The Montgomery advertiser., 1903-10-23
WALL STREET REVIEW
MOVEMENT or PRICES AGAIN IS
 INCoNCLUsIVE.
Losses Prsdominated at End of Day. But Gains Were Made in The Face os Adverse Circum-
 stances

NEW YORK. Oct. 22.-The movement of prices of stocks today was again inconciusive. trivial. Losses predominated ct the end of the day, but the market had quite generally ad- vanced in face of the early unfavorabie de- yelopments The suspension of an Allegheny bank growing out of the failure yesterday of the Federal National Bank of Pfttsburx caused scarcely ripple in the market, although re- ports showed the continued necessity of pre- cautionary measures at Pittsburs. such as re- framing from trading in bank stocks and the provision of e two-million dollar safety fund amongst the banks London also affected the of fears of war between Russia and Japan The labor disputes on the Manhattan and the Pennsylvenia Railroad systems were under dis oussion in Wall Street. but did not seem to be much regarded in the trading. Dissatisfaction was expressed with the conditions in the coal trade growing out of large accumulation of steam sizes of anthracite and the active com petition thereby produced with the large pro- duction of bituminous coal for shipment to the Seaboard- The latter traffic Is reported to be in . semi-demoralized condition and at the the Attorney-General of Virginia contemplated . proceeding to contest the control by the Pennsylvania and the Baltimore and Ohio, Nor folk and Western and Chesapeake and ohio The effect of these developments was not more than nominal andN did not prevent an advance which included representative stocks in most Of the prominent groups, the coalers note cepted. The character of the market seemed to have changed so far that instead of selling stocks on every piece of good news as has been the case recently there was a disposition to buy stocks on unfayorable public announce ments. thus arguing the tendency to accumu- late stocks The very broad and active bond market. which has shown progressive increase for several days past, afforded example of the same tendency. With funds accumulat- ing in reserves and q growing ease in the money market there is no longer any expecta- tion that high interest rates will be perma- nent and on this assumption high grade bonds are attractive at the present level of prices The special demands upon local money sup plies by reason of the trouble at Baltimore and Pittsburg have not affected the of the local money market. One reason for the prevailing ease seems to be that the heavy railroad borrowings expected to develop this corroborative of the reports of curtailnent in betterment work by the railroads. and Is ca- pablo of an unfavorable interpretation. But it has served to ease the pressure on the money market. Deposits at the sub-treasury today for transfer to New Orleans were S3So GOO following the deposit for a similar purpose yes terday of $S2S. 900. This is convincing svi- dence of a much freer movement of the cot- ton crop. which the very large port receipts of today also testify to. The prospect of the re- sulting larger supply of bills in the exchange market is viewed with satisfaction The move ment of funds to the West is still small, al- i5c discount today. compared with the recent ly prevailing premium. The principal factor of the late reaction of the market was the drop of nearly points fin Amalsanated Copper, which absorbed practically ali of the atten- ton in the market after tho announcement of the decisions against 1t in the Montana iti- gation. The market closed steady.
 The bond market was broad and strong. States as and the new 4s advanced k and the 2s and old 4s t per cent. on the last call.
 New York Stock Last.