The Montgomery advertiser., 1901-06-16
WALL STREET REVIEW
A FEvERIsH UNDERToNE IN
 THE MARKET.
The Buoyancy of St. Paul Was a Determining Factor in Sustain
 ing Values and Turning
 Prices Upward.

determining factor in sustainin9 nrieee sxo in turning the market upward after oip oecasioned by the weak bank re- turn. Authoritative announcements re- saruing the developments in St. Paul con- Wa,e uWnue Iacking. but the belief holds in in ,h St1eet that controlling interest h .h snaI stock has been made available for .ne purpose of adjustment of the North west. west. railroad dispute which is being ths1 hohea out It is matter of notoriety SI Paul previous to the Burlington deal sne ngure demanded for the stock by controlling interest was 200. Intimations nave peen given that minority stockhold- sas as VIII pc gwen equal benefit on any terms or sale of the controlling interests
 assumptions from these premises were stacte sne occasions Of todays dealings in the stocks, m which conspicuous speculative leaders, however, bore a large part, as Lney did in other large buying in the mar i. keL St Paul crossed 1s1 in the late deal Colorado Fuel added six points to it's Sem satlonal advance. Tennessee Coal was strong Tn sympathy with Colorado Fuel snu snn the Headings were in demand. The general market was influenced by St. Paui throughout, the loan increase dis closed by the bank statement reflects cpntinued demand for syndicate pur- and half is wide of the known move ments of money which indicated a small gam. Fart of the gold withdrawn from land today. It is believed more may 20 next week to meet Berlin's requirements TOT semi-annual settlement on July 1.
 There was decline in speculative activi- ty and some liquidation during the early part or this week caused by the showing
 made by last Saturdays statement But,
 interest revived again as the week pro-
 dld not rise to last weeks level. Many important general conditions developed
 which offered ground for expressing movements. But the speculation seemed
 to be based for the most part on special considerations and was largely congested Tn special stocks. The substantial gains
 In these kept the undertone of the market
 pretty firm and seemed to support prices
 against considerable realizing, which was
 Tn evidence from time 10 time. The
 Could group of stocks were conspicuous ffdent early in the week that early an-
 nouncement would be made of steps ac- eomplished towards the expected consoli- the greater Missouri Pacific. Missouri Pa cif1c directors would consider other than routine matters at a meting next $12, 600 900 of Missouri Pacific convertibles paying five per cent. had had the option exercised of exchange into stock fostered the belief in coming developments. Some against too confident assumption of early action towards consolidation and confidence was somewhat modified and di- rected towards dividend actions on Mis- souri Pacific itself. The current rumors that the Pennsylvania Railroad has se- cured control of the Pennsylvania Steel Company to safeguard its steel rail sup. Street in spite of official disclaimers. at- tracted large demand for Pennsylvania stock. This was taken advantage of to market large amounts of stock against the buying of stockholders rights to sub scribe for the new issue of fifty million dollars par value. Some very large deal ings in the Pacifics and Northwestern Railroads were attributed to insiders and were supposed to be due to the working out of the comprehensive plan of adjust mony which was explicitly promised in the ohcial statement announcing that an agreement had been reached in the North ern Pacific dispute. As Northern Pacific the market since the corner and dealings in Burlington are nominal, while the floating supply of Chicago and. North stocks of other companies interested have been looked to as an index of proceed ings. The notable strength of Union Pa cIusion that an interchange of securities of some sort between the two was con- templated. The Pennsylvania'stee trans action has attracted attention to the industry of the United Steel Corporation which is estimated by a reputable au- thority at $137, ,OOO,OOO since the formation of existing companies and partly by or ganization of new. Consequently stocks of Independent companies in the steel the United States Steel stocks have dragged. RumorS at the same time have been plentiful in Wall Street that the en- largement or consolidation of some of the independent steel companies would be made preliminary to their absorption by the United States Steel corporation. The publication of monthly statisticg showing further encroachment upon stocks of iron notwithstanding substantial increase in the monthly rate of production and with prospect of additional furnaces coming unimpaired health of the iron and steel industry. This was accepted as one of the most important assurances that could be had of continued business prosperity. Another notable influence in the same di- rection was the showing made by the crops. The government report for May at first received a slightly mixed interpre- tation, and It's bearing on different re- gious was differentiated on the specula- ton. But the estimates by exports on the government figures showing the promise of a wheat crop equal to or in excess of that of 1898 and the reports of rains dur ing the week in regions shown by the government report to be in need of them added feeling of confidence in the fla poor outlook for the German wheat crop the probability Is increased of enlarged demand for our surplus: The statement of our May exports of domestic pro- ducts indicates a continuancy of the eX- traordinary conditions of our foreign trade, the increase in value over those of May of last year being more than $1l,- 100000 exclusive of manufactured pro ducts. The continued growth of the country's wealth thus indicated helps t9i prevent any apprehension from the eff forts upon the money market of tenn porary demands for credits or large cor poration transactions. The additional re- dalction of half of one per cent. in the Bank of England's minimum discount rate, following last weeks like reduc- tion confirms the confidence in the future ease of the foreign money markets. The hank of England's weekly statement re- ment deposits from Paris. thus according for the recent sustained strength of sterl- ing exchange at Paris. Next weeks re- uuirements for the payment in London of SEQ 0O0, 900 installment of subscriptions to the new British consols are expected to promptly to the market owing to large government disbursements. It Is not to be forgotten in estimating this factor that the accumulation of capital in foreign centers is due to the dullness and depres- sion of business and industry there. The influence of these upon the propitlOus conditions in the United States Is not inn mediate and indications points to the security of all values which have not been unduly inflated by speculation on unwarranted assumptions.
 There has been a good general demand for railroad bonds and some of the con- Vertible and contingent interests issues have been active and strong.
 United States bonds closed unchanged on the call prices compared with a week ago.
 New York Stock List.
 Atchison preferred 1O4s?