The Montgomery advertiser., 1902-05-08
WALL STREET REVIEW
EFFORT TO CONTEST DOWN.
 WARD TENDENCY FAILED.
Fears of Strike in the Anthracite Region = Reading, However, Showed Small Gain at the
 Close of the Day.

NEW YORK. May 7.-Today's stock market senected an unavailing effort to contest the slon from the semi-demoralization on Monday came reactionary tendency which was natural to 70 restore normal balance of things. but this tendency was reinforced by the decidedly sceptical sentiment over the prophecies of the anthracite labor settlement These prophesies continued very confident from sources with every means of authentic information. But the flat contradiction of the rumors received rom scranton where the miners delegates were Tn convention caused confusion and .un- certainty and a suspicion that the Wall Street outgoings were in the nature of tips de- signed to influence the stock market As a mater of fact, Reading. which was accepted as the index of the anthracite situation was iiIted shade above last night The reports Q. % the condition of the crops and the weakness oI gram markets were help to the grain carrying roads and they made a good ad- vance in the course of the days session. The Nashville and Chicago. Indianapolis and Lou isviIle and various smaller subsidiary lines gained additional influence from the response Tn southern Railway, which was considered significant of closer relations in the whole southern group. Nashville. Chattanooga and St. Louis. Chicago and Eastern Illinois and movement. Illinois Central was a conspicu- ous exception and was heavy throughout. fall- City Southern was attributed to the formation or pool in the stock. Ali of the strong points however, yielded to the liquidation during the last hour, caused by the relapse in Reading to 2& under last night. Practically all of the gains were wiped out and the level of prices carried s l., below ] last night Realiang sales were which lost 2k of yesterdays Al points gain. Tennessee Coal lost over points on account of the annual report. which was considered discouraging United States Steel stocks did not escape the depression, notwithstanding the extraordinary exhibition of the last year . transactions by the company. The money mar ket was called easier today The maximum leaning rate reached 5 per cent. with a sub seouent recession to 6 per cent, but the de- cline in the foreign exchange rate ceased in response to easier money and discussion was re- newed of gold exports. Current receipts of Louisville and Nashville stock from foreign holders are very large and represent require ments for foreign payments. There are reports of large loans during the week made in the tions, but it is worthy of notice that $500, GOO in currency has gone to New Orleans this week and New York exchange at Chicago ruled today at 20c discount. Notwithstanding the relief afforded by the purging of unhealthy spots in the market there is some tendency to a vague feeling that there may be some in- collapsed last week. A symptom of this, feellN N ing Is found in a revival of discussion of some restriction the lending powers of trust companies and additional requirements upon market closed heavy.
 The tone of the bond market weakened in sympathy with stocks. Total sales tpar value), S4 3o5. 900. United States bonds were all un- changed oh the last call.
 Money and Exchange.
 NEW YORK. May 7.-Money on call firm at 6m l5 per cent; closing offered at l0 per cent.
 Prime mercantile paper; 4hasN per cent;
 Sterling exchange steady: bankers bills. 4 87%d4. S7% for demand and 1. .65a4. 851s for 60 days: posted rates. 4.S6d4. .s6h.
 Commercial bills. 4.84Hsp4 85n.
 Bar silver. 5lss; Mexican dollars. AHA.
 New York Stock List.