The Montgomery advertiser., 1902-10-19
WALL STREET REVIEW
BANK STATEMENT PRESENTED
GRATIFYING FEATURES.
Week Was Memorable in the Finan-
cial History Of the Metropolis.
Stocks Closed Weak at
Lowet Prices.

with a partial renewal of yesterday q
pool operations in the railroad stocks
Baltimore and Ohio made wide OPEN
ing, advancing about l per cent. Penn
sylvania was active, thou"h selling frac-
tionally lower. as did also Norfolk and
Western. The reaction IN the latter stock
was ascribed to heavy selling by those
who believe that any increase in the
semi-annual dividend will not be more
than one-half of / per cent, putting the
stock on 8 per cent basis.
Extreme weakness was shown by New
York Central and Union Pacific and St.
Paul also. sold below yesterdays close.
Baltimore and Ohio made a further ad-
vance, but the Southwestern group, un-
der the lead of Missouri Pacific, showed
some heaVineSS.
In the industrial class Tennessee Coal
and iron and the United States steel
stocks were the features in point of
strength, while Sugar and Amalgamatsd
Copper were lower than at the previo Is
days close.
The list showed some further realizing
due to heavy selling for London and
profit taking by local traders. Prices
showed tendency to sag In the second
hour, but the publication of the bank
statement which was favorably regarded,
brought resumption of the early ac-
tivity with better prices.
In the first trading. however, thera
came another realizing movement ana
the closing was weak with lowest prices
| OF the day for many of the more active
| issues.
To the conservative element the bank
| statement presented several gratifying
! features, namely. the decrease In the
| loan account; the increase of almost
1,S0O,0C0 In circulation. the gain In cash
| and the increase of reserve on all depos-
\ its which now places the surplus re-
serve about s3.OO0,00O above the legal -
| quireulents. Attempts were made to re-
vive interest in gold import movement,
but they met with little success. In the
to bring in gold before the middle or
end of nextX month will be wholly arti-
fetal and proftless.
The week was one of the most menu
Street. 1t began with further liquda-
ton OF stocks, this movement being larg =
ly iuduced by the previous weeks dfsap-
pointing bank statement, further con-
traction ofNloans by the local banks and
fears of higher money. That this latter
feeling was justified was shown before
noon of the first day when the rate for
call money advanced to IS per cent.
In the early afternoon general rever
sion of these conditio is set in on authorl-
tative news that a settlement of the
coal strike was at last under way. The
selling movement was checked all around
and the list made net gains and with
few exceptions increased its advanta &c
as the week wore on, advances In some
instances extending to more than 10 per
cent Othcr causes that contributed to
the general Improvement were the large
pure hases of bonds by the treasury. re-
leasing about $300po.v00, practically insu--
ing easier rates, both for call and time
money and the foreign trade statement
showing a large increase in exports.
Sterling exchange weakened to a degree
and was accompanied by reports of prob
Able gold imports, but no engagements
were announced. Total receipts of thu
treasury for the fiscal year to date ag
gresate $751; STA and total expendi-
f,tRo Iauty an Of in.
take over outEo of over $11, 100000.
Trading in the latter part of the week
was conspicuous for series OF upward
drives in the securities controlled by tire
various pools. Such stocks as ST. Paul
| Union Pacific, Baltimore and Ohio. Nor
| folk and Western and the soft coalers al
a whole, were bought in large volum
and closed with heavy gains.
The buying of Norfolk and western
revived rumors of an increase in the
| dividend OF that stock, but no official an
| neuncement on that point was made. Ii
was generally admitted that better nm,
| Outstanding exists between the st. Pau
| and Union Pacific interests under tho
| terms OF which the first. named systen
| Is expected TO reap material benefits, hui
| the exact terms Of the deal have not beer
! disclosed. There appears, however to Dc
little foundation for the report that tho
| St Paul, Union Pacific alliance has beer
made at the expense of the Missouri Pa
| cific road.
| nowhere mas the virtual settieheht o.
| the coal controversy been received will
| greater satisfaction than In London and
| that center was factor in this market
| throughout the week. lending encourag- A.
m snt by heavy purchases of the interim.
tional list, a part of which was resod
to this market later in the week. Taking
| the stock list a whole, prices still
| average 10 points below the high Level
reached a few weeks ago. In fine it has
| recovered only about one-third of the
| loss which began with the heavy hquidd-
| ton about two weeks ago.
| Trading during the present week was
| widely distributed and commission hous IS
| ware active on the buying. side but there
was much profit taking,
| Trading in bonds was on large scale
| and there were very many substanti1
advances In the speculative issues. U. y
% advanced 1-3 per cent as compared
vita the closing call of last week.