss orders . and as5 new Tpns ders having been largely cleared of. brokers books by the previous decline. The profess nTANr trV aF9 thA raaV Vbnf ally accepted this as a demonstration and UT gent liqudation had been completed for the a higher range was likely to encounter fresh pressure to sell Bear tactics to depress ing orders of a substantial character which take stocks out of the market for invest ment and thus fortify the market This kind | cautious in following any advance In prices. The natural result is the sluggish and wait | ing market which has developed in the latter l part of the week. Current discussion in Wall Street concerns itself much with the sources l9and motives of the recent expense selling of stocks as with the prospects of the future, all though the key to the future is sought in the | the necessities of wealthy capital is over-ex- tended in new enterprises have been an inn portant factor in the lquidantion to Is more and l in the financial world and in the law courts. | MT Morgan's pronouneement that the indi- eestfon of the new securities would work it. self out In time. with no harm resulting where undigested securities were inherently sound.
  ment in view of disclosure regarding some of the recent corporation formations. But that much has been achieved towards the process of digestion as result of the liquidation in l the stock market is believed. In the confi- dent early days of the present period of pro motion the underwriting syndicate which bor- | rowed money for their temporary holding on to new buyers and liquidating their borrow | ings while the new securities made their ap- | pearaRce in, the collateral for loans for new ventures. When the continuing stream of new securities began to congest in promoters and syndicates' hands and the public appetite be- | gan to be satisfied or its confidence to be l facility in securing resources to repay loans | The enormous outstanding volume of credits | fo rsuch indicate holdings of securities were | held, 1t was found secessary to sell holdings | of older and better tried securities for which | there was a readier market. That this process | hoped to be substantial wealth may be safely | accepted as a fact. But so far as it has re- suited in the repayment of such securities the process of digestion may be said to have been effected and the over-extension of credits th So rGhs far ss ths had Der | with the soundness of the securities of the industriaes which they are intended to rep. l anxiety on this point deeply underlies the
 depression in the stock market, The resort
 the United States shipbuilding organization and the charges and recommendations made in that suit has affixed sentiment toward the | whole group of industrial securities. The
 fear of excessive capitalization is the more | effective on account of the current doubts over
 the industrial feature So far as the labor | outlook affects this future an excellent impress | sion has been caused by the settlement of the l threatened dispute between the anthracite 1 miners and operators over the composition of l the Consolidation Board. But with the general | unrest of labor and the certainty of future
 demands for higher wages with the political 1 unsettlement of a national campaign in sight | the anxiety over the labor outlook remains a | dominating factor in the securities market 1 The week has not Been free from crop scares | normal to the season and the feverish tone | of the speculation fin the market for the great l agricultural staples has added to the effect Of these. The influence of this speculation is | curtailing the export demand and is of es- | pecial weight account of the situation in
 the exchange, markets where the supply of ex-
 change is so restricted and the demand foI
 remittance so considerable as to keep the uues-
 ton of gold exports open on each available
 shipping day. Rates for time loans continue
 to be firmly held and the disproportionatt
 ease of call loans is attributed to the re-
 lending call by borrowers on time whc
 have persuaded themselves aRainst future re-
 quirements in that way for the period of ap-
 prehended strnEency. The compilation of re-
 ports of national banks of their condition as
 of June g is awaited with great interest fol
 the light 1t will throw on the banking sltua-
 tion throughout the country. The unstable
 condition in the iron and steel trades has
 served to keep speculation in stocks more oI
 less unsettled while waiting for the basis foi
 future business to be adjusted
 Bonds have moved in sympathy with stocks
 United States 3's coupon and the new 4's
 advanced A per cent. compared with the
 closing of last week.