The Montgomery advertiser., 1901-05-25
WALL STREET REVIEW sPURT OF ACTIVITY AND
 STRENGTH AT CLOSE.
It Was Needed to Save the Day from Being the Dullest in Business Done Since November
 Election.

NEW YORK, May A.-A final squirt Of ac. aacuvity and strength in the stock mar the dullest in the amount of business don since the November election As ii wa, business was well down toward the mini mum and wa besides largely, congested american and Continental, were the fea- ture Of the market. The volume of busi- ness m them grew as the advance pro- gressed and all of the room traders, hungry Tor stock that would move cas- fly, tailed onto the movement By build Ing up prices smartly they ascertained that very few selling orders for the stock were In the market above the prevailing price level These technical conditions were responsible for the movement of stocks so far as any news that was pub lished would indicate. Something is made of the fact that the new tobacco conn resentatfves in 1t who organized an oppo- sition company once before which was absorbed in a short time by the Amer- can Company The days gain registered Tor American Tobacco was points and for Continental Tobacco 4%. The final strength of the market was due to this movement and to the late accentuation Of strength in other stocks which had shown signs of firmness and strength earlier in the day. The weak points were also pulled up, so that the losses, which were at one time very general, were either wiped out or greatly reduced all
 
 Pacific and Atchison were good points of resistance all day. The story persist ed that efforts were making to secure a trunk line outlet for the Gould South great trunk line proprietors had protest ed against this project and mat 1t had been threatened that Atchson would be absorbed by the Pennsylvania in retalia- ton. This story and it's variations will be found closely related to whatever strength was shown in the days market. The movement of Union Pacific was a mo- table influence on the market, its break to 9S being the principal factor in the early weakness of the market and its re- covery at the close largely relieving the depression. The forecast of a strong bank statement, promising a recuperaion in cash by the banks of nearly $5.000,000 was a revivifying influence. although there has been no lack of money to loan. The fact that no further gold was engaged for export also was a strengthening fac tor, not only for its immediate bearing upon the situation, but in its larger sig nihcance as indicating a relaxation in the whole foreign money situation. Yes terday's large purchase of newly arrived gold in the open market in London by the Bank of England was the signal for the pressure for gold at continental centres had relaxed; that the requirements in Paris for the Russian loan had been sat- isfied. and London was free to recuper- ate its money market and prepare for some large future needs. This is a mo- table relief to the whole financial world and Is striking testimony to the strong position of the Bank of France which has been able to provide for the Rus sian loan which a much lighter recourse than was expected to the foreign credits of the Paris money market. The cessa- ton of the urgent demand for Northern Pacific also relieved apprehension. The result was an active and firm close in the stock market after day of feeble and desultory fluctuations.
 The bond market was irregular and only moderately active. Total sales (par value), s4,790,00O United States new As advarced A per cent. on the last call.