The Montgomery advertiser., 1904-01-31
WALL STREET. REVIEW
TRADING IN STOCKS 1s LIST.
 LESS.
Market Was Heavy Throughout and Closed at Practically the Low
 est-Bonds Show Sym
 pathy with Stocks.

NEW YORK, Jan 3o.-Trading in stocks was listless today and the changes in prices were trivial. The market was hesitating practically the lowest. rhe early trading showed a disposition to carry prices upwards In spite of free selling of United Stetes Stel preferred and discouragins opinions current over the iron and steel outlook. Prices save way after the publication of the bank state- ment. The cbahges in the various items were ords, ord but the in increase @ in iosns wiS last weeks and the one other exception has never before been equaled and the increase In deposits never loan item of the clearing house banks is now close to the biiliou-dcl mark. The New York banks are putting large funds into com. nlercial paper from interior points and large
 loans have been made on sterling collateral so that the rapid growth of the loan account is regarded as sound and safe. It is pointed out that the increase of banking reserves last year came to . halt in the last week Of Janu, sry. while the loan expansion proceeded from that time to February 2l to the extent of S7o. .ooo. 600. From Feb to March I. last year. the New York banks lost over $3o 900 cash and the surplus in the same time declined S27.2IS.90o. These conditions and precedents are a force in causing the halt in the specu- iative movement in stocks. Foreign influences today were slight. but were favorable to higher prices. There has been decided falling on in the activity of this weeks stock market and the animated operations Of . powerful organ conspicuous. The principal interest attaching to ths market has been the effort to trace the operations of the speculative leaders with tho purpose on the part of traders to follow the1r operations or to meet them as an available basis for theix own ounter-eperstjons. There has been little evidence of any genuine invest. ment demand for securities or any Important liquidation The highly professional character of the operations and the artificial nature Of the advance have awakened a feeling of dis On several days the stock market resisted the influence of war depression on foreign ex- changes and on days when the decline was at- tributed nominally to war scare, commodity markets fsled to bear out this hypothesis; cotton continuing to advance and grain hold ing back. Of much greater influence swas the decline in confidence over the revival or tne iron and steel industry. Consultations during the week to bring about an agreement between the Southern iron producers were reported to be futile. either for fixing prices or making 2 plan for merging the companies. Rumo5s were fin persistent circulation during the week Of cut in steel rails and some of the important Western railroad interests were outspoken in their dissatisfaction with the present price schedule on the ground that they did not share in the advantage of Eastern railroads from the carrying of steel products as an onset Age was also frankly pessimistic over the trade outlook. The events of the week had the effect of rcvving discussion the subject of methods of promotion and organization of cor porations and the sentimentadl effect was not favorable to the market. An influence was ex- erted by the action Of the Stock Exchange au- thortties in their taxing rom the hst oI ee' curIties quoted the exchanRe those Of an industrial corporation. The published details of the effort to effect a compromise of the embittered dispute of the parties to the ship. building organization were of additional weight in ther effect upon the sentiment thus aroused. The excited speculation in cotton and gains divert some resources from stocks to those markets. The sharp decline in the rate of cotton receipts awakens renewed attention to the problem of the size of the crop and the efforts of a shortage on lines of industry which are an important element in the countrys pros perity.
 The bond market has shown some sympathy . with the reactionary tendency of stocks and business has declined in volume. United States 2s and old Is have declined < and 3s coupon have advanced < per cent. on call during the week.
 New York Stock List.