The Montgomery advertiser., 1902-04-06
WALL STREET REVIEW
ACTIVITY OF THE SPECULATIVE
 ELEMENT REFLECTED.
Their Operations Had to Meet Heavy Realization Demands After the opening-Sugar and Colorado
 Fuel Under Pressure

New York, April 5.-Tcday's stock mar ket continued to reflect the activity of the speculative element which has caused the revival in the market during the lat ter part of the week, but their operations had to meet heavy realization sales after the opening. The market had turned up- ward again when the disclosure of the important shrinkage in the surplus re- serve of the banks renewed the selling and sent prices generally below last
 nights level. Louisville ard Nashville was the only important stock to make notable headway on the final rally and the market closed irregular. There was some reversion to the obscurer class of stocks as shown by the 20-point rise in Burlington Cedar Rapids and Northern, eight in United States Express and 1,4 in Nashville, Chattanooga and St. Louis. Hooking Valley made renewed advance.
 Sugar and Colorado Fuel were. under pressure. but rallied effectively. The banks failed to show the expected set-off to the drain into the sub-treasury by any gain on the intenor movement of currency: Apparently losses were incur red on this account as well as on sub
 treasury operations. There seems to have been special transfers of specie to Phil adelphia during the week which is at tributed to requirements growing put of labor situations in the coal fields The disbursement of government interest du- ring the week has made no impression on the sub-treasury absorptions which has been aggravated by large deposits of lawful money for account of national banks which are retiring their>crcuation. The activity in the stock market gave
 warning of probable increase in the loan account of the banks. The net re-
 suit is a cutting down of tine surplus by two-thrds. Gold exports are constd- cred probable next week. The passing
 of the April settlements have resulted in only moderate growth of speculative interest in stocks. in spite of the efforts
 of professional operators to attract an following mAnlDllHtlDn prices. The most conspicuous price move ments of the week have been attributed almost entirely 10 such manipulation. The
 sudden spurt' after the middle of the week in the grangers and Paciilcs gave
 rise to some conjectures of important developments under cover. but nothing came to the public knowledge to explain it The supposition is general that the element which has been active in the market is made up of Western men who are conducting parallel operations in the grain market. There was evidence of a shift during the week by spcculat tors from the long to the short side in grain and from the short to the long side in stocks. There have been operations also by professional pools in many of the mi nor railroads. apparently on the general assumption that the minor systems will ultimately he sought for absorption by the great systems, or for consolidation into new competing systems. Obscure in dustriaIs have continued to spring into sudden activity from time to time with out special explanation or on reports which fail of confirmation. Relapses in prices sudden as the advances there upon follow. These various symptoms go to show that the great banking and financial interests of the country, whose operations formed the backbone of last years great markets, are still holding aloof. These interests are supposed to hold vast amounts of securities, the pros duct of last years combination projects, which are destined for ultimate distribu- tion to the public. Their abstention from stock market operations is supposedly due to their conviction that the present attitude of investors towards securities is not favorable to their distribution.
 Attention of the speculative public has reverted to the situation in the North western and trans-continental railroad field by reason of the testimony elicited from the principals In the great contest of last year. in d law suit. The ostenta-
 tious willingness of these principals to suit of minor importance itself made an
 impression on the financial world. The deduction made from it is that a policy of concilation of public opinion is con sidered desirable by capitalists. The same impression is created hv the action taken by counsel for the railroads in the governments suits for injunctions against
 secret rebates, and cutting of freight rates. The acceptance of injunctions without demurrer and the protestation by railway officials of their willingness to have published rates enforced are ta- ken as evidence of the desire to have a legal status fixed for the exciting order of things as against the contingency of new measures of coercion and regulation. There Is evident solicitude in railroad circles over the procurement of one of the Interstate Commerce Commission CTS that You cannot have competition and you must put something in the place of it. All of the testimony of the prin- cipals in the Northern Securities Com r1iraRta6 fa ance that competition is not interfered with In that organization. It is percep- tible that these assurances have created some apprehension in the financial world that the unity of control and of purpose in trans-continental railroad affairs was, in fact. not so far perfected by last years huge projects as was at first supposed in the speculative excitement then pre- Vailing. No treaty provision is revealed which will guard against the competition of extensions bv other lines in the trans continental territory in accordance with their manifest destiny. The capital in crease bv Rock Island and the passage of control of minor railroad systems in the territory cDncerned are looked upon as evidence of such pro jects of extension which will necessarily be followed by other systems In the Eastern territory the intention of the Could system to cure an Eastern coast outlet is accepted as a fact and the alleged friendly acou- essence of the rival trunk lines is not believed by he Wall Street public This reports very different state cf affairs
 from the supposed comprehensive com-
 murity of railroads among owners which was commonly credited during the two million shares daily transactions on the stock exchange during the boom last year. The future of the money market seems to rest largely on the future re- quirements of foreign money markets.
 for the satisfaction of the British gov ernment loan and other government np. eratione for which 1t is expected gold will I ' V.N,.1r
 of crops and important labor settlements
 remain to he settled and must he looked