The Montgomery advertiser., 1904-02-14
WALL STREET. REVIEW
SMALL ATTENDANCE UPON THr
 SHORT SESSION.
Trading as 6 Result is Listiess and Unimportant-Bank Statement About What Was Expected
 by Operators.

NEW YORK. Feb 1s.--rwo hours session of the Stock Exchange today intefvened between the sessions of Thursday and Monday. and dia not attract more than small attendance of l brokers and members and the trading was | listless and unimportant The opening level was higher to confirm the parity of London prices. which had been lifted siightfy yesterday dur- ing the holiday here. The small room traders attempted to take the days profits after the bank statement, with the result Of carrying prices back to about the leysl .s , Of Tssrsdays I the statement, did not cause great surprise as there was knowledgeSof considerable ship ments to Baltimore and the nominal increase In the loans was less than was expected The weeks announcement of the placing Of $5o.- 0eo.0 900 of eighteen months Pennsylvania Com pany notes. ss0oo.coo Missouri Pacific notes and the news from Havana of the subscription by New York bankers to the ss5.ooo, GOO Cuban loan. were proof of the large actual demanda upon credits. which are in course of satisfa"- ton. e.+ : The continuation of credits to the stricken business community of Baltimore comes into consideration in the market These unfore- seen needs reinforce the doubts which have been caused for some time past regarding the money outlook on account of the heavy cor- poration requirements which are constantly appearing and the effect also of the payment immediate consideration. The hardening of money rates abroad and the probability of war loans 10 come added to the force of this con- alteration. Feeling upon the subject was well illustrated by the special weakness of stocks in connection with announcements or even vague rumors of note issues The tendency Of railroads to issue securities to be converted into funded form. ahead of the stock issues. meets increased disfavor by reason of the ur. favorable showing of current railroad earnings The returns of weekly gross earnings are uniformly lower than for the corresponding pc
 riods of last year. This is explained in sontr part by the snow and storm obstruction to traffic. and is accompanied by reports of con- gestion of freight blockades which the ut .nost effofts insufficient to break This condi- ton seems to justify the rlans for continued expenditure for Improvements and increase of facilities. which are the objects of the large railroad borrowings. The decline in net earn. ings caused by the general rise in cost of operations Of railroads Is another ground for doubt regarding the policy of incurring new obligations The pursuit of this policy. how ever. and the demand thus insured for mate, rial. has had its effect on the stocks of vari. ous railroad equipment corporations and upon United States Steel. The show of strength in those shares has been partly on the belief that terms had been agreed upon for the placing of steel rail orders to meet the views of the railroads, which have hitherto refrained from making purchases. Stress has been laid also upon the large consumption of steel products which will result trum the rebuilding opera tions at Baltimore It has developed also that the fire losses to be met for fcreign ins ncc companies is having an appreciable effect on the foreign exchange market. promising timely addition to the supply of exchange In connection with the provision to be made for meeting the canal payment.
 Business in bonds has been less, the placing of the railroad notes and of various, new bond issues serving to divert the investment new l's. coupon. have declined M per cent on all during the week.
 New York Stock List.