The Montgomery advertiser., 1902-08-23
WALL STREET REVIEW
MATERIAL RALLY IN THE STOCK
MARKET.
There Was Considerable Ccntrac-
ton in the Volume of Trading
and the Rally Came Late
in the Day.

NEW YORK. Aug. 22.-Today's stock mar.
ket rallied from yesterdays depression and
closed at materially higher prices than Iast
the volume Of the trading and 1t was not I'M
I'll late in the day that the disturbance TO sen
timent caused by yesterdays break in prices
seemed entirely overcome. This was partly due
to the evidence of continued liquidation In
Ccltrado Fuel which II was feared was ere
ating a necessity to unload stocks elsewhere
in the market The rally Of over point was
an important factor in redssuring sentir,cnt
newed strength in Louisville and Nashville
which was supposed to be related in specu-
The points Of strength in the carly part Of the
day were somewhat scattered and might be
attributed to special causes. In the tate deai
ings the strength became moro general ana tne
market broadencd out under the immediate
influence of a 2-point rise in Southern PACING
The explanation of the strength in this stock
was not obvious, beyond the fact that the
speculative reader who has made this stock
favorite of late years is now due to arrive
from Europe Ontario and Western continued
its advance. with rumor that II was peinG
sought by Canadian Pacific for cnnnec ing
recent rumors of Canadian Pacifcs purpose 10
enter Chicago. which were subsequently de-
tinued to excite remark and conjecture as to
possible combination Of telegraph interests
When Colorado Fuel made its recovery there there
fairly general advance among the indie
pendent iron and steel companies from wnlch
the United States Steel stocks were consplcu-
Gus exceptions. the movements OF the la,.er
grangers Pacific and Southwesterns quite gen
orally participated in the late movement In
Southern Pacific The reaction in the wheat
market may have helped this movement yes
terday's furry in September corn, while with
out any bearing on the coming crop, Is
significant of the very small movement OF
the tag end of last years crop. which has been
reflected in late returns of gross earninss Of
railroads in the territory. The freedom
from furry in the money market with the
demand for loans to carry over until MONDAY
had reassur!ng effect and aroused hopes that
the bank statement tomorrow would show
strengthening condition. If this proves to be
the case, 1t must be by reason of loan contrac-
ton by transfer of credits to the trust com
CURRENCY, movement seems still to be slightly
in favor of New York. The sub-treasury np-
creations which had inclined to the banks up
the banks yesterday ST. 1853 900, thus nearly
wpng out the previous balance The net re.
less than half million dollars Another
tr lnsfer was made to New orleans today OF
$3.50. 900 and New York exchange at Chi
tago dropped to 20c discount after having re-
covered to Iar earlier in the week. The ac-
vancing quotations for Government bonds are
believed to be due to the expectation that
the treasury may take early steps for the re
lief of the money market, either by increasing
deposits with the banks or by redemrt ton OF
bonds.
Bonds were firm in sympathy with stocks
Total sales Cpar valued Sl37oooo. United
states refunding 2's the old f's and the 3's
advanced VI per cent on the last call.
Money and Exchange.
NEW YORK, Aug. 22-Money on call
steady at 3a4 per cent; closing bid and
asked. 3G4 per cent.
Sterling exchange easier: bankers bills;
487I5 fol- demand ard at 4.64.3o for 60
days -,
eo%mer rasf' bil foe 4ses "a s4
Bar silver. 52% Mexican dollars, Ala
to