The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-05-14
WALL STREET REVIEW
THE MARKET A DULL AND MAR
ROW AFFAIR.
The Professionals Had Things to
Themselves, But Stronger
Tone Was Manifest-Natural
Recovery from Weakness.

NEW YORK, May l3-Today's stock mar
ket was dull and narrow affair between pro-
stronger tone was unmistakable. To large
extent this was natural recovery from yes
terdays weakness; The inn ienees which
removed today. and there was a considerable
demand from the professional short interest
which sold stocks short yesterday on the un-
favorable dividends The publication of the
Governments unfavorable report OF crop con-
ditions on May induced considerable realiz-
ing by the short interests. The decline in the
condition Of Winter wheat was hardly SO
great as expected, but the abandoned acreage
proved larger than supposed. The profess
sional shorts were disposed on the whole TO
take their profits and they were urged to this
course BY the additional argument TINT the Ia
yorable weather since the first of the month
crop since the date Of the Governments report
Pressure against the shorts was also exerted
turn in the anthracite strike situation. but no
Information on this point was forthcoming.
apparently Liquidation forced by the more
against collateral was completed yesterday ana
there We're no such formidable breaches in the
Prices o. high grade stocks as on yes,rrdsy n
ence against the market Some of the wide
advances scored today. in fact. simply repre-
sented sudden recoyerfes or partial recoveries
from yesterdays severe declines.
The money situation was somewhat easier.
ss sore. made nsn VS.
very large lenders in the market. and the
continued decline in exchange reflected further
borrowing frog foreign money markets, upon
which the money rate weakened. To some ex-
tent IT is as speculation the future vol
ume OF our exports. which depends most large
ly on the situation of the coming corn crop.
Buying Of stocks for London account was
strens thenng factor In the market. The lower
rate for money still ruling abroad makes 1t
profitable for domestic buyers Of American
stocks to purchase them In London ana mold
them with money borrowed there. As the
floating supply in London is small. the tech
meal effect IL induce purchases IN new
York by the arbitrage brokers to cover Their
demand in London, while the shipments or
stocks from New York are covered by sales
of exchange here. thus relieving the demand
for credits on the local money market
Yesterdays sharp reiapses in some stocks
awakened skepticism to many recent ru-
mors Of the source Of recent demand for
stocks. said to be for control by large inter-
ests But the Louisville and Nashville cpl
sode and the known character OF some OF the
recent distribution of Reading among other
rrilroad interests keeps alive the convfctlon
that there is a tendency toward the Judgment
Of stocks In strong hands for control The
state of suspension of the Northern Securities
case clearly does not prevent the progress OF
there Is one Of method In hoiing stocks after
they have beer secured. rumor circulated
today although denied, that the Northern Sc
curities interests intended to abandon their
present pian resulted in a drop OF the stock
on the curb to 90. which Is its first fall below
parity The stock market closed dull and nrm
The bond market dull and somewhat II
regular Total sales (par value). S23lo 900.
United States 2's and SIS declined Y per cent.
on the last call.
New York Stock List.