The Montgomery advertiser., 1901-08-09
WALL STREET REVIEW
DEVELOPMENTS FAVORED THE
 LONG ACCOUNT.
Demand, Which Was Broader Than for Some Time, Carried Many Properties to Substantially
 Higher Level.

NEW YORK. Aug. S.-Developments in the stock market today favored operators for the long account and the demand, which was broader than for some time, carried many properties to substan- tially higher level. Indications were not warting to show that traders were at taching more importance to the character of the crop news and the high rate of rail- road earnings. These considerations out>
 weighed the earlier oppressive influence on the market by the announcement or the
 steel strike and stocks were purchased
 with an apparent great show of conh- dence. Unusual prominence was given 10 the trading in the United States Steel
 stocks owing to the frequency With when when
 large blocks changed hands at rising
 scale. Professional operators were in-
 clined to cover shorts in these issues ow- ing to the resumption of work at some plants and the official announcement or the absorption of the Shelby Tube Works.
 When the prices of the steel stocks began to mount upwards and reached level 2h and 2 per cent, respectively, above yesterdays close for the common and pre- ferred the general market kept pace
 with the movement and exceeded those gains in some instances. There were
 many interruptions to the general rise during the day by profit taking and snort selling by the room operators, but the
 recessions were not very noteworthy ex- cept for the United States Steel stocks
 which ended about point below the best when a report circulated that prominent operator was unloading stocks purcha sed at a much lower level. This selling soon affected the other market. but semi-stag- nation soon resulted and the closing deal
 ings showed steadiness Conspicuous strength was displayed by St. Paul. Union Pacific, Missouri Pacific, Sugar and Lack awanna, which were from 1A to , points | spective groups. The declaration of only | the regular dividend on the Union Pacific | was without effect on the stock, the price | ruling at 9IA. the best price of the day 10 hn tnp6 AA Ny@ explanation was made of the rise to 99is | at the close. by Missouri Pacific but it was asserted that a speculative interest
 was responsible for the movement. Stocks which usually do not attain prominence | In the dealings attracted some attention | today owing to the material character of
 their advices. the list including Great
 Consolidated Gas. Hooking Valley. Colo i rado Southern first preferred, Cleveland. | C.. C. and St. Louis. St. Lawrence and
 Adirondack and Lake Erie and Western. | which were 2d5 points higher.
 | Monetary conditions were viewed in a 1 favorable light owing to the steady gain | by the banks on sub-treasury operations. | this mornings statement showing a gain
 of over million dollars on the week thus | far Sterling exchange continued upward. | demand bills being held quite generally
 above 4.SS. while sixty day drafts brought 1 4S5ss Commercial bills continue in scant
 supply and there Is very heavy de-
 mand the question of gold exports Is be- | ing discussed. So far nothing definite in | this connection has developed. but some authorities consider that a price of 4.SSis l for demand bills would start an outflow
 of gold to Europe. The weekly statements
 of the Bank of France and the Bank of 1 England showed both institutions In a
 strengthened condition, which may pos
 sibly prevent early exports of gold. as
 they are not considered likely to offer any
 especial inducements to get it.
 The bond market was strong today, the
 feature being a Mohawk and Malone in-
 comes. which advanced nearly points. | Total sales, per value, $l. 800, ,000 United
 States bonds all unchanged on last call