The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-08-26
WALL STREET REVIEW
REFLECTIVE OPERATIONS CON
FINED TO FEW STOCKS.
Market Rejected Determination to
Force Advances-Speculation
Under Auspices Of That
Which Originated in
Southern Pacific.

NEW YORK. Aug. 25.--Today's stock market
rejected determination for advance, but
effective operations were confined to 2 very
limited number OF stocks The speculation
wns clearly under the same auspices as that
which. originated in southern Pacific last
to the street. Of a we'll known speculative
leader, The boldness and the death Of today 8
operations were indicative Of the personal
southern Pacific was taken advantage of to
effect very heavy profit taking. which COM
Of resuf,ink the campaign Immediately in stock
1t was shifted to its AFFILIATED stock, Union
Pacific and Baltimore and Ohio in the East
was almost wholly confined TO stocks imrne-
diately related. In the case of tho baltimore
and Ohio there s were pennsyyana and chsss,
recovery in sympathy with Union Pacific. There
We're gains here and there among the grang-
cis but on very light transactions. North
westerns 2H-point rise In response TO the IA
vorable annual report was made on a single
sra r.. " Minnespoiis. s. Paul and sauli
PLANTATION and Evansville and Terre Hate
~ point rise was unexplained. In the rail-
Obscure stocks The express stocks again
made notable advance in concert with no news
to throw light on the movement. Among the
examples of strength. 1t was notable fes-
prominent -aiiroad companies lay practically
dormant throughout the session and there
were some prominent examples showing net
losses. THIS disinclination to follow the bold
leadership proffered by the active stocks was
due to the uncertainty over the money situa-
ton. Saturday afternoon after the stock ex-
change closed the sub-treasury was called
upon to transfer $500. 900. which was deposit
ed for the purpose. TO interior points. Today
$500 900 additional was deposited foy this
purpose. OF this amount $3.50 600 goes to
Chicago and the rest to New Orleans New
York exchange at Chicago remained at dis
count today Of 20 cents. This Is pretty con-
elusive evidence that the interior demand for
currency has set in in force Had II not been
for the aggressive Leadership In the few strong
stocks today II Is to be presumed that the
stock market would have >refiected &C me great
Or apprehension because OF this, rapid deple-
tion. Last weeks moderate replenishment Of
the plus wholly due to a reduction of
deposits through loan contraction. Todays
foreign exchange market was easier in spite
Of discount rates In London. lower sterling
at Paris and considerable sales OF stocks for
London account here. The gain market
showed large seaboard clearances and there
a considerable supply Of spot cotton bills
in the foreign market. The rate for call
money was also undisturbed. opening at
per cent and yielding to below that rate. The
conspicuously strong stocks closed active and
at the best. making the, closing generals
steady.
Tho bond market was not very active outside
Of Union Pacific convertibes. but strong.
Total sales htparl value). S. 979 600. United
states bonds all advanced Il per cent on the
last call.