The Montgomery advertiser., 1904-01-10
MALL STREET. REVIEW
PRICES MAKE SMALL ApDT-
 TIoNAL ADVANCES,
Far Eastern Outlook is IGcrs Rsaos- able and the Bank Statement
 comes ID to Expectations.
 Good Volume If Business.

NEW YORK, Jan. S.-Prtces made small nd- ditional advances in todays stock market on a fair yoiume Of business. Damage to the private wire service and interruption of the outside quotation service by tickers had iittis stocks indicating the largely professional char acter of the trading and the large proportion of business originating on the floor Of ths upon the advance in prices was the more cheerful tone of foreign markets and feslins The bank statement also met expacfations Id cash item which showed an increase of over Si 600. 900. Amalgamated Copper continued Changers. coslsrs. trunk trunk lines @ and md prominent n; industrials made quite uniform advances. The closing was steady. but slightly below the best. stock market has proved somewhat disappoint- Ing to those who bought stocks in the last weeks of December in the hopes of an awak- the year and the resultant easing of the muney w market Attempts to take profits by these previous buyers have proved an overweight resulted The latter portion of the wssk has been some diminutiou of selling pressure and recoveries. The acute stage reached in the ths ntsa sss ~ss sisnson s enG me pesssss ol mon stock and the poor showing of eaxnings made by the corporation for the December quarter have been ant 2. the disposition of speculators long of stocks to lessen their holdings The aeticn Of fine United States Steel directors in disconttnuinG the dividend on the common stock had been accurately foreseen in speculative circles, but the great decrease in net earnings for the quarter proved trying thing for stockholders. verifying as 1t did about the worst intimatione circulated by the bears before the publication. Current trade reports were not calculated to remove entirely the feeble feeling of discour- ageulnt over the situation as they pointed to continued waiting attitude on the part of the consumers and confidence that they would be able to fill their requirements as they de- veloped on satisfactory terms. speculatcfs gave some attention to the argument that the depression in the price of the steel stock was sufficient to discount the unfavorable condi- were to be expected from economics by wage reductions. Reports of discontent on the part of some of the employees and threats of strikes gumsnt There were signs also that the fsaTs of the effect of hostiiities between Japan and Russia had reached Q climax The influence uiative markets during the week. both here and abroad and the New York market had to absorb large offerings of American securities made clear that war Is expected to bens6t the market for our fod products, wheat rising sharply on all war reports. while cotton ran on East would affect the Chinese demand for cot- ton eioth. From the financial standpoint there is little apprehension of any direct effects upon in this country are limited in amount it is believed. to about sls.ooo 900 principally by some of the insurance companies for the pur- pose of complying with Russian laws for do- ing business in that country French hold
 ings of Russian Government and industrial se- curities however. are known to ba very large There was the probability that the entry upon a war by Russia would develop money requirements in Paris as French capital is very heavily committed to the London financial paper market. large withdrawals of French capital from London might be apprehended
 which would presumably spread to other money
 markets Sterling exchange in New York has
 fcraign engagements of gold in London for import early in the week. But sterling has also risen in Paris in spite of decline in the stock of gold in the Bank of France for the | easier with the turn of the year, and the usual large repayments of loans have been made Our own money market has relaxed Co con dition of very pronounced ease without result | ing in the investment demand for securities which was hoped for. Corporation borrow
 ings of the banks are absorbing part of the | available supply of credits and there is some I fear that these borrowings will be largely ex- | tended ohicial intimations have been given
 that the New York Central does not intent
 any immediate financing to provide for It's l terminal improvement but a Rock Island re- funding issue is officially intimated for an | early date. The successful subscription for
 SIC. 1000 of bonds of one of the Penn | field of diversion for capital seeking invest
 ment. It Is believed that this and other new l issues offering are attracting capital which
 might otherwise find its way into issues. eur change, the demand for which has failed to
 show the stimulation usual at the period of
 annual dividend and interest disbursements. l The movement of bond prices has been slug | gist and irregular United States 2s registered
 have declined < per cent .on call during the week.