The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-08-15
WALL STREET REVIEW
DEALINGS SHOW AN INCREASE
IN VOLUME.
Leadership of the Market Assumed by
Southern Pacific-L. & N. Ad-
vances Two Points on the
Meeting Of Directors.

NEW YORK. Aug. I4.-Tcdny's dealings in
stocks were larger than those of yesterday and
there were of the usual market leaders
that were conspicuous in the trading. But the
market remained uneven and the SPECIAL fea-
lures Of strength did not have news to ex-
plain them beyond the reported activity of
speculative pools The leadership of the mar
ket assumed by Southern Pacific, inwhich
the dealings were more than twice as much as
in any other stock The argument advanced
for the rise was that the market leaders WHO
have made a favorite of this stock for some
time past ia about to embark from foreign
shores for home. Louisville and Nashville ad-
vanced points on account Of the meeting
of the directors today anil the expectation
that some STEP might he taken toward com
pleting the transfer of the company to the
interests in control. number Of minor
railroad stocks available for possible absorp-
tion were strong features. The grangers and
Pacifcs generally affected in sympathy,
but the dealings were on small scale. In the
Industrial list sugar made conspicuous up
ward movement without explanation and the
express stocks continued to move WIDELY IN
spite of official denials Of reports Of merger
Amalgamated Copper, Peoples Gas ana
Brooklyn Transit were conspcuously heavy all
day The brilliant prospects for the country $
crops were the underlying influence in the
strength Of Western railroad stocks But the
most important development Of the day was
the abundant supply OF foreign exchange bills
which appeared in the market. causing sharp
break in rates and removing all apprehension
of further gold exports for the present. Buy
ing Of stocks here for London account supplied
some Of this exchange and the improved for
eign demand for wheat also made some ex-
change But the most important element in
the weakness of exchange was the increase in
the offerings Of loan bills. The hardening OF
discount In London today reflected the ten
dency of the process to equalize rates The
present situation of the exchange market Is
highly abnormal. owing to the large falling
off in our exports during the last few months
which upset the calculations of large previous
borrowers abroad and necessitated the renewal
Of their recently maturing loans But 1t must
be recolIected that the foreign trade balance
in our favor. although less han expected Is
nevertheless accommodating week after week
with the promise of notable increases as soon
as the crops begin to move out There is no
probability in sight OF a change In this course
Of things, SO that the borrowings ABROAD 70
discount II are effected with comparative ease
The listing Of a Russian Government bona on
the New York Stock Exchange marks de
parture which II is hoped will develop INTO
a regular market for foreign Government Sc
curities The fact that the step was due 10
the initiative of the Russian authorities them.
selves may be accepted as a recognitlon OF
the growing Importance Of New York Tor a
supply Of capital. ~
The bond market dull but steady To-
tai sales (par value). So. $50, 900. United
States bonds were all unchanged on the last
call