The Montgomery advertiser., 1902-08-29
WALL STREET REVIEW
STILL FURTHER CONTRACTION
 OF ACTIVITY.
Sharp Losses Incurred by. Plunging in Reading Before the Announce ment of the Reduction of
 the Dividend.

NEW YORK; Aug 2e.-There was a still further contraction of activity in the stock mar ket today and the animation which has been shown on previous days of this week was lacking The speculative disappointment caused by yesterdays reduction of the dividend on continued depletion of the banking reserves through the interior demand for currency were aesponsioie Tor the pause m the & epeensuvn .havn losses were incurred by the plunging in Read ing yesterday before the dividend reduction was announced and in Atchison on the day before. previous to the report of the shrinkage in July net earnings. There was some further selling acted sharply from yesterdays show of strength. After the pressure to sell by disgusted holders on marein had relaxed, prices were push's uL here and there with a rather sustaining effect on the rest of the market. No stocks of the first grade were concerned in this movement, which was confined to minor railroad stocks and to some rarely active specfaities. notably the gas stocks and the express stocks. Talk Of consolidation accompanied the rise Ill ooth cages. Sloss- -Shefields strong rise was unex- plained. The upward moy ement in Canadian Pacific seemed to be due to the reports of tho The Toledo. St Louis and Western, the Wis consin Central and the St. Joseph and Grand Island stocks enjoyed the benefit Of the revival M terests. Colorado Fuels early break on the proclamation of renewed hostilities between the contending interests in the property was followed by a violent recovery and again by reaction The undertone of the market was decidedly improved after the early pressure re: faxed, but there was no disposition toward the revival of enthusiasm with which stocks have recently been bought. The improved rent of measures in contemplation for the re- lief of the financial situation. report cur formulated that the large banks were con certing measures to secure by purchase or bor- rowing sufficient increase in holding of government bonds to enable them to expand their note circulation to substantial degree It is hoped that the bank notes can be shipped to the interior to meet the demand for circul- ation and thus afford protection to the reserves of lawful money with the banks. II was asserted that preparations had been made by the treasury department to supply promptly the demand for bank notes, which Is supplied very slowly as rule owing n,,ns to the notes. It has been supposed that the aTal- lable supply of government bonds had been pretty well swept om the market fr nut releasinr surplus government funds to the market have about been exhausted has stimulated efforts to find other means of relief. The deposits at inc sub treasury for transfer to the interior today amounted to 400. 900. of which S2oo- 900 New Orleans and S2oo.ooo Tor San Francisco. Without counting today's operations the sub-treasury has asorbed from the market since last Friday S5. .272 ,ooo The movement of currency through the regular heavily against New York also The bond market was less active today and lrreSuiar Total sales par value s2.e6o, poo. U; S old As advanced k percent on the last call
 Money and Exchange
 at sHa4 per cent closing bid and asked. 2hG4 per cent.
 Sterling exchange heavy at 4. s6. 90 for de- mand and at 1. 84 for 60 days.
 Posted rates. 4.85@4 S5hG4 SS.
 Commercial bills. 4.s3%d4. s4N.
 Bar silver 52%; Mexican dollars 4lk.
 Government bonds. firm; State bonds, steady; railroad bonds. irregular.
 New York Stock List.