The Montgomery advertiser., 1904-08-21
WALL STREET. REVIEW
PROFIT TAKING BY sPECULATORS
 CONTINUES IN EVIDENCE.
United States Steel Preferred Determined ly Supported in Early Dealings Despite Rumors of Trades
 Unsettled Condition.

NEW YORK, August 20.-Yesterday's s profit taking was in continued evidence in today's stock market. United States Steel preferred was determinedly supported in
 the early dealings in spite of the further re- ports of unsettled conditions in that trade
 Traders are suspicious of a speculative ori- gin for some of the damaging reports Of steel trade developments and profess to de-
 tect very large uncovered short interest in
 United States Steel preferred. These fac
 tors have deterrent effect on plans to at
 tack the stock by short sales A violent
 break in Metropolitan Securities, which carried Metropolitan Street Railway down with it. gave added force to the reaction and the late weakening of the grangers caused the whole list to give way.
 The leading grain carriers all lost in the neighborhood of point. A fractional rai- ly was interrupted by the further drop in
 Metropolitan Securities and the closing was
 irregular. The bank statement furnished no surprises. The moderate expansion made up an important part of the increased re- ceipts but there was sufficient cash de- mand to more than keep pace with the ad- ditional reserve requirements thus adding
 SSs2,775 to the already abundant surplus
 The total sales of bonds. par value. $1,-
 225,000
 The stock market this week has been IT,
 regular and at times quite weak, but re- actions hive been resisted and overcome and the general course of prices has been
 upwards. This was in face of some heavy selling to take profits and against the sem
 tment of a arge part of the professional
 operators who have looked constantly for a natural reaction in view of the duration and extent of the rise which went before
 Some of the weeks news has offered a rather formidable prospect to holders of se
 curities. but this also was ignored and of- ferings of stocks was steadily absorbed up to the higher level attained by prices. The crop news of the week has been distinctly
 unfavorable to stocks, although the opinion
 of the outlook in the financial district has
 d'tions reported in the grain markets and
 effective in the excited speculation there.
 The material reduction In the wheat crop
 which has resulted in the damage from
 rust however. is generally admitted. Even
 more importance is attached to the corn crop for its promise of an effective offset
 to the unpromising outlook for wheat. For eign shortages of wheat are looked to stimulate large demand for corn that a large crop of that cereal will play an i'm portant part in the years prosperity of the country. The gravity of the situation in the
 steel trade is freely conceded. Price cuts already authorized in trade has offered a
 basis for industrious calculations as to the
 direct effect on earnings of the United States Steel Corporation. Beyond that d. rect result Is the effect to be expected in inducing waiting attitude on the part of consumers whose indisposition to make commitments on falling market or with | chance for lower prices will naturally fol- low from the existing situation. The pur- pose of the United States Steel Corporation to prevent a profit to the Pennsylvania Company from it's acquisition of steel bill lets at a reduction of $4 per ton from the Association price is clearly indicated and the purpose of that company to contest the market for wire products Is avowed. Mean time. the existence of pools and agreements for maintaining prices of other finished steel products is felt to be menaced, with the possible exception of steel rails. The sympathetic effect the general market however, are surprisingly small. Evidences of manipulation in some cases has been rather fragrant. in fact, but the success of this manipulation in itself proof of a strong underlying condition in the market which made the bears among the profess sionals very timid about attacking the mar ket.
 The condition of the money market offers strong attraction for the pooling of stocks The call loan rate has ranged from ] per cent to lt per cent and there is prac- tically no demand for time loans aside from the longer periods. The easing of the London money market has diminished tho probability of any call for gold from that quarter and shipment from Australia to event. Interior money markets show the beginning of the fall demand and the in terior exchanges are turning against New York
 Demand for bonds has not been active. but prices have been well maintained United States 2s registered have advanced is the 3s coupon. the new 4s registered and the old As. E the 3s coupon. %, and the Ss registered E, while the new 4s coupon have declined h per cent on call.
 NEW YORK STOCK LIST.