The Montgomery advertiser., 1909-03-08
FINANCIAL REVIEW

New York, March 7.-The Irregular and uncertain movements of last week in the stock market were the reflection of the uniformed speculative sentiment Dealings were small and were In the hands of professional operators largely. The disturbing effect of the throwing open of the steel market seemed to haye passed to some extent and rndos9nd con- to have cleared somewhat. but the prospect had not shaped itself with suf- fioent definiteness to prompt new Concessions in steel products were re- ported to be still in progress and the posting of wage reductions by the tbst psss of tSe pTocess of ments going on in the steel industry. Wage reductions are considered inevi. ta6is to conform to tns apa anS iety IS felt for possible disturbance in effecting the changes. The develop, ments Tn the copper trade have been zen sere'0f served to keep ee alive alive the enect of steel trade, developments, Ke2Gr.ss s2snas copper at prices above the recent av- craze and of specifications promising yet larger transactions were circulated In a demonstrative manner ana ndon marke. and New York: Criticism or the ad- vance as manipulated and suspicion cast upon the report of sales had t the prices of the copper fndustrials mere followed then reports of collapse Tn the copper market and of open market market ton into confusion. The labor out look was clouded by the preparations thracite trade incident to the termina- ton of the three-year wage adjust ment on March 3l. The demands form glated on the ene hand fy ytbess sns elaims the ground of difference.
 An incident of the controversy was the circulation of rumor Of the ln- tention to shut down the anthracite mines on April l, until settlement with the miners should be secured. are subject at the same time to the recurring influence of an expected de- cision on the commodities clause test
 The pendancy of the commodities case decision Is one of the various Incidents which directed attention last week to the cohsiaerauoni od the ornaps G1s tions. The inauguration of the new President was studied by Wall Street for its bearings on this subject Tor the ed in the inaugural address to adhere to the policies of his predecessor in these matters and to perfect the gov,
 
 been known from series of public utterances of the President and oner- ed no surprise to the spectators. The financial community professes to feel an insurance of more strict regard for legal restrictions on the part of the new President in the pursuit of his ppdaptation pdt h of G conditions which may be in prospect. There is not lack ing an undertone of questioning wheth- CT the new policy may may not Prove t corporations than the old. The refusal of the New York public service com mission to grant the modiiicatio9ns of the Erie bond issue, was another incident showing the new bonds in which corporati2ns acts are held. mission came another note in the same tone in the opinion handed down in the so,called spokane rate ease: The ciusions as to the reasona bleness of freight rates and the explicit pro- nouncements that profits of the Great recent years had been excessive. open ed up a field for conjecture involving the business of all the great transcon- tinental railroad lines,
 The response of the financial mar kets to the changes of the situation in the Balkans gave warning of possi- ble recurring source of disturbance during the coming months.
 The financial community keeps an attentive eye on the crop news and the questionable state of the winter wheat crop Is regarded as offering ground for caution in accepting the confident assumptions of the future.
 and the ready absorption of the new bond issues is still reported. The lower prices realized for New York city corporate stocks compared with the preceding sale in November, how ever, was regarded as a doubtful show ing of sustained investment demand The bond department at the Stock Ex- change was somewhat less active in consequence and a trifie irregular.