The Montgomery advertiser., 1907-07-01
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New york. June so-There has been a stirring of speculative interest in the market sn the week just passed which Is regarded as testimony of hope full spirit that the long Drostration of investment demand may be reaching It's period. The exigencles os the mid-year money settlements or the fear of them has delayed this manifestation. It was easy to discern through the re- strains on the markets activity that prices were firmly held and that the amount of stocks for sale was insig- nifcant. It is expected that the large, sums to ba disbursed in profits during the coming month will seek reinvest- ment in securities and tt Is to antiei- pate this demand that professional op- orators have been taking on stocks cognized object of the movement is the improved valuations of securities hold ings which will appear In the semi- annual balance sheets soon to be is- sued of numerous corporations and financial institutions. There is gem erai conviction also that large amounts of securities are held which were taken over as a matter Of necessity during the weak period of the market for the protection of values and to avert demoralization and widespread harm. It is estimated that the amount to be disbursed in dividends and interest in New York during the coming month will reach $1S3,000. 900 larger than ever distributed at thls season. The figures are a testimony to the high degree of business prosperity that is still main tained and shows how rapid of recu- peration of capital deficiencies is pos- sibie by a slowing down of the rate of the absorption.t Figures of railway capitalization in the last few years show how rapid has been the rate of absorption, the figures not only rising prodiRiously eaeh year since 1899 but the ratio of increase for each year in making successive bounds up to the scramble which developed among the railroads for capital resources to- wards the close of last year. The crisis which resulted was aggravated by the after effects of the great de- struction of capital caused by the Boer war the Russo-Japanese war and the san Francisco earthquake. Banking Authorities fin New York are of the opinion that the demands for the use of liquid capital in active business will decline during the camirg ff,h is some bankers already discern some cur tailnAnt of mercantile borrowings of this sort. It Is evident that foreign reduirements for food stuffs will be unusually heavy this year, owing to crop shortages abroad, and confidence has become established that this eoun- try will have surplus supplies avail able which can be marketed on prof itabie terms. The course Of the inter- national exchanges therefore is exS pected to move strongly in favor of this country The prospect of a slow ing down of trade seems to be re- garded with eauanimIty from the fnan- oiai standpoint as it is felt that the high pressure at which activity had risen was overrunning the capital available. and was being conducted at an extravagant cost which was threat ening the integrity ot the net return. There Is a perceptibIe subsistence of anxiety over the results to the general Situation Of the agitation against rail- road corporations, bas1d partly upon an assumption that the strength of the
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