The Montgomery advertiser., 1903-10-03
Allen < Leak.
WALL STREET. REVIEW BALTIMORE TROUBLES FIGURE LIN THE DEALINGS. Looked. on as Explaining Past Events Rather Than Threatening Fut- ure Catastrophies-Stee1 '5'
 Bonds Still Under
 Pressure.

NEW YORK, Oct. 2.-The stock market made good keadway today against the public announcement of the financial endorsements at Baltimore. This news caused a rather fever ish tone in the early dealings and evidence of some liquidation was assigned as a result. For the most part 1t was believed that the public announcement served to explain some past events in the market rather than to threaten future results. Some of the stocks which have been weakest during the past week and subject to recurent liquidation are now known to have been sold by a local banking house which held them collateral for loans to the embarrassed houses. The recent mood of Wall Street has been so fearful of mysteries and 90 prone to exaggerate them that explicit in formation. eevn of unfavorabie character is rather welcomed. Professional traders are in- clined to buy in market when bad news Is out. As the day progressed 1t became mani fest that there was no acute pressure of stocks and. on the contrary, well defined party of professional operators were inclined to buy. Commission houses also reported some slight demand from outside sources. There was some very heavy blocks of United States Steel bonds marketed which could hardly have been other than syndicate holdings. but there seemed a good demand at the same time for the pre- ferred stock. The inference was drawn that arbitrage operations between the two securi- ties had been resumed by the extended syndi- cate. rumor current that the market management of this operation had been intrust- ed to the same operator who conducted the original Notation of the United States Steel stock. While this rumor was without con- frmation. it had its effect upon the specula-
  ket The prospect of a strong bank return helped the late market indications pointing to a gain in cash by the bank of Sl 500. 900 to S2, ooo 900. The regular interior movement took from New York about $2. 500. 900 on bal ance. but the redemption of Government bonds and the payments on account of new gold, including Australian gold received at San Francisco. more than offset this loss. It Is ev- ident that the principal movement of currency is still to the cotton region and exchange at Western points fails to show prospect of an early demand from that quarter. This causes the indulgence of a hope that the deposit of Government funds at Western points may Tighten the demand for currency from that quarter It is also suggested that the lateness of this demand may allow some relux of funds from the cotton region in time to help meet it. There was a sharp rise in call money late in the day, which may have been con- nected with the winding up of the syndicate States Steel conversion syndicate. Sterling ex- change rallied sharply from yesterdays de- cline but the large increase in wheat and corn exports over last week indicated growing sup ply of exchange. Pennsylvania was inclined to be heavy in spite of the good increase in net earnings reported for August. while Union Pacific, with decrease for that period of s l43,- SIP, was well supported sharp drop of over a point in St. Paul just before the close with an immediate fractional rally had the appearance of bear drive. but 1t unsettled the closing and made 1t irregular.
 The bond market was still made up largely of United States Steel 5s. but the tone was pretty firm. Total sales (par value). S5. 4S5,- OoO United States 3s coupon advanced % per cent on the last call.