The Montgomery advertiser., 1902-05-30
WALL STREET REVIEW
INHERENT STRENGTH DEvEL-
OPS AFTER OPENING. -
Liverpool Closed at the Top and Then
Sent Orders to%New York
Sharp Break Occurs Toward
Close

NEW YORK May 2s.-The new confriit-
nents IN the stock market today were of en-
tfey insignificant proportion. owing TO the
rear OF possible des eiopnients of the triple
holiday. There was some closing up of open
accounts. however. and these, proved to be
mostly on the short side the tone of the mar
ket Vas rather firm in sympathy with the
leaders The movement in the general list was
ustiess and very narrow The leader of the
market in point of activity was Reading and
its advance of nearly 2 points attributed
cover In the Fear that a. strike settlement
might be reached between now and next Mon
DAY; The immediate news today did not favor
ahe Ontario and Western authorized en-
phatfc denial of reports that concessions to
OF the operators. The reported utterance Of
f. p. Sargent Of the Arbitration Committee
OF the Civic Federation that he believed a
sympathetic strike probable among the soft
coal miners was also given some attention
hut this did not reasure traders short. of tho
market sufficiently to induce them TO remain
uncovered for interval of three days. The
advance in Canadian Pacific was also renewed,
IN spite of deniais OF reported buying for ron
troll IN behalf of Northern securities Interest.
An interesting feature Of stfe weeks currency
movement is the shipment to Canada of some
90, 600 600 by Canadian branch banks which
IS supposed to be due TO the transactions in
Canadian Pacific. Notwithstanding this move
snent and the absorption of nearly million
dollars on sub-treasury operations. the re-
ceipts of cash from the interior on balance
are estimated thus far this week at nearly
hank staienenf for next saturday. The prom.
ise today OF the British parliamentary leader
of statement on next Monday concerning
the peace negotiations, regarded in spec
uiativc circles as tantamount to an ANNOUNCE
mcnt of peace.
of the stock market and the closing was semi
stagnant below the best Total sales of bands
fpar valued, ST. $4,000.
Speculation In stocks this week has been
rather neglected and tbs course of prices has
been hesitating and irregular This has been
partly due to the approach OF the triple holt
with its nOsaibiiitfeS of imDOrtapt deyel-
opments at a time when the closed market
would preclude the opportunity for taking ad-
anthracite miners strike has had some re-
pressive Influence upon speculation. but has
not weakened the coal stocks themselves. The
shortage of coal has had a perceptible effect
upon other industries notably iron and steel
and there has been the dread that the trouble
would spread to the seft coal fields by sym
1pathy, which would be damaging develop
ment for the iro ntrade. But the hndertone OF
sentiment in Wall street IL very cbnndent that
the anthracite companies have 1t within their
power to settle the trouble by very slight con-
SESSIONS Whenever they consider i desirable
that course than in fighting out the issue
raised by the miners. Other portions of the
list and the explanation of the htsv, tone
of. the market is not sufficiently PLAIN. With
the exception of the anthracite strike. condi-
tons have appeared extraordinarily favorable.
In spite of the great shrinkage in the volume
IF grain traffic compared with this time last
year. railroad earnings continue to show an
average percentage Of increase over last year
ar per cent. or more. The movement Of
general merchandise. especially west-bound IL
very large and railroad rates are said to be
maintained with a steadiness not experienced
for a. long time. The maintenance OF rates Is
attributed to degree to the investigations by
the Interstate Commerce Commission bringing
out the fact of concessions and packing house
products and leading TO the issuance OF Judicial
injunction to the railroad companies against
disregarding published schedules. The news
from the crop region during the week has been
uniformly favorable. 1t Is natural. however,
that the critical period in the growth OF the
crops still should disincline specula-
tors TO large commitments on that score for
the present. The general assumption of spec
ulatior. however Is that the present year S
corn crop will be abundant and only definite
damage TO the crop will disturb that .assump-
! rome. OF last years shortage and the prevail
ing high price for that cereal, which naturally
induces a large acreage in corn. The replant-
ing OF damaged Winter wheat areas in corn
strengthen the assumption. The rates for call
MONEY have fallen to such low stage as to
speculation. But doubt in the future resources
OF the money market may easily have more
to do in restraining speculation than Is su-
+ perdcially evident. Not a few bankers express
the view that money rates must advance and
admit that they keeping funds read "
M in time loans. in the expectation that all
classes Of interest rates are to advance The
large banking and railroad interests seem to
r be agreed that good policy forbids the encour-
agement of speculative activity at this time
which might threaten reoccurrence of the
unhealthy conditions which have been re-
neved during the past few weeks by a pro-
cess Of credit contraction.
United States bends were all unchanged com
Dared with the closing call last week.