The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-07-24
WALL STREET REVIEW
MARKET AGAIN SHOWS les
ABsoRPTIvE POWER.
Various But Quite Convincing Show
Of Strength Made Notwith-
standing the Appearance Of
Reactionary Tendency,

NEW YORK, July 23-The stock market
again demonstIat its absorptiye power TO-DAY
and made a various but quite convincing show
OF strength, notwithstanding the appearance
OF reacttonary tendency in some of the
STOCKS which tempted TO realizing by the high
price attained. ana few cases Of positive
weakness. The volume of dealings was again
below q million shares ana the bulk OF the
dealings was congested In a few very active
stocks. 1t was obvious nevertheless. that
the pull campaign was still IN force and that
large and powerful capitalists were still com
United to the long side of the market. Not
much attention was paid to the news OF the
DAY. which was somewhat meagIe in its bear
ing upon values Of securities. The speculation
shifted from one to another quarter Of the
market in the usual progress o. rotation by
which skiliful speculative leaders keep the
movement Of pr.ces equalized from time to
time and without regard to news developments
the weekly crop bulletin OF the Weather Blu
ieau was interpreted favorably on the whole
Some harm was reported to the various grain
drought was reported for the cotton crop and
the condition or the corn crop was considered
highly satisfactory. The outcome of the corn
crop is the dominant feature In the specula-
tive feature and turned the scale of senti-
ment In favor of the advance Some disap-
pointment was felt over denials of yesterday s
rumors that anthracite mining would be re-
sumed on Aug. and the coalers and Eastern
railroads generally. with the exception VI an
almost stationary. A feature of the day was
the marking up of various dormant stocks
which nave not shared in the recent advance.
This tendency extended to the Northern Sc
curites Company on the curb, which rose
buoyantly to 10. Great Northern preferred
advanced Al. but lost about half of II. These
movements were simultaneous with the publ
cation of an abstract of the indenture secur-
ing the new Oregon Short Line cola teral
bonds. This showed that provision is made
for allowing that the Northern Securities stock
deposited collateral for these bonds shall
be allowed to share in any reorganization
project. further unir n or merger or sale
and distribution Of the company's assets. The
profit taking in Pennsyl 1dnia as somewhat
aggravated by the action OF the New York
mel contract. Brooklyn Transit was decidedly
weak owing to the belief that the company's
bid for construction of the East River run
mel will fall Of acceptance. The granting of
a stay Of the Amaleamated Conpany's in
junction against the working Of disputed
tionary tendency in that stock There was
striking upward movements in various spe-
caties which were due to purely individual
causes manipulation. The expectation that
yesterdays engagement of gold for export
would. be cancelled was only realized and
firm of one million dollars, thus bringing the
exports for tie week up ia $3.50, 600. The
sustained steadiness of the exchange market
indicated that the shipment Is in direct set
Element of foreign obligations. London con-
tnued to sell stocks in this market. The call
time money market distinctly soft, but this
did not seem to disturb the equanmity Of the
buyers Of stocks Active profit taking made
the closing irregular and the net changes
mixed
The bond market was irregular. Total sales
as registered declined Y per cent on the
last call