The Montgomery advertiser., 1901-08-31
WALL STREET: REVIEW
MARKET MAKES DEMoNSTRA TON OF STRENGTH.
Increasing Disposition to Buy Stocks Indicated That; the De- mand to Cover Came from
 the Bear Party.

NEW YORK Aug 3o-The stock mar ket made rather striking demonstration of strength today. The increasing diepo- sition to buy stocks as the day progressed indicated that the demand to cover out standing contracts came largely from the bear party. There was, however, also a nent stocks which was difficult to explain on any other basis tha mas an accommo cation. for what purpose not disclosed. The buying of this character was particu- here was very concentrated and was by brokers usually employed by the inside in- terests Of the property. single commits sion house took between 10000 and 15.000 shares of the common and considerable speculative following was attracted. some large buying of this stock coming from Western sources. Union Pacific, St. Paul and Atchison showed the belated effect of the very large earnings for July report ing earlier in the week and Canadian Pa cinc and St. Louis and San Francisco continued to move upward from the same Seiding the whole raiiroad list rnh0e apm The fractions and the movements in general were not conspicuous. The increase in the volume of business over yesterday was mostly confined to the stocks named. There was considerable demand also for Amalgamated Copper. The Gould South westerns were well held. to the accom- paniment of vaguely defined rumors of coming developments. The Wabashss rose about point each and Denver and Rio Grande preferred gained upon in- timations Of coming favorable annual report. The strength of Chicago Termi- nal stocking stocks was due to talk of ab- sorption by the Chicago and Alton. American Tobacco advanced 3& without explanation and Colorado Fuel ?. The New York; Chicago and St. Louis stocks rose 2S. The bears were seemingly dis comfitted by the absence of a furry on the call loan market. They had counted upon the demand for the loans to carry bring stocks upon the market. This failed to occur in spite of very unpromising forecast of the weeks cash changes From statements furnished by the banks in cash of upwards of ss,OO0,00o in the week. Of this the sub-treasury took A,- 623,000. of which H,S5O,000 was cash de- posted for transfer to the interior The have also been very heavy. It is eaid that the payment for the control of the Bethlehem Steel Company did not affect the cash showing. as 1t represented mere ly an exchange of banking credits Lon- don bought stocks quite freely here and the resulting decline in the exchange mar ket added to the sentimental effect of this buying. The market closed moder- ate1y active and firm.
 The railroad bond market was very dull. but firm. Total sales. par value, $2,0lS, 700 United States bonds were all unchanged on the last call. The stock market on Monday suggested. and that of Tuesday confirmed. the inference that the elaborate efforts which had been making by a con tingent of professional operators for two weeks previous to awaken a speculative movement in stocks on the present out side public had been effectual. The recog- milton of this fact caused considerable throwing over of stocks to realize by the professionals and the sharp break in prices on Tuesday afternoon. The subse- uuent firmness of the market in spite of seni-stagnation indicated that the liqui.. dation had come from the weaker class of operators. Better fixed holders seemed disinclined to let go and there were evil dences of quiet accumulation of various stocks. The market. however, had in the main reflected a waiting attitude toward securities, pending the clearing away of various uncertainties overhanging the market with the undertone of confidence in ultimate values of securities obviously undisturbed. The chief deterrent factor against speculative ventures is the future requirements of currency to move the crops, which are growing daily more de- fined.
 cision to close the Stock Exchange on Saturday preceding the Monday holiday, which served to check speculation as a three-day interval in the trading always does Opinion in Wall Street is that the steel strike has spent its force. The tech nical market position of the United States stocks is in some doubt. There naS been a considerable outlay of resources to sup
 
 while they were under pressure Up to this time any advance in their prices has brought out offerings indicating dispo- sition to market the holdings thus ac- quired Speculation in the stocks has con seouently been very light here The ef- feet upon the market is feared or pos sible drag from this source upon any at tempted general advance. The action of the market on Tuesday when the price of corn turned strongly upward again showed that a renewal of favorable crop reports might still have power to depress the cotton crop is an influence in the same category. The reopening of the dispute between France and Turkey Is kept under observance. Only light disturbance has thus far been shown in any of the securi- ties markets But any event threatening a recrudescance of the Eastern question and it's complicated conflict of national in terests in Europe is necessarily taken ac- count of in the financial world. In the money marekt the large shipments of cur rency to the interior have demonstrated that New York will be subjected to the usual demand for financing the crop movement, and at a period rather earlier than last year. Meantime there is no in- dication of a relaxation of the unexpected require rUPnts upon the money market of New York, treasury operations by reason of the surplus. Apparently the surplus Tn the revenues for August will be approxi- mately x5,0OO0oO. .
 market thus far this month have been up ward of 1000, GOO in excess of those for last August This Is principally due to the calling in of the extended per cent. last August Up to Sept last year there had been $17 23S $50 of those bonds re- deemed, The reduction in the revenues from the changes in the tax laws has not proved anywhere near s great as