The Montgomery advertiser., 1903-02-21
WALL STREET REVIEW
RECOVERY IN METRoPOILTs N
 STREET RAILWAY.
Denial by Whitney That He Had Sold Any of His Stock in Past Six Months Has Imme- .
 diate Effect.

Metropolitan Street Railway circulated yester- day led to prompt recovery of prioss of stocks that he had sold any of the stock within six months convinced the operators that yester- days market had been subjected to . raid by the dissemination of inventions. The short sellers of yesterday hastened to cover and helped the rally. The recovery in Metropolitan Street Railway was especially emphatic. The renewed advance in Amalgamated Copper also pointed to some uncovered short interests. This stock was helped by the strength of the metal market which was marked in London. It was notable also that the recovery In futures there exceeded that for spot copper. thus taolishing a premium again for futures as New York Central seemed to feel the benefit of the additional subway projects for New York and also the denied rumors the compa- against a future issue. But the feature of the early market was the St. Louis and San first preferred 5%, the second preferred 4h. The funding bonds were also in demand at advancing prices. Many reports have been cir culated recently of coming combination Of this property with some other large railroad system, the most recent story pointing to Southern Railway Nothing authentic on the development in the property was disclosed dur ing the day. During the afternon the wabash stocks came into promise the preferred ad- had been advanced on the system west of the Mississippi. It seemed to be assumed that this would avoid the strike which has been dreaded recently. Other Gould stocks and Southwesterns generally advanced in sympa- thy Missouri Pacific was also helped by the increase of over ssoo, 900 in December net for She second week in February were good without important exception The advance in refined sugars helped American sugar and spe- cial developments were responsible for ad- vances in other individual stocks. The market closed quite active and at about the best. There seemed to be general conviction that tomorrows bank statement will be poor one. The movement of currency has been away from New York. especially to New orleans a a, so that dicated on the known movements of money. It
 Is intimated also that there may have been nes' possibly as a beginning of the recupera- tion of their reserves as required by the clear ing house rule. The loan item will also be last Saturday already within $2.ooo. 900 of the high record of the clearing house banks on March 1902; Tine money r,s Sontinuea erso to made the export of gold next week more prob able.
 The bond market ca wss irregular. Total sales
 The principal feature of the stock market this week has been the continued indifference and neglect on the part of the general invest ment and speculative public Attempts were made to contest this condition early this week by undertaking campaign for . rise in the industrials. Quite number of this class Of securities successively advanced on Mon day without any definite news to account for their rise The persistent & insrtia S of the rail professional elements to move them turned the attention of the traders to the industrial list which has received little attention for some time past The course of the exchange market was attentively watched and its fluctuations toward away from gold export point had an effect upon the speculative sentiment in the market
 Exchange has reached the gold export level during the week and the fact no exports were facilities which had added to the interest charges involved in the movement Of gold. Money has been stringent in London. but the ad n sterling Paris and Berlin in response shows that capital from these eenters is attracted to London. thus relieving the pres sure upon New York. The problem Of gold ex- ports from New York seems to depend upon the continued response of the continental cen- ters to the needs of the London market. Rates preciably for time loans. The demand from New Orleans on account of the cotton specula- counts have been factors in money. The rise in money rates tends to encourage the renewal of loans. The repayment of which ns they mature recently has been the influence of lift ing exchange rates to the gold export point. Aside from the immediate condition in the ate requirements are ahead of the market and this helped to repress borrowing for any large speculative commitments in the stock market divisional bond issue for over So. O:ooo by the Atchison, the Lackawanna Steel Com pany's SI I5, 900 900 bond issue and rumors of a large collateral security issue by the Louis vile and Nashville have been the immediate developments to give point to this factor. Some of the stocks In which further issues are impending have been unQer pressure ln Splte of the prospect of subscription rights to stock holders likely to accrue This selling tS at tributed in some quarters to supposition that 1t represents sales in anticipation of the new stock to be issued By other observers 1t Is attributed to dissatisfaction with the increased dividend requirements which will be placed on earnings and in some cases to the fear the proposed expenditures will prove largely unpro- ductive
 This is especially true of expenditures for improvements due to municipal requirements of various kinds. The depressing effect of these proposed additional capital issues Is strongly entrusted with the speculative excitement caused by former projects during the era of combination and community of interest. Tho fact that the congestion of railroad tranic plainly points to the necessity for outlay for improvement and betterment generally seems insufficient to recommend the new plans to buy CTS of stocks. It must be remembered, how
 ever. that the capital issues towards the former vast projects for consultations provided for the payment of dazzling prices for the securi- ties of absorbed properties which were still quoted in the market. The violent advances in prices thus induced were the powerful stim-
 ulants to the speculation which swept the whole market during that period, while the re- cent series of capital issues provide for ex- penditures upon the substantial betterment of the properties concerned, and might be sup posed to appeal more favorably to the invest ment class, they cause no such violent stimu- lation to prices by projects for buying other properties at prices far above the privilege market level.
 The bond market has been dull and irregular. United States old 4s declined Ac as compared with the closing call of last week4>