The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-08-01
WALL STREET REVIEW
TURMOIL AT THE OPENING OF
THE MARKET.
Hopes of a Renewal Of Consistent
Upward Movement Of Prices
Were Disappointed-Fever-
ish Upward Dashes.

NEW YORK, July 3I.-There was such
turmoil in the opening stock market today as
to upset the speculative sentiment and dlsap-
upward movement OF prices, which had been
INDUCED as result Of yesterday deveiop
m na OF fresh railroad oSa's; nroOa ang San
Francisco. Evansville and Terre Haute, New
York Air Brake and few other stocks would
disturbed sentiment. But when there was add
ed the downward plunge of over points IN
Colorado Fuel and sharp decline n PesP e,ss
the market opened quickly gave place TO
realizing st. Paurs opening rise Of over a
point was lost within few minutes OF trsd-
ing st. Louis and San Francisco sagged back
TO below last night during the course OF the
forenoon. A few scattered advances at ar,
ferent timea during the day proved Intellectual
to rouse the market to activity. Chicago ana
Alton and Chicago Terminal Iransfer az
vanced In company on mysterious hints or conf
ing important developments. The rise In Rna1-
ing seemed to be based upon the assumption
calling out Of the troops foreshad wed the
break OF the strike. The drop in Colorado
Fuel was attributed TO the fact that the com,
pany's books close today for the stockholders
meeting, that the new purchases would not
carry voting power for the meeting. Feopie
Gas decline was due to the refusal OF gn-
dicial injunction of the enforcement OF the 75-
cent gas ordinance The quick subsistence OF
the excitement which broke out In the market
yesterday when the st. Louis and San Fran
cisco and Chicago and Eastern Illinois were
reported to have consolidated was primarily
due 10 the uncertainty over thc i0S.
All persons interested were exceedingly reti-
cent and doubts were aroused as TO the reat
contamination of the project. Further more,
supposing the project to be achieved there
would be disappointments involved. IL Is
matter of public notoriety that Illinois cen
trail has recently made an offer designed 70
secure control of Chicago and Eastern III
nois. The advance in st. Louis and san IRAN
cisco for the past week has been on the as.
sumption that 1t was the important system
pointed at destined for inclusion in the
new Rock Island company, The fact that the
new project points to strengthened compeu-
ton and Is thus calculated to arouse aptagon-
isms, makes IL similar TO many OF the re-
cent financial projects talked of, ana marks
their departure from the much discussed COM
munity OF interest policy which was to par
Gel out tremendously the whole railroad terri
tory amongst the various financial powers.
The money market was calm today, Out ster-
ling exchange held steady at the level OF the
which reached over sl2, ooo. 600 Ut one time
this month. fell 10 below 50. Q0o. GOO TO-DAY
and the sub-treasury in New York received
a payment of over a million dollars by the
Central Pacific Railroad Company on account
OF note due to the Government. The mar
ket closed quite active and weak, prlces run
ming off sharply just at the last. -,
Bonds very irregular and inclined 70
be easier IN the morning. Total sales tpar
valued, So. Io3, 600. United States bonds were
unchanged on the last call.
Money and Exchange.
NEW YORK, July 3I.-Money on call steady
at 2IA03 per cent: last loan at 2A.
Prime mercantile paper. 4hd5 per cent
Sterling exchange steady at 4STb for de-
mand and at 4.s5?sG4. s51s for 90 days; posted
rates, 4 90 and 4.SSh.
Commercial bills 4.S4I4.S5&.
Bar silver, 53b; Mexican dollars, 4ih.