The Montgomery advertiser., 1903-11-29
WALL STREET. REVIEW
ROOM TRADERS HAVE MARKET
 TO THEMSELVES.
Nothing Representative of Infuen- fial Financial sentiment--Minor Industrials Relieved from
 Severe Pressure.

NEW YORK Nov. 2o.-There was nothing ment in today's dull stock market, the deal- ings being confined to small operations by room traders. The minor industrials were relieved from the severe pressure to which they have been recently subjected and were inclined to rebound, gains of a point or upwards being the result in number of eases. The general list failed to respond to this infuence and there was disposition to sell following the appearance of the bank statement. which was favorable. This movement was trivial as were the others and the market closed firm at . in any case. The gain in cash by the banks was only about, half that expected. but the demand fin deposits liabilities was effected by suiting 1 decrease of sI ,4so. $50 in the reserve requirement helped out the surplus to that extent, bringing the increase in that item sss reserve s ss 200 ne with
 $iS.7S6, 300 year ago Additional gold was received by today's incoming steamships and reports from London indicate prospect that part of s3.ooo, 600 to arrive there next week will be engaged in New York. The weekly bank clearings indicate that the shrinkage from last years levei is still confined to the four large speculative centers in the East while the three largest cities In the West and South and the other cities of the whole country con- tinue to show ciearings in excess of last year. The tone of the weekly reports of the mer- cantile agencies was considered ncouraging to the agricultural districts and the mercan- tile and distributive lines, although the man. featuring and industrial branches are in a mood of Encouragement.
 The weeks stock market has been chiefly remarkable for series of savage onsiaughts upon various industrial stocks of minor cor porations in fh erairoad list and the indus trial stocks which have already gone through drastic process, stood fairly firm fin face of this attack and even made a slight headway against the current. But the violent declines going on in the minor industrials effectually discourage any great activity for rise and this. coupled with the interruption of the Thonkartyfn0 h0liAav lad {u rafh dIfli and uninteresting market outside of the spe- cial movements referred to. The successive breaks in industrial stocks were evidently the result of a systematic weeding out process primarily on the part of the banks and money lenders in respect fo collateral loans. but to an important extent by party of professional traders who seemed to have knowledge of the intention of those throwing the stock out of collateral, and who resorted to fierce raiding tactics on the Stock Exchange Given cnrity that Is sttll largely held in original hands, having been well distributed and never actively traded in and for those reasons not carefuliy protected by supporting orders. tech nical conditions are presented which permit of violent and sudden price movements which may be only remotely related to the ques- ton of actual values. The neglect into which long list of securities has fallen in the daily trading in stocks in itself makes them unde- sfrabie as collateral for loans by banks. The course of prices this week under this process is an effective demons.r ration of the unsut- abieness of much of tine collateral for the pur- poses for which it was held. There was little specific news to account for the movements In this department. In fact there was a notable what could be regarded as good news, such as dividend declarations preferred stocks con cernlng which vague rumors of doubt may have been current. Distrust of the whole industrial outlook and a conviction that reaction and contraction, such as have been demonstrated in the Iron and steel trade, must be faced in all Ines of industry, were at work in causing this movement
 Beyond the prospect situation Ioomed up a prospect of new competition when industry shall revive. Many of the consultations on which present inflated capital issues have been effected at extrayagant valuations so that room Is left for duplication of facilities at a smaller outlay of capital on which return must be secured. The extension of the term of the International Mercantile Marine Underwriting
 Syndicate from Dec. |, upon which it was to expirt. to March l. 1905, Is interpreted as a
 measure of the present hopelessness of hota-
 tion of industrial securities and the earliest
 period within which any revival may be looked
 for. The comparative hrmness of the United States Steel securities during the renewed scal- ing down of values in other quarters goes to show that an adjustment of the whole list to the basis fixed in that premier security as a standard has been fin some sort intendwed. In the general market the movement has been a sort of marking time in waiting for the Fall
 money conditions to work themselves out. limited scale, and the Bank of England has used the customary means to protect the Lon don stock of gold Liberal supplies of ex- change have come into the New York market and h is commonly believed that a part of the absorption for so-cailed investment account is preparation for the future naed in connee- ton with the Panama canal papment To in- duce this operation the rate of exchange must fall low enough to offer a profit by the time of the maturity of the bills which will con- rrast favorably with the rate of interest in the local market. A rise in the call money rate consequently depresses the exchange mar
 ket by releasing supplies to that market. while
 an easing of the call loan rate induces new investment demand for exchange.
 Hopes over the railroad outlook are inclined to turn the chances for Tetrenchment in ex- Y 'penditures for betterments and even to re-
 duced cost of operation by economies growing out of the large permanent betterments affect
 ed during the last prosperous period.
 | Bonds have been dull and rather irregular in harmony with the tightness of the money mar ket. United States new As declined A and the B. Ss and the old As E per cent below the closing bid of last week.