The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-07-19
FINANCIAL REVIEW

New York. July 1S-The shifting
price movement of stocks last week
reflected O state of speculative un-
certainty and the aggressive upward
turn in United States Steel and the
only decisive movement In the list.
This was Of large sympathetic effect
In holding the general list. Steel alb
sorbed a large part Of the aggregate
dealings. L
The movement in steel holds specu-
lative attention by reason both of it's
present dominant influences and of its
possible Interior consequences. The
rise In the stock to levels In the seven
ties 10 based on the confident belief
that Il Will be placed on four per
cent basis at the quarterly meeting
on the last Tuesday of the month.
This expected action. 1t is supposed,
ID connected with the project to list
the stock on the Paris bourse. This
project, held In allegiance by the If
ficiaily stated objections of the French
authorities. is insisted upon by the
banking firm which inauguratsd It, and
maintains It's assurance that despite
delays the end desired will ultimately
be achieved
The stock market view Of United
States steel ut present deals not with
the, bearing on its value of the pros
porous condition growing up in the
trade, but with the effect on its price
which would result, II the dividend
should not be raised this month or II
the efforts to secure q Paris listing
should be definitely defeated.
The detailed showing of cheerful
feeling TN the steel trade. 9 rising tens
deacy OF prices and expanding require
ments OF consumers take their place
among the most important signs of the
growing prosperity and the rise of this
tide 20 previously unknown attitudes
lie generally assumed, by financial
authorities.
The duh and uncertain movement in
the. stock market outside of United
States Steel IL accepted as appropriate
to the season. Confidence in the
healthy restoration of prosperity Is
undisturbed and the ultimate yield Of
crops profitable beyond all the coun-
try's experience Is counted on.
The waiting attitude OF the specu-
lation IL combined with an apparent
determination to hold stocks until the
uncertainties shall be cleared up. The
pertinacity of holders of stocks is en-
couraged by the ease Of the money
market and the future OF securities
values rs recognized to depend large
ly't on q maintained ease of money
Last weeks heavy requirements on
| the money market made an appreciable
| but slight effect on interest rates
National banks returned 100000 OF
government deposits and viii be call
ed upon to return 31s.000,o0o more
August Is.
The running deficit In the govern.
mant revenues operates to bring this
money back to the market. but It II
necessarily left in less tranquil state
that IL these sums were left undis.
| turbed.
The renewal of plans for Panama
canal bond issue reported from Wash
| ington, opens up new factor in the
| influences between the government
fiscal operations and the money mar.
ket..
The rapid decline in foreign ex
| change, rates last week put a stop t.
| the outgo OF gold to Europe, but large
| engagements continue OF be made fol
| shipment to Argentine. The check tt
our wheat exports Europe's resort t,
Argentina for supplies and that coun
trys strengthening of its treasury re
serve by government financial opera
lions, call for large remittances in tina
direction.
The low stage of this country's mer
chandise exports and the heavy impor
movement are indicated by the $1,000.
| 600 excess of import values over ex
ports for June. the first for any monti
since 1897. England and France ar,
able, therefore to draw on New Yorl
4 to make payments to Argentina. Tha
requirement is given part responsible
ty for the burdening of London dis
counts, in face of a Bank of Eng
land reserve rarely equaHed for thi
| season.
| Some growth in the New York of
ferings Of mercantile paper may be in
ferred from a fractional advance Ii
the, weeks rates on prime grades. TIL
seasonable demand in the interior 70
currency is implied by the subsidenc
of the movement into New York.