The Montgomery advertiser., 1902-07-04
WALL STREET REVIEW
HIGHEST PRICES IN THE FINAL
 HOUR OF TRADING.
Shorts, in an Attempt to Cover Bid Prices Against Themselves. Sharp Reaction Occurs in
 Final Dealings.


 NEW YORK July s-The stock market was very dull during the earlier part of the ses- sion but was stirred into some degree of ac- tiyity in the final hour. when the highest prices or the day were made. The rise was in the nature of a demonstration against the short quarters which had looked for a furry in the money market before the close that would enable them to get out at profit. The furry Tailed to materialize, and when the shorts attempted to cover. they bid prices up on themselves. There was sharp reaction in the fnal dealings. and the market closed easy. The tone during the day was notably firm and the market was much of the same charac-' ter as for many days past. The clearing weather in the Southwest and improvement in the crop harvesting condition were the bases of the strength in the market, and the grain carrying roads led the advance The money rate opened at per cent, and there were intimations that the demand incident to car rying over for three days would stifen the rate before the close. but the rate. on the contrary. declined The hope Is entertained that easier money conditions will follow tho completion of the semi annual settlement. The foreign exchange rate. however, still holds near the gold export point and Pars was a today. Sterling exchange at Paris. however. advanced sharply today and relaxed the pres sure tor e9q Ns AnStnsr % han M cbicaeo which fell to 50 cents discount today: Chi cago reports heavy demand from Northwest ern points for currency. There has been no loss by New York banks on interior account this week. but there is a sharp falling on in the movement of cash from the interior
 
 Speculation has been listless and almost idle during the short week in the stock market The large operations in the money market. July settlements and some large corporate transactions restricted the resources available for speculative uses. but in spite of the dull ness of the market and some developments that gave cause for uneasiness the undertone of the market has been firm and some indi- vidua stocks have enjoyed sharp advances. In the absence of news to account for these advances. it is generally supposed that they have been due to manipulation by the financial powers seeking to support the market py .aess operations in stocks are viewed with satis- faction for the reason that credits are not oe- ing incurred on that account on an unsuo- stantial basis. The financial district has been flooded with alarming reports of crop damage from too abundant rains in the grain regions: which have not been entirely without effect on prices of stocks. But the small degree or this effect has served however, as demon stration of the underlying confidence in the general situation. The sustained level of rail. road earnings above last years high level is accepted as a convincing index Of prosper ous condition. The anthracite carriers are conspicuous exceptions and show the heavy losses incident to the paralysis Of the trade by the strike. The soft coal carriers on the other hand, and notably Pennsylvania, show the compensating expansion in the sort coal traffic. Labor troubles have received consid- eration however especially the railroad ma chinists' strikes and the threatened trouble with the Chicago freight handlers. Their ef- feet Is also shown on the obstruction to de- livery of much needed iron supplies.
 The money market had it's customary furry. incident to the turn of the half year. but. thanks to the small speculative commitments and to skillfu financing. the stock market was little affected. On the other hand foreign exchange has moved ur to the gold export point Paris is calling home its credits and IS per cent installment the s i6o. 900 900 consol issue is due i'll London July TO- There has also been a downward plunge in the New York exchange rate at Chicago, indicating an unusually early demand for currency from the interior. This demand will nominally in crease in the coming week. For three months to wi be successive ingtallmentS of 20 per cent. on the British loan payable in London
 The Investment demand for bonds following the July disbursements has hot yet been largely in evidence and there have been some declines United States old As coupon de clined T. the 3s and new 4s + and the old As registered X per cent. compared with the closing of last week.