The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-07-19
FINANCIAL REVIEW
OF THE PAST WEEK
State Of Speculative Uncer-
tainty In Stocks
STEEL is MOST ACTIVE
Shows Only Decisive Movement in the
Entire List-May Be Put on q
Per Cent Basis at this
Months Meeting.

New York, July 1S.-The shifting price
movement of stocks last week reflected
state of speculative uncertainty, and the
aggressive upward turn in United States
Steel was the only decisive movement in
! the list. This was of large sympathetic
effect in holding the general list. Steel
absorbed a large part of the aggregate
dealings.
The movement in steel holds speculative
attention by reason both of its present
dominant influence and of it's possible ul
terror consequences. The rise in the stock
to levels in the seventies is based on the
confident belief that 1t will be placed on
! a per cent basis at the quarterly meet
ing on the last Tuesday of the month.
This expected action, It is supposed, is
connected with the project to list the
stock on the Paris bourse This project,
held in allegiance by the officially stated
objections of the French authorities, is
insisted upon by the banking firm which
inaugurated 1t and maintains its assur-
ance that despite delays the end desired
will ultimately be achieved.
The stock market view of United States
Steel at present deals not with the bearing
on its value of the prosperous condition
growing up in the trade, but with the eff
feet on its price, which would result If
the dividend should not be raised this
month, or If the efforts to secure a Paris
listing should be definitely defeated.
Cheerful Feeling.
The detailed showing of cheerful feel
ing in the steel trade, a rising tendency
of prices and expanding requirements of
consumers take their place among the
most important signs OF the growing pros
perity and the rise of this tide to pre-
viously unknown attitudes is generally as
sumed by financial authorities.
The dull and uncertain movement in the
stock market outside of United States
Steel is accepted as appropriate to the
season. Confidence in the healthy res
toration of prosperity is undisturbed, and
the ultimate yield of crops profitable be-
yond all the country's experience is count
ed on.
The waiting attitude of the speculation
is combined with an apparent determin-
alton to hold to stocks until the uncer-
tainties shall be cleared up. The per-
tinacity of holders of stocks is encour-
aged by the ease of the money market,
and the future of securities value is rec
ognized to depend largely on a maintained
| ease of money.
Money Market.
| 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 will be called upon to re-
| turn S160O0,00O more August Is. The run
ming deficit in the government revenues
| operates to bring this money back to the
! market, but 1t is necessarily left in a less
tranquil state than if these sums were left
undisturbed. The renewal of plans for
| a Panama canal bond issue, reported from
Washington, opens up a new factor in the
| influences between the government fiscal
| operatio and the money market.
The rapid decline in foreign exchange
| rates last week put stop to the outgo of
| gold to Europe, but large engagements
| continue to be made for shipment to Ar
| gentine. The check to our wheat exports
Europes resort to Argentina for supplies.
and that countrys Strengthening of it's
| treasury reserve by government financial
| operations. call for large remlttances in
| that direction.
Export and Import.
| The low stage of this countrys mer-
| chandise exports and the heavy import
\ movement are indicated by the 100000
| excess of import values over exports for
June, the first for any month since 1897
England and France are able, therefore,
to draw New York to make payments
to Argentina. That requirement is given
part responsibility for the hardening of
| London discounts, in face of a Bank of
| England reserve rarely equalled for this
| season.
Some growth in the New York offerings
| of mercantile paper may be inferred from
fractional advance in the weeks rates
on prime grades. The seasonable demand
in the interior for currency Is implied by
the subsistence OF the movement into New
York.