The Montgomery advertiser., 1902-05-27
WALL STREET REVIEW ACTIVITY AT THE EXPENSE OF VALUES.
 Some specialties Made Striking Ad- vances, But They Did Not Serve
 as Sustaining Influence
 to Others.

NEW YORK, May 26r-There was rather .,Me actiHity m the market today than during the latter part of last week. but 1t was at the expense Of values of standard stocks. There were some specialties which made striking advances whiii would have served as a sus taintng influence under ordinary circumstances the selling. The days immediate deveiopments were rather favorable. But tho failure of the tardiness of the market to attrace any specu- 1atfve demand for stocks served to discouraee $ome considerable holders who have tired Of that they unloaded considerable lines today There seemed to be large speculative line Of St. Paul, Union Pacific and less amount of various other stocks which were urgently pressed for sale. The only immediate news of 2 depressing character was the spread of the of the soft coal field in Virginia and West Virginia. The coalers themselves. however. were little affected. The rate for call money sfmmered down to a quiet per cent. basis without any notable demand in the foreign exchange market for return of borrowed money sbfoad. But despite the relief accorded by the large sums borrowed there Is some solicitude apparent in financial circles over the future meeting of the large obligations which have their reserve to some extent in order to strengthen their position against the future need It .s. believed that the trus. companies are also disposed to build up their reserves in compliance with the intimation from the clearing house authorities that the total yoi-
 Of eTeds ought to
 
 ciuded in the banks reserve alone. The reten- ton of the exchange rate at the low level. despite the easing of the money market is the more remarkable in view of the consid- erablel buying of British consols for American account The arrangement for the holding of certificates which are negotiable in this coun- try has resulted according to an official of the bank which made the arrangement in the pur- chase of some sIo ooo0 ooo worth of corsols for account of various banks in this coun- try. The apparent approach of peace in South Africa was an inspiring influence in foreign stock markets. but seemed to be disregarded here. Canadian Pacific continued it's remark able advance which gave rise to rumors of something like struggle for control between the present dominant interest and the North ern securities group There were few minor points of strength among the railroads. Rut- land preferred scored a 9-point recovery nn light transactions. Among the industrials which were irregular as the railroads Pressed Steel Car was conspicuous for a rise of nearly 5 points without explanation. Fa- vorable news from the crops. continued in- crease in railway earnings reported for the third week of May and generally encoura ging news from all branches of industry except the coal trade seemed to be ignored in the trad ing. The market closed quite active and ir- regular. but with many prominent stocks at about the lowest
 The bond market was rather dull and irreg- nlar. Total sales (par value), S2 450, oo0 call