The Montgomery advertiser., 1901-05-26
WALL STREET REVIEW
NO EVIDENCE OF INTEREST WAS
 SHOWN.
Manipulation by Professionals Was Apparent in a Small Number of Stocks-Statement Showed
 Banks in Strong Position.

evidence of interest in today's stock mar
 Ket beyond the manipulation by profess
 sional in a limited number of stocks.
 The stocks showed that many brokers
 and traders followed the midsummer cus-
 tom of not coming to the exchange at
 all for the short session of Saturday.
 gave good promise of a period of activity
 in the special stocks at least received an
 nntimely check. This was true of the
 Tobacco stocks which started a vigorous
 losses, The ,Southwesterns were tenn porarily strong on published admissions
 pSns an. n ns tss ths
 and the extention of the properties.
 wheeling and Lake Erie strength was
 in sympathy; The rumors that an im-
 cifc had effected a private settlement,
 which. was an influence in yesterdays
 rally had lost their force today. This
 itative information on the subject. While
 the completion of a settlement with tho
 shorts would be regarded with relief as
 removing threat of further forced liqui-
 dationffrom the market. the obvious pres sure to secure actual deliveries of cer- tihcates leaves the inference strong that the Northern Pacific dispute still re- inmates that the demand for the credits | in Europe and England in connection with the struggle for control of Northern
 sale of Northern Pacific at Zoo oGne.s' near the close today revived consideration of the | subject. The last sale on Thursday was
 at POS and last nights closing quotation was 1T2 bid and 250 asked The closing today was 1S0 bid and 210 asked. The strong position of the banks disclosed by the bank statement failed to revive the
 reserves to the extent of $5.a61 900 and growing ease in the money market the | fact that loans should have been paid off to the extent of S14639, 800 carried pretty plain intimation that further i'm portant liquidation has been going on in the stock market and that there is no
 extensive inclination to embark In new
 ventures in the market This weeks stock market has shown disposition to
 slip into dullness and increasing difficult
 ty has been met in attracting an outside
 business. It is the smallest weeks busi- ness of the year and has been more and more restricted to the hands of profess
 sional operators. There has been some
 notable demand at times for certain
 stocks, such as the Fries. the Southwest
 erns and the coalers. both Anthracite and Bituminous. The street is not agreed in its opinion of the motives of this buy
 ing. One party sees in 1t renewal of operations by the great railroad proprie- tors in the further development of com
 munity of interest plans. in the newer phases of those plans involving extensive systems rather than of lateral competi- tors such as marked the early period. Others see in it merely speculative opera
 awaken public interest in speculation. or to afford a market for selling out pool
 holdings which were held through the
 touched since. The professional character of the market has been indicated by the narrow range of price movements and
 their constant fluctuations, the course of prices never continuing beyond the sec ond day. From time to time there has been positive pressure to sell. induced by | several disturbing factors. The principal of these is the Northern Pacific dispute, which continued to loom big in the esti- nation of damaged spectators and to cast a shadow on the market. Assur- | adjusted to the mutual satisfaction of the great railroad interests concerned had | their soothing effect. marred by indica- | tions to the contrary For one thing, | absolute control of the property. The
 earnest desire of both parties and their
 interest in preventing any further dis bles of the shorts is very clear. Yet the shorts have given evidence during the ] week of continued trouble. The inference contending interests in Northern Pacifc to relieve the shorts do not go so far as to sell them stock or even to lend them certificates for delivery. The market is almost absolutely bare of the stock. and the rise in 1t this week to 205 indicates that there is no relaxation in the close- ness with which 1t Is held by the two
 rival interests The rival interests allow the shorts whose selling contracts they hold to settle at the the given figure of 150 But clearly others than the rival interests hold selling contracts for which there is no stock to deliver, and are ex- acting higher terms: This seems particu-
 larly true of the London market The moraloyium granted to the Northern Pa- cific shorts in that market at the last set clement has been extended through the next settlement and to June 10 with the ests in Northern Pacific will have arrived at some arrangement by that time. This revelation that there is still short inter est in Northern Pacific in a perilous state and a deduction shows that the dispute for Northern Pacific control is still open, has had a decidedly disturbing effect on
 sentiment. The application of the Union Pacific to the stock exchange to list the full authorized issue of $10o. 900 of con
 vertible bonds has given occasion for some selling of the stock. It Is known that $40, 900 GOO of this issue has already been sold to provide for the purchase of the Southern Pacific. The suppositfon IS general that the remaining $50, ,000.0 900 is Northern Pacific stock bought in the in- terest of Union Pacific. Wall Street has asked itself how far the heavy amount of Union Pacific stock sold at high prices
 during the boom may have represented the extra issue of stock authorized to be exchanged against these bonds. The be-
 lief has grown up aurins .h the sveS week that that ket represent efforts to secure a trunk
 line outlet to the Atlantic coast for the
 southwestern railroad systems. Ine Duy-
 ing of Fries and the strength of Lacka-
 wanna have been attributed to this cause.
 The projected Wabash extension to
 Pittsburg and the Wabash demands in
 passenger rates are pointed to as corro-
 borating evidence of desire fer con-
 trolled trunk line. Reports have circu-
 lated that protests have been lodged
 against the execution of this project by
 representatives of other trunk lines:
 Some uneasiness has been experienced
 lest another conflict between leading
 railroad interests was thus foreshadow-
 ed. The relaxation in foreign money
 markets has been a favorable factor al-
 shown no sign of any lack or supply. The
 decline in speculative activity has. in
 fact leA tn growing ease of money Eur
 the fears expressed that more difficulties
 might confront the London market has
 caused some dread of a sympathetic ef-
 feet here. During the week the Paris
 market has apparently sunered US re- quirement for the Russian loan notation
 and has relaxed its pressure upon Lon don, SO that the Bank of England was able on Thursday to secure on arrival
 of S2 800 900 in gold in the open market,
 which is was feared might go to the con tinent The Paris demand for gold in connection with the Russian loan has
 been unexpectedly light, owing to the strong position of the Bank of France.
 which holds stock of gold only second in amount to that in the United States
 this year, and which has been making twenty per cent of its payments in gold. Some financial authorities are beginning
 to maintain that the claims of the United States for gold on account of merchan-
 disc balance has been practically wiped out by the large return of American se- curities to the home market during the
 late speculative furore. It it worthy of from New York this week shipment
 was made from Sydney to San Francis
 CO The receipt of the first dribblings of