The Montgomery advertiser., 1902-04-08
WALL STREET REVIEW THE UPWARD MOVEMENT FAILS
 TO PROSPER Selling of St. Paul, Louisville: G Nashville, and Union Pacific
 Was a Feature-Bcnds
 Slightly Easier.

NEW YORK. April 7,-The upward move ment of stocks which had attained some head not prosper today in face of the rapidly con tracing supplies in the money market. Stocks which were made the leaders of last week. s movement were the chief sufferers from the selling. The total volume of dealings fell considerably below the million mark touched on Friday, but considerably more than one third of the total was made up of St Paul. Louisville and Nashville and Unions Pacific. The selling cost St. Paul 2as. Louisville and Nashville 5s and Union Pacific <. This course of events naturally detracted some. what from the interest in the conjectures of the source of the heavy demand for those stocks and the community of interest and the merger project which might be aimed at. Wall Streets suspicion of last week that the movement was speculative manuever to fn- vite following in the general market was Strengthened. The rather abrupt reaction in those stocks as a result of the developments in the money market chiefly remarkable from the fact that those developments were generally admitted to be impending last week The answer made to this was the abundance of capital in the West would relieve the situa- tion and would give free scope to the buying of stocks. But when the call money rate shot Up to pcs cent this afternoon. the highest point of the season. this assurance did not avail to prevent throwing over of large amounts of stock. The foreign exchange mar ket was apparently not in the least affected by the outgo of s2, 500 900 gold. showing that the consignment is in payment of foreign obligations as has been the case with preceding shipments for time. Besides the gold shipment the banks have lost to the sub treasury since the weekly Dank statement some S33S. 900. There was deposit also of s co 900 in currency at the sub-treasury to- day for transfer to Cincinnati. while New York exchange at Chicago fell to 200 discount. As the bank statement on Saturday showed the surplus reserve down to S2. 649 525, 1t will be perceived that todays demands were suffi- cient to wipe out the surplus. All departments of the list were affected and the days losses run quite gener- ally from | to points and over that in ex- ceptional cases Amalgamated Copper ignored the general tendency of the market as 1t did when the market was going up. and rose at the last hour of the day to lla over last wek Other firm spots were in the local fractions. some of the express stock, Westinghouse E.lec- tric, Chicago and Alton, the Wisconsin Gen. tral stocks. the Duluth. South Shore and At- Iantic stocks and some minor stocks. The ac- tion of the days grain markets gave some intimaton that last weeks stock market as- sumptions of the safety of the Winter wheat crop were somewhat premature But the furry in the money market was the cvershadowing influence and the market closed active and easy and generally at the lowest.
 A few Of the newer bond issues were ad- vanced, but the general tendency was slightly easier in sympathy with stocks. Total sales tpar value). S4. $40. ooo United States bonds were all unchanged the last call.