The Montgomery advertiser., 1901-06-29
WALL STREET REVIEW STRONG ADVANCE IN PRICES OF
 STOCKS. This is Regarded as Peculiar, Owing to thS Failure of the Seventh
 National Bank of
 New York.

NEW YORK. June &.-A strong ad- vance in prices of stocks on the day of z failure of an important Stock Exchange house and on the day following the faIl- UT ure or Clearing House bank is an anom- aIy on Wall Street. The action of the market is more notable as coming on practically the last day available for the money preparations for the dividends and interest disbursements due on the first nf the month. which is Monday next Stock market borrowing made on Friday carries over until Monday. This anomaly Tn the movement of prices is undoubtedly due in part to the fact that the bears were over-confident in their anticipations ot the effect of these adverse factors The early strength in the market was largely due to the technical explanation that the accounts of the Jailed firm which were closed out under the rule were almost wholly on the short side of the market. That is to say, stocks had 10 be bought under the ''ule to close the contract, thus creating a forced demand which kept up prices. The firms ac- counts covered fair assortment of about nfteen of the principal speculative stocks on the exchange and the total number of shares bought in for their account value of bonds. Apparently the only stock sold for their account was gas and electric company of Bergen County. The promotion of this enterprise had been as- sisted by the firm and the common sup position in Wall Street was that it's se- curities figured in the collateral of the S1.600.0e0 loan by the Seventh National Bank. which was the direct cause of that banks suspension. The severe con- of the Currency of the collateral of that loan and implied by the Clearing House Committee in their refusal to assist the bank left very little demand for this change for the account of H. Marquand & Co. On Monday of this week 1t sold on the exchange at 1OlA. The first sale today of 300 shares was at 30 cents a the stock subsequently, sold at 4s&, regu- lar way. While the settlement of the firms Stock Exchange contracts was in progress other business was almost at a standstill. The expectation among traders was that with the conclusion of the settlement prices would sag away again, but after the sales under the rule had ceased to make their appearance on under large offerings of loanable funds. Equally significant of the relaxation in the money situation was the sharp recov- cry in sterling exchange and Berlin ex- change from their downward course of yesterday. This was attributed to the fact that persons who anticipated a need of money at the end of this week had over-supplied themselves from a too abundant caution and with the expira- ton this afternoon of the period when funds in hand would be required they let go part of their available supply of money. The covering movement in the last hour was the most active during the day and resulted in establishing a final level of prices which is quite generally a point or more above last night. The most conspicuous stocks of the advance were Atchison and St. Paul, which gained 2& each. There were gains of 2 points or over also by Louisville, Erie first pre- ferred. Chicago, Indianapolis and Louis- vile. Lackawanna, Denver and Rio Grande preferred and Illinois Central. Evansville and Terre Haute rose $ points over the recent prevailing bid. Among the specialties there were gains of 21a to 3% by Tennessee Coal, Colorado Fuel General Electric and American Linseed preferred. TomorrOw's bank statement was net a factor. as no one profesSed to be able to accurately forecast it's showing in view of the weeks disbursements. The easing of the money rate today and the expectation that the money market will be relieved next week by large disburse- ments were looked for guid to senti- ment. A more cheerful situation report ed in Berlin was 8 factor in the strength of todays market.
 The bond market was dull, but prices advanced in sympathy with stocks Total sales (par vafue). g, ,S0o.0p0. United States bonds were all unchaned on the last call
 Money and Exchange.
 NEW YORK, June 2s.-Money on call firm at 51sG1o per cent; last loan and