The Montgomery advertiser., 1902-11-30
WALL STREET REVIEW LOUISVILLE BID UP BY THE
 PROFESSIONALS. Professed Belief That the Dividend is to Be Increased-Rapid Tran
 sit Also a Favorite of
 the Bulls.

New York. Nov 2-The professional
 traders who practically monopolized to-
 days narrow stock market, bid up Lou isville on the professed belief that the di-
 yi1end is to be increased and Brooklyn Transit on the showing of increased net earnings for October. The movements served to overcome the heaviness of the opening dealings. Commission houses with Washington connections, circulated alleged verbatim extracts from the Pres- ident's forthcoming message of much milder tons on the subject of trusts than some of the recent alleged forecasts cir failed to develop animation, owing to general desire to see the bank statement before making commitments. There was a spilling out of stocks when the state
 ment appeared, but supporting orders
 were met and the market rallied and closed steady. Ths decrease in cash was less than anticipated from the known
 movements of money, but the heavy in- crease in loans was a disquieting fea-
 ture It is said that interior banks have
 been calling loans placed in this mar
 ket earl,er in the season and the demand
 upon local banks for accommodations
 has thereby been increased. The free loaning here by interior banks early in the season gave rise to the hope that they were so largely supplied that the usual interior demand for moving crops
 would be less than usual this season. The accommodations that offered. however. have been largely recalled. Interior loans in New York were estimated at one time at $90. 00000 to $100, ,000. 000 and are said to be now less than SsO,o0O.oo This weeks loan item of the banks also undoubtedly represents preparations by corporations to make December fst disbursements. These payments are likely 60 be returned to the local money market after their receipt by the stock and bond holders. The payment in London on Monday for the stocks of constituent companies in the shipping combine also marked the satis- Co xuh inh
 to hold up the sterling exchange rate
 here and to draw from local sources here. This week a few special developments
 had a dominant effect on the whole list so far as the price movements was con- cerned. without, however inducing any important degree of activity. AS the spe- cial developments have been of conflict ing import the price movement also had been irregular and constantly fiuctuat- irg. This irregular movement has been
 over a narrow range in consonance with
 the small actual participation In the mar
 ket. The most important event of the
 week was the formal announcement that
 the lease of the Manhattan to the Inter-
 borough Rapid Transit Company, the cor
 poration which Is to operate the subway
 in New York City. The favorable effect of the Manhattan lease was neutralized
 by the disclosure of a divergence of views and display of rancor over the control
 of the Color ado Fuel and Iron Company. The fact that George Gould and E. H,
 
 curing proxies for the coming annual meeting of this company created an un- easy feeling It was sought. by the is- suance of reassuring statements. to alay the feeling that the harmony of the rail- road system was endangered by the de- pressing effect upon stock market was not altogether removed. The disclosure of a conflict of such powerful interests inevi-
 tably caused disquietuSe. It is proba-
 ble. however. that the hesitation and un- certainty revealed in the securities mar ket was due fundamentally to general causes rather than to any special events.
 The sustained strength of the foreign ex-
 chanua market through the heavy mer-
 chandise export period holds the con-
 market. Interior money markets are re-
 ported tight, thus delaying the season able return of the lower currency from the interior The condition of interior bank loan accounts leads to the suppo- sition that the process of heavy addi- tionai capital outlay has gone on the l country over, in small enterprises as well | vet to be met and foreign creditors stand | willing to draw on any additional re | sources which may yield to the New | York money market by the return O. | cash from the interior Money resource: | for speculative use are in scanty supply l and financial authorities and powers ar' | aY erse to seeing large credits used fol l to lowest price in the history of the world has been an incidental influence in the | market. specifically upon the American | smelting stocks and generally by reason | of emba rra assments caused to the silver | standard countries and their reflection ! upon the worlds financial centers.
 The bond market has been dull, bu