The Montgomery advertiser., 1902-10-26
WALL STREET REVIEW
MARKET ACTIVE AND HIGHER
AT THE OPENING.
Later It Relapsed Into Extreme Dull
ness and Failed to Make Any
Response to the Very Favor
able Bank Statement.

New York, Oct. 25.-The stock market
was active and gen IT lilly higher at to-
days opening. but 'ater relapsed into ex-
treme dizziness and failed to make any
ment. In the early operations advances
were scored by Baltimore and Ohio, At
Gibson, st. Paul, Rading. Norfolk and
Western, Union Pacific and Southern Pa
cific, as well as by Colorado Fuel and
Iron and Amalgamated Copper. Else
where the list displayed little animation
and no material changes. The Gould
stocks later became a feature by reason
good buying Of Texas Pacific. Wabash
common and st. Louis Southwestern
The dealings in Colorado Fuel gave rise
to reports of competitive buying and
day in point of activity though 1t closed
with a fractional loss. Improvement
showed by Canadian Pacific was due to
increased earnings and Chesapeake and
Ohio held steady in spite of an adverse
showing. The strength of cotton oil re-
suited in the belief that consolidation
with any kindred company would be of
great benefit to II. Only the most favor
able comment was heard regarding the
bank statement and traders were at
loss TO account for the selling movement
which set in with its publication. The
statement was regarded as very correct
exposition of local financial conditions.
The gain in cash was fully up to expec-
tations but the loan increase came as a
surprise and was doubtless due to some
of the weeks syndicate operations. The
increase of over $12. 600 in surplus re-
serves was especially gratifying and La
bilities of the associated banks proved
to be WITHIN 81 000,000 of their resources.
The market closed somewhat unsettled
and very dull. Net changes showed i'm
provement over the previous day but
the special class this including Colorado
Fuel, Consolidated Gas. North American
and New York Air Brake. gains were
chiefly fractional. The days business
was barely In excess of 100000 shares
Sterling exchange was quoted at
slightly higher figure, but no Importance
was attached to this feature. The nom
inal rate for call money was 2 IL per
cent. The sub-treasury paid out S00,00o
for account of San Francisco and received
the amount for transfers TO New Orleans.
The week was barren of important de-
velopments, its chief feature being the
light volume of business, partly due to
the strength OF foreign exchange which
caused groundless fears Of early gold
exports. and absolute paucity of public
interest and vague feeling of uneasiness
resulting from divers rumors of growing
unrest in the labor world. This last was
one of the most disquietlng elements in
the speculative situation, although the
political outlook also came in for much
serious consideration. The solid interests
while apparently exercising no repress-
i've measures, seemed determined to check
any concerted move for higher prices and
activity was shown only by a few COM
paratively unimportant issues in which
certain pools were believed to be chiefly
interested, Unsuccessful efforts were
made early in the week to create de-
mand for some Of the minor 'reorgan-
ICED" industrials. In this connection It
Is not amiss to state that the greatest
and most powerful of the Industrial con-
Germs has Init mated that it might be nee
essary before long to engage in a rate
war with some of its independent rivals
Adverting to the weeks movement in
certain classes 1t was the general opinion
that only In the case of one stock was
the buying genuine on technically good"
The coalers. hard and soft held moder-
ately firm but the impairment suffered
by the anthracite roads. together with the
kowledge that only long period of I'M
interrupted operations ane higher prices
for their product can restore their losses,
make that group of stocks less attractive
than usual. During the week it was re-
ported that two of the hard coal roads.
one OF them an imp litant line were con-
templating increased stock ssnes. With
me exception Lon Ion was seller on this
market all through the week and II is
REGARDED as very signfi "a 1t that such
thing as investment buying for London