The Montgomery advertiser., 1902-09-20
WALL STREET REVIEW sTRoNG sHowINaSBY BANKS IS
 EXPECTED. Buying Based on Belief That the Sur plus Reserve Has Been Replen- tshed as Result of Weeks
 Events.

NEW YORK, Sept' Is-If tomorrow's bank efa9ement does not make strong showing 1pecniators who bought stocks today will be disappointed. The buying was based on the expectation that the surplus reserve of the banks has been replenished as a result or the weeks events. The publication of the usual preliminary estimates of the cash movements ol Ihe week somewhat chilled the nope or a a reserves of upwards of S3, ooo, 900 WAS in dtcated. Of this amount the sub-treisury has absorbed some S2. .660, 900. including deposits of currency for teegraphc transfer to the ir- terior. The regular movement by express on routine banking operations makes up the rest but it is not improbable that there have been special movements of money not included in these routine operations. The shipment of several million dollars from Chicago reporte ] as made last Saturday might figure as such transaction and reports have come from shipped to New York to take advantage of ths prevailing high rates for call loans It is never possible to forecast accurately the changes in the loan item. but 1t Is confidently believed in the street that there has been lsrse contract on fin the loan account during the week. The payment of subscriptions on the Oregon Short Line bond issue on Monday would result in some loan contraction The engnEements of gold during the week also would figure as transfer of loans from the local banks to foreigners. The stock market has not reflected any heavy liquidation during the week. The steadiness of the call money lnarket today in face of the demand for loans to carry over until Monday was strong indics- ened. The leader of the market today was easily St. Paul. which was 51s points over
  effect on the whole list. The movement was unxplained. but the early tendency of Mis- sourf Pacific to keep 1t company revived ru- mors of alliance between the two systems. There was setback in Missouri Pacific when the July statement of earrings appeared show ing decrease in net of S263. l96. The stock lost most of its gain and the other Southwest erns turned rather heavy in sympathy. The unfavorable cotton reports were also an in- fluence upon that group. The fact that a per cent. dividend Is included in the price of St Paul given tn argument for us strength and the old comparison with the price paid for Burlington. which was 200, was also revived. The continued rise above 200 Of Rock Island furnished additional parallel. The latter stocks was conspicuous for the mum Der of cash transactions. the right of ex- change into securities expires tomorrow and there Is no stock delivery on the ex- change on Saturday. These contracts for the curb. The reversal by the New Jersey Court of Errors and Appeals of the vice chancellors decision against the stock convention and bond issue plan of the United States Steel Corporation caused a squirt in its securities The Pennsylvania group was strong ana Ca nadian Pacific showed the effect of continued large earnings The upward movement Of number of minor industrials was due to spe- cia lcauses Considerable realizing was ac- compiished on the advances and the market closed irregular and below the best:
 The bond market was quite active and strong esnecially for the Consolidated Tobacco 4s. . Total sales (par value) S3, 67o 900. United States refundng 2's. the 3's. new As ant 6's advanced h and the oid4 's # per cent on the las tcall.