The Montgomery advertiser., 1909-01-18
FINANCIAL REVIEW

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 New York, Jan., 1.-The speculative market last week showed a good deal of hesitation in the attempted appraise- ment of the factors going to shape the future.
 The true reading of the opinions seeking expression through the medium of the stock market operations was obscured by the complications of the technical situation of the market, in which a considerable short interest had been built up in the course of the previous weeks reaction. This inter est was unusually and anxious to take profits by buying to cover. Occasional periods of strength which were shown were attributed largely to this factor of the uncovered short interest and the demand lacked the appearance of aggressiVencss. An element of mis- giving over the future course of values evidently remained in force in the speculation, but special stocks were strong on the strength of individual factors and proved sustaining in- fluence on the whole list
 Reports of general conditions show ed enough mixture of the good and the unfavorable to account fairly for the mixed and uncertain tone of the speculation. The progress of the ex- pansion in trade and industry was re- garied on the whole as disappointing. This feeling .radiated primarily from the great steel industries and the rail- roads. the backwardness in the one case being traceable to that in the other. The railroads feel the effect or the early movement of the great staple agricultural crops, which gave the early appearance of quick revival to their traffic but which leaves the lat ter volume of traffic without Its GUS tomary proportion of this business to maintain the showing. The movement of coal also is reported as slow in con- sequence with the halt in the indus trial revival Hence the renewed ac- formulation of surplus idle freight cars, which has proved a Encouragement. The effect is to hold back railroad orders for new equipment and thus spread the influence of the check through the wide qualifications of the steel trade. Except in shipment lines of finished material the demand TOT i steel products is called disappointing and some doubts are raised Of the WIS dom of the rate of production of pig iron, which is kept up. ParalIel con 1 lditions are found in the copper trade where the accumulation of stocks while production is maintained at a high rate, promises difficulty in hold
 ing prices. ..,.
 tion of corporations has come Into re- newed consideration by those financial ly interested and there has been re- vision of earlier opinions in the extent | to which corporations are to enjoy exemption from such measures in the future.
 The abrupt collapse in the price or consolidated gas when the eighty cent gas law was approved by the Supreme Court. first served to revive the sub feet Doubts have since arisen wbether the commodities clause Of the Hepburn law may not also lind sane tIon by the Supreme Court and thus necessitate the partition of tho rail- road and coal properties now combined in the anthracite business. There has been an extensive speculation based on the assumption that this law was cer- \ tain to be declared unconstitutional.
 Attention has been drawn to the regu- llation powers of the New York State
 Public Service Commission by the raising of the question of the approval
 of the proposed issue of bonds by the
 Erie, necessary to the financial rehabi- tation of that company.
 Many of the newly incorporated state
 executives have enlarged on this ques-
 ton of regulation of corporations. The far.reaching projects In the