The Montgomery advertiser., 1902-09-14
WALL STREET REVIEW
LIST DULL AND INACTIVE DUR
ING FIRST HOUR.
Money Conditions More Favorable,
and There Was Brisk De-
mand for Call Loans.
Bonds are Active.

New York, Sept 13-Some assurance
was impaired to the market at the OPEN
ing today by reason Of p better aemsno
from Londsn and early news Of the gov
interest On bonds, but the list generally
was duh and inactive during the n5st
hour. Commission houses did very NIUE
and foreign houses were moderate puy-
ers. Money conditions were more favors-
BILE and contrary to custom at the weeks
end, there was a brisk demand Tor call
money, which ruled at 6 per cent. Slight
pressure was directed against some Is
sues In the early trading. but support
were again current, but appeared to have
no foundation In fact. y WAS clearly
shown that the rate precIuded engage
rpents except at loss. The keenest IN
terest was evinced in the bank statement
and fears Of an utter wipfns out Of the
surplus reserve. Although this item shows
a decrease OF nearly B.SzsO0o there re-
mains on balance more. than 500. 90. the
account. The statement proves beyond
doubt that a number OF banks are al
this time much below the legal reserve
requirements The loss tn cash--elight-
ly over 5000, oco-vss about up to ex-
kindly to the bank statement and this,
together with the action of Secretary
Shaw Drought increased activity WITH
improved prices to a number OF leading
issues Including st. Paul Essc'nE fi,n Ms~
Louisville and Nashville. Baltimore and
Ohio and sugar. The closing was strong
and active.
The passing of another week with the
coal strike still unsettled and an ad-
vance in call money to 20 per cent, the
top figure of the year finds the general
list moderately steady and higher in
not few instances.
r.a- A. ~ o.x,In <rtxs
of st. Paul comnson on per cent.
dividend basis, this action having been
advocated, 1t Is said. by the strongest In
terests 10 the road The Street at
tracted no ordinarily significance to the
increase In view Of the roads established
reputation for conservatism, but the
stock failed to make response In this
market or abroad. Reports that George
j. Gould Ii to become a director In 81.
Paul saye Weight f. stories e c 81 Of
Missouri Pacific was interesting. that
stock touching new high record with
st. Paul and both selling on proportion
ately. Another event was the decision
of the Baltimore and Ohio directors TO
issue s425oo,0oo new common stock, part
of which had been authorized lasE year.
Impressions are current that some new
dealing with the general railway eitua-
that the settlement Of the Louisville and
Nashville Southern Railway matter Wilt
bring dement's to the Seaboard Air Line
and Atlantic Coast lines. Call money
fiuctuated wildly. the rate ranging from
IL per cent early in the week to Is per
cent on Thursday and 20 per cent yes
terday. The bank statement figures
showing a loss of over 81. 000, 600 in early
foretASts. added to yesterdays feeling
Of apprehension with resultant declines.
oFreign exchange broke violently several
times during the week. thereby increas-
ing the probability of gold imports, but
with the exception OF the 100000 In
transit from Australia no consignments
were announced. The second INSTALL
ment Of about sl5.oOo00O on account Of
subscriptions to the new Oregon short
line participating bonds is due next week,
but arrangements to meet this payment
have been made. II is said, in, a way TO
cause no disturbance to the LOCAL. money
situation. The bond market during the
week was unusually active with a large
per centage Of the dealings tn Wabash
debenture BIS which at one time showed
a gain of over points. resulting from
the heavy speculative purchasing, move
ment. The market generally ,wass Arm
In sympathy with stock manipulation,
United, States IS advanced IA, the new, Is
registered 1 1-2 and the ditto coupon
"a per cent. The old 4s declined 1-2
as compared with the closing call of last
week. t.''. ta ~