The Montgomery advertiser., 1902-02-04
WALL STREET REVIEW INTEREST IN SECURITIES COM PANTS CASE.
  The Dealings in Southern Pacific Were Especially Large, Giving Evidence of Operations by
 Speculative Pool.

NEW YORK. Feb. 3.-The professional ele- ment among the stock operators showed rather more hopeful spirit this morning and started with some confidence to buy the ltran.- continental railroad stocks, The movement seemed to be- based upon an assumption that the Supreme Court would ,hand down its de- cision today in the Northern Securities Com pany case for within half an hour after the time for the sitting of the court the morn ing gains in these stocks had been wiped out. The dealings in Southern Pacific were especial ly. large and gave evidence or operations oy speculative pool. The buying of the stock was based upon the expectation of an early refunding of large issues of bonds bear in the next few years. The financial district was flooded with very optimistic estimates of the current earnings of the road. The price was carried at one time ls over Saturday, but it fared little betetr than the other Pa cihcs in he reactionarya movement and closed with a net gain of E. There were very heavy dealings also in St. Paul and Union Pacific. but their gains were entirely wiped out. Ef- forts were made to revive the market by in awanna ,spurted i4h, very little stock com ing out. Rumors were revived that the com rights to present holders The dealings in
 Amalgamated Copper were on an enormous
 the largest for single day in the history of the stock It under pressure throughouts with occasional rallies and late in the day fell more than 3 points under Saturday, closing with net loss of 2Ts. Profit taking was an important element in the weakness of the recent rumors of a combination with other copper producers. The weakness of this stock did not affect the early rise in the trans continentals,' but it's depressing influence gained force later in the day. The favorable statement of net earnings for December was
 responsible for strength in the Minneapolis. St. Paul and Sault Ste Marie stocks, the common rising 2% with final reactions of
 about a point. Weakness in Metropolitan
 was attributed to reports of early retire
 unent from business of one of the companies
 of large capitalists. The large increase in
 loans by the bank last week was the subject
 of much discussion without throwing much.
 light upon the uses for which the borrowed
 SIC, 900 900 of the increase or half of the, total was made by two of the leading banks
 in the clearing house which are affiliated with
 the financial power which originated most of
 the great combinations last year. encouraged
 the supposition that large syndicate operations
 and possibly new projects are in hand. The sudden and unexpected declaration and dis
 bursement of per cent dividend on North ern Securities stock might account for part of the loans. although the public is ignorant of what volume of this stock has been ex- changed for that of the constituent companies. Subscriptions to a number of new railroad bond issues might also be responsible. The
 money market continued easy notwithstanding the expectation that the outward movement of gold is to be renewed. In fact, the ease of the money market is the permissive factor in the export of gold.
 : Railroad bonds were moderately active and lower. Total sales. S4. 245, 900. United States bonds were all unchanged on the last call