The Montgomery advertiser., 1904-04-10
WALL STREET. REVIEW
IS DEsULToRY AND
 SLUGGISH.
Before the Closing the Market Re- covered More Than the Decline, and Closed Strong at Small
 Net Gains.

oS&oke tue CloS1nS tue 1nnA Nos ~
 covered More Than the Decline,
 and Closed Strong at Small
 Net Gains.
 New York, April s-The movement was ossuitory and sluggish today ana tfaa- early market owing to the impression crtated by yesterdays trading that reaC- ton was due and traders inclined 10 take pronts. Before the closing, the market recovered rather more than its decline and closed strong at small net gains The rise in the local transactions vas attributed to the new rapid transit leg isiatfon at Albany: The decline m the mtsFivings, owing to the belief that yes terday's receipts of Japanese gold did not figure in the statement. Although the loan account was carried to a new high record by the amount of the weeks Increase and a considerable inroad is nade on the surplus item, the extreme ease In the money market makes the growth Of the loan item look healthy. y'nt present condition of money in New York Is fairly plethoric and pouses some discontent amongst bankers. who are quite satisfied to see further exports of gold. The weeks bank clearances throughout the United States show an increase over the corresponding week of last year. The growth is found in the five largest cities outside of New York and Boston and generally is in the great cotton centers. Total sales of bonds. par value $9t0,000.
 The stock market has maintained a corsiderable degree of activity and va- riety this week. Occasional reactions and constant frregularity have not detracted -frcm the appearance of strength. The action of the market in face of the heavy realizing sales has, been an incentive to more cheerful speculative sentiment rather than an obstacle. The profit talk ing has been achieved with small ex- pense to values. Much of the dealings were supposed to be on behalf of profess sic nal operators of a large class and the occasional large selling by the same in- terests argues a considerable distribution Of securities. The belief that there has been important absorption of stocks this week by inside interests in various prop critics and of an investment character has been a strong influence in maintain ing the firm undertone of the market The improvement in the speculative tone was due in the first place to the small effect produced by various incidents that secmed to be unfavorable to values. The srccesssve advances following these de- velopments caused a belief that the bad news had been already discounted, leav- ing no prospect of further declines. The strength which followed the decision of the Supreme Court decision in the North ern Securities case was the first strik- ing demonstration of this tendency of tn, market. This was followed this week by the reception accorded to the an nouncement of the appeal to the courts by the Union Pacific interests to enforce tho return to them of the Northern Pa- cific holdings, which they had placed in the Northern Securities merger The first impression suggested by this. action was a reopening of the whole conflict for con trol Of Northern Pacific, with the threat Of hostile movements between the two most powerful groups of capitalists In the country. But prices proceeded on theii upward course. This, with the ann tcahle conferences reported between many or the capitalists connected with the tive sides to the controversy, lulled the ap- prehensions of the public and even arous- ed the suspicion that un1isclosed plans and policies might lie behind the appar- ent hostilities. The decision of the Sll- rreme Court that the anthracite carr1ers must produce the contracts with the min ing companies was regarded as offering a formidable weapon for any procedure against tthe coal combine. But the mar ket for the coalers was undisturbed. Pub nsbed reports that the traction employees Of New York and Brooklyn were form Ing an association to enforce demands uron employers, resulted in a notable ad- vance in prices in the local traction group Peoples Gas was only momenta- rily hurt by a judicial decision against its contention for the illegality of the '15 cent. gas ordinance. These seeming ment with the underlying strength of the market and proved an incentive to buy. The action of the U. s. Steel secur- ities following the publication of the quarterly earnings was another striking example of the same marked tendency and proved a strong sustaining influence for the whole market. While the net earnings for the quarter proved to be the smallest in the history of the cor pcration. 1t Is true. however. that the showing was far from being as unfavor- oble as had been anticipated and there were some features in the report of a nnGtftVnlU fn e7la %ow hn pro gressive increase in the earnings for the successive month of the quarter was clear enough evidence that the cor&ge of the trade was upward and the large ex- pension in the volume of orders on hand or. March S1 compared with December 3l was evidence in the same direction. The action of the directors in encroaching on the surplus to pay the preferred div O: confidence in future business Prob ably there is no one thing that would ccnduce more to confidence in future values than a clear prospect of revival in the iron and steel trade. These in- dications of it had a decisive influence on prices throughout the market The stI eng tone in the copper market Is an auxiliary influence of the same kind. The decision of pools in finished steel products to maintain prices strengthened this in- lrence. The settlement of the New York tGilding trades labor troubles helped the market. So did the favorable crop wealth.
 
 large exports of gold was not without effect as they were more than offset by the arrival of Japanese gold at San Fran cisco and the course of interest rates cC ntinued downward. The sale of num- Der of new railroad bond issues during the week proved the resources of the money market and the improved senti- rnent of bankers towards new securities iu contrast to the invariable resort by railroads for some time past to tempo lary note issues at high interest rates U supply their financial needs. One fea- ture of the news which Is unfavorably regarded is the succession of small bank failures which comes to hand almost daily. This evidence of widespread strain on the financial fabric Is regard as dis Quieting. The bond market has improved ln spite of the congestion of the dealings in Y 8. Steel second 5s. Union Pacific ccnvertibles and other semi-speculative issucs. U. s. 3s, registered and new Is registered have advanced l-4 and the 2s and old 4s 1-2 per cent on call.