The Montgomery advertiser., 1902-06-24
WALL STREET REVIEW
THE SMALL PROFESSIONAL WAS
 IN CHARGE.
Prices of Railroad Stocks Show a Tendency to React to Previ- ous Level-Bonds are
 Irregular.

NEW YORK, June 23.-The nominating in- huence of the small professional operator was saoehs m m the tendency oi pr,ees or % sar"ad n, trace Of large speculative operations was in the Gould group led by the Wabashs and in Reading. The industI ial department was weak with the exception of one or two unimportant stocks and was under pressure of what looked like foreign liquidation. The buying of the Wabashs was unexplained by any news de- velopment. Ii came from the same sources as have been active for some time past in this realize the improvement in the properties through recent extensions and new acquis- | of an appeal to higher court of tho city of | Pittsburgs case against the entrance into Pittsburg by the Wabash and an authorized statement of the project for new ra.lroah | from Denver to Salt Lake Ciy to connect with proposed railroad to Los Angeles. This | project is avowedly intended as competitive | to the Western extensions of the Gouid sys- tems. But the large buying of the various l Gould stocks was not checked in any degree | ferred, which has usually moved in company with the Gould stocks was decidedly reac- vs .onary TT, This , was the more conspicuous 10 c, m eago and EasteTn Illinois, supposed to be s'.t aside for absorption sin the interest of St strength of the Gould stocks in the early dealings and imparted some sympathetic is-point rise in Reading was apparently de- signed as an answer to the address to the public by the president of the United Mine
 
 reaction, Among the industrials. Colorado Fuel was a conspicuous sufferer account of the supposed dispute among insiders as to the continuance of dividends upon the stock. The recent heavy tone of Amalgamated Copper also gave way to positive weakness in view of tho continuing decline in the price If cop per and the unprecedented production. Sup porting orders seemed to be withdrawn in United States Steel and that stock suffered net loss of nearly a point. It is the general conviction in Wall Street that the proposed plan for conversion of preferred stocks into per cent. bonds will be blocked by the courts, thus leaving offset to the increase Of fixed charges on the $50. nn0. GOO new bond issue. There seems to be fear that the payment of dividends on the common stock is thus threat ened. The reports of minor labor troubles, while not directly affecting any special stocks. have somewhat depressing effect on senti- ment and several reports Of voluntary in- creases in wages. instead of having a reassur- ing effect were taken pointing to the pre- vailing discontent of labor with the present bank statement was borne in mind today and probably helped to repress speculation. The closing Was easy at the considerable reaction in railroad stocks. X number of railroads show large losses. The bond market was moderately active and irregular, Total sales tpar value). S2, 55o oou. United States As, declined h per cent. the last call.
 Money and Exchange
 NEW YORK June 23-Money on call steady at 2le@3 per cent; closing bid ana Prime mercantile paper. 4ha5 per cent
 Sterling exchange firm with actual business in bankers bills at 87M for demand an1 at 4. 4.s5ha4s5% for 50 days; posted rates, 4.S6 and 4. 5sis.
 Bar silver, 52S,; Mexican dollars. 42h. Government bonds. eas'er: State bonds, in- active; railroad Nonds irregular.
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