The Montgomery advertiser., 1902-08-21
WALL STREET REVIEW
STRENGTH OF MARKET IS UN-
EVENLY DIVIDED.
Hand of the Professional Quite Mani
fest in the Dealings-Morgan
Expected to Straighten All
the Tangles.

NEW YORK, Aug. 2o.-Todays stock mar
ket was more broad and active than. that OF
Yesterday and generally strong. but the
strength very unevenly divided and was
not consistently maintained The hand of the
professional was quite manifest in the market
After one group OF stocks had been pushed
up to a certain extent they would meet sell
ing orders to realize in the moment that ag
gressve appearance Of strength was devci0p-
ing in some new quarter, thus encouraging
the continued good buying by outside specu-
lators in the stocks already advanced and thus
gan market; this is TO say. the buying of
stocks was based upon assumption that Mr..
Morgan has returned to Wall Street ready to
take up the broken continuity of many i'm
portant projects which he had under way
when he left for his vacation Some Of these
projects have gotten into a snar legal. fnan-
ciai or spec,ilstiye. Professional speculators
In the street have an abiding faith that Mr..
Morgan will promptly settle them all His i'm
mediate appearance at his office. going dl
rectly thcre from the steamship gave addi-
tional strength to the conviction that he would
give immediate attention to pressing Prob ROB,
some of the expectations expressed by the &C
tive spectators in the market as to the scope
and prompttude of Mr.. Morgan's measures
reached a degree Of absudty. The undeniably
Strengthening effect upon confidence of this
capitalists return to active direction of affairs
was promptly taken advantage of by various
speculative pools TO make demonstrations in
their favorite stocks by rapidly advancing
MONEY market facilitated TIE operation for the
advance. The ruling rate for call loans was
q per cent. as against ~ yesterday and the
market for time loans also was easier. The
foreign exchange market naturally hardened
in consequence. Continued selling of stocks
for London account was also factor in the
demand for exchange. The interior demand for
funds seems still to be delayed and bankers
report that outside lenders placing their
ready funds call in todays stock market.
Owing to the large pension payments and the
decline from the recent high level of Gov
eminent customs receipts, the sub treasury
has contributed over $500 900 to the money
market this week. Today that institution paid
out $3.50, 900 on account OF gold deposited at
Pacific coast points. which is presumably
Klondike gold. The treasury statement from
Washington. however. shows a surplus Of
revenue for the day of S .5e3 .469, which cuts
down the months deficit about three fourths.
Unfavorable crop weather, the futility of tho
and the violent break in Colorado Fuel on ac
count of internal conflict in the company were
ignored in the trading. The special strength
Of some Colorado railroad stocks sup
posed to be connected with the liquidation of
Colorado Fuel. Recent rumors of a merger
of Southern Railway. of Canadian Pacifc's
alleged intention to secure an entrance into
Chicago and of a prospective absorption by
large railroad systems OF sundry small sys-
TENS were all manifest influences in the mar
ket. Profit taking was general during the
last hour and the closing active and ir-
regular
Bonds generally firm. Total sales (par
valuel. So. SOC. 900 United States bonds were
all unchanged on the fast call