The Montgomery advertiser., 1901-07-26
WALL STREET REVIEW ANOTHER PHASE OF THE
 SPECULATION.
Upward Movemt mt of Stocks at tho opening-Advance of Two Points in United States
 Steel Securities.

NEW YORK, July 25-The upward re- | action in stocks this morning marked an | other phase in the speculation. Such in- termittent movements from day to day l are a familiar incident of periods when | speculative factors have largely spent their force and no new ones of importance are in sight to take their place. It does l not necessarily, follow that there are not l large speculative f)rrmitments st'I e.*t- | ing in the market. scme further hght Is | evidently awaited oa the actual res'ilss 10 | the crops of the per, | of drought in the West. which has formed, together with | the steel strike, tLe tasis of tne recent | speculation for The 1al. .Dcc!in'ns ac" tivity and lcssening calculations are the natural accompaniments Of such p"rlod. 1 1t is to be assumed that a short interest exists in the market as a consequence CT the recent downward course of prices, ana consequently the absence of any new tn- favorable developments by begetting an easy frame of mind in the shorts keep the undertone firm. There is the additional fact that the stocks in the general list which are not directly concerned in the yicissitudes of crops have suffered from depression by sympathy with those that are. There were evidences today that the level of prices of some of these proved attractive at the low level. The professional traders, anxious to develop new speculative movement. joined in the buying and helped to advance prices. The bituminous coal carriers. the anthracite group and some of the roads in the south
  ship of this movement and helped tu hold dull market firm through the middle portion of the session. The announcement of the engagement at the assay office of s5OeOo0 in gold sent prices downward again, but not to the lowest. The gold is supposedly for export, alth ough the des- tination is not announced. The fact that gold should go out with the exchange market yielding to the supply created by large foreign buying of grain today aroused renewed attention tp the fact that some special demand for gold exists abroad. which can draw 1t from New York with exchange below thc normal gold export point. The market became so nearly stagnant at the decline that the courage of the bulls was revived and they marked up prices again. The sudden ad- vance of about points each in United States Steel stocks. and an earlier ad- vance of as much in Amalgamated Cop per helped to make the closing strong and quite active, with many stocks back at the top level of the day. There vas con- siderable manipulation evident on the ad- vance. the principal part of which was re- stricted to a small circle.
 Railroad bonds were more active and there was very large demand tor the bonds exchangeable for Burlington stock and some buying also of Baltimore and erally was somewhat irregular. Fetal sales (par value). $1. .620.000 United States bonds were all unchanged on the last call.
 Money and Exchange.
 NEW YORK. July 25.-Money on call steady at 2q21z per cent; last loan at 21a per cent.
 Prime mercantile paper, 4Is65 per cent,
 Sterling exchange easier with actual business in bankers bills at $4.S7%@4 s7Ib for, demand and at 4s4hQ4s5 for sixty days; posted rates, 4.S6Gl4.S8k.
 Commercial bills. 4S4d4. S4l5.
 Bar silver. 5S4; Mexican dollars, 46k.
 Government bonds inactive; State bonds inactive: railroad bonds. irregular.