The Montgomery advertiser., 1902-04-27
COTTON TIES At Less Than Manufac- turers Prices. C. E. CAVERLY,
 Atlanta, Ga.
WALL STREET REVIEW
s LITTLE EVIDENCE OF REGENT
 SPECULATIVE ACTIVITY.
Psnnsylvania and New York Central Were the Only Conspicuous Stocks to Show Sustained Strength
 Closing Active and Easy.

New York. April 2s.-Today's stock rnartet was rather quiet and gave very y little evidence af the activity Of the large
 speculative forces which have kept up the anirna ton of the market during the
 week Pennsylvania and New York Centrai
 were the only conspicuous stocks to snow sustained strength with some sympatnetic
 influence on the stocks of subsidiary or
 tlfied companies The 12 points rise In -
 New York, New Haven and Hartford
 was supposed to have some connection
 sith the strength of the two principal
 inc stocks. There were sharp advances Tn
 | number of industrials and speoial.les
 which had no apparent connection and
 were not explained by any news develop
 ment The bank statement proved close !. iy in accord with yesterdays preliminary
 estimate and was accepted as favorable
 Bdt the attempt to make realizing sales
 in the expectation that demand for stocks
 soiild be attracted by the statement
 found a yielding market and prices were
 stocks to below last nights level. Yes
 terday's support for the United States
 Steel stocks was lacking and these stocks were heavy throughout. The grangers
 seemed somewhat affected by the firmer
 tone of the grain markets. There was no
 sequel to yesterdays late squirt in
 Southern Railway and that stock sagged nntil the close The closing generally was
 active and easy. The session of the com
 mittee having in hand the attempted set
 tlement of the anthracite miners de-
 nlands was a oppressive influence on spec
 uiation. but the tone of the market seem
 ed chiefly due to the disposition of op-
 orators to take a whole holiday instead
 of half day. after the considerable &C.,
 tivity and excitement of the week. With
 tb period of growth of the winter wheat
 crCp and the approach of the seeding
 period for corn and spring wheat, the
 stock market this week has reflected the
 importance attached to the crop prospect
 as outlining the hope of continued pros
 fv fnr yvb remark
 able hot weather early in the week and
 the absence of moisture turned the prices
 of stocks downwards and there was no
 apprecfable rallying tendency until the
 reaction in wheat and the reports of
 rain in the Southwest gave hope of re-
 lief from the threatening conditions. The leading speculative interest in the stock
 market Is very active also in the grain
 markets and much manipulation was evt-
 dent in both markets and current ru- mors were much given to exaggeration.
 Reports that the coming corn crop was seriously threatened are scarcely war
 ranted when the seed is not even in the ground. During the current year the
 corn shortage has not materially affected the merchandise movement to the corn
 region. as the people there were in pros porous condition from several good pre- vfous years. The shortage in corn also led to large marketing of live stock. But terially affect the earning power of rail roads. The winter wheat crop has un- doubtedIy suffered considerable deterio- ration during thme past week. Notwith- standing the strong influence of the grain | situation it Is obvious that strong and aggressive speculative forces are stli | active in the stock market and that | they have been alert in shifting from strong spots. Confidence in the general | railroad situation is fostered by the gen. erally high level of earnings reported | and by such special exhibits as the an- rn,,o nf Ira xx,itl sun plus earnings over extraordinary eX- penditure out of earnings Tor better i ments. The details of the great interna- | tional steamship merger are accepted as evidence of rapid progress towards the | strengthening and consolidation of the l facilities both domestic | and international. The working out of | the community of interest in the anthra- 1 cite carriers is also in evidence and some | of the weeks buying of the Reading has | admittedly been in the interest Of the | great trunk line systems in furtherance | of the policy of division of control of that l traffic among them. Lake Shores report | of the acquisition of a large block of i1e- | high Valley is evidence of the same ten l dency. On the other hand there was a | reminder of the legal obstacles which | may be interposed for merger projects in l te decision of the Supreme Court to al- | low the State of Washington 10 file | against the parties to the Northern Se- 1 curities Corlpanv The force is seen of | the comment by one of the principals | that the consolidation of ownership Tn | the Northwest is assured. whatever may | be the decision of the Supreme Court on | the present plan of holding the proper l ties. But the fact remains that important financial results depend upon the success of the present plan of holding of these companies and the question of its valid ity must remain a weight on the securi- ties market until it is settled. The activ- ity and strength of stocks of minor rail roads in a strong strategic position and available for advantageous absorption by the larger systems as we'll as the transfer of control of Louisville and Nashville are evidences of the col tinued