The Montgomery advertiser., 1903-02-06
WALL STREET REVIEW
DEALINGS RISE ABOVE 75o, 900
 SHARES.
Market Was Broad and at Times Very Active. Giving . General Impression of Strength
 and Advancing Prices.

NEW YORK, Feb. 5.-The aggregate deal ings in stocks rose to above three-quarters of . and at times very active and also gave a gen. erai impression of strength and advancing p;ices That this impress on was to some ex- tent tllusory Is manifest from the small and ragged showing of, not gains for the day. Whereas at one time e large number of lead ing active stocks were point or more above last prices for the day were in all cases ma teIially below the best while in many in- stances the earlier gains were wiped out and final prices made lower than those of last night The skiIlful leadership of the market may safely De inferred from this showing and 1t is not a rash assumption that professional manipulation also played a part in the p fee movement. IL is evident. however. that op- orators in stocks with large resources and with ventnred upon a stock market campaign for an advance in p ices. There is no evidence yet that the leadership thus undertaken has been ehective in attracting any large outside buying movement there was some increase on com miss on house business and the later down. ward course of prices warranted the presump- tion that the professional operators were talk ing advantage of this demand to realize proht. The prevailing course of money Is the domi- nant motive for the rsviving of speculation. although the low rates to which call loans have fallen are in part a result of the recent stagnation of the speculative demand. The lead ns feature of todays market was the an- court in favor Of the right of the United States Steel Corporation to convert part of its pre- Iereu StOckS Into Donus.' me etOck3 OA tno corporation advanced strongly on large deal ings after the decision became known. Early in the day the Reading stocks were the lead CTS of the market and their upward movement said to be due to the expectation that the first preferred stocks are to be restored tO the 4 per cent div dend list, and the voting trust dissolved. now that the control Is definitely lodged in the hands Of the Lake Shore and tho Baltimore and Ohio. It was thought here also that the heavy liquidation of the minority in- terest, which followed this fixture of control. had resulted in the creation of q large short interest. wh oh was driven to cover yesterday and today. IL very noticeable that the large concurrent buying of Erie and Ontario and Western resulted in Q very slight ? ice movement The Pacifcs Grangers and South westerns moved upwards in company. and this advance attributed to the belief that the agreement arrived at between the Rock Island and tn Union Pacific authorities would be a benefit to the whole ra lroad situation in that part of the country. Wabash had tho special ter Pttsburg. The strength of Brooklyn Tran sit was due to hopes of advantage from the new movement. Profit taking was in evidence all day in Amalgamated Copper. In spite of the reported strength of other coppnr stocks in the Boston market. sugar was carried down sharply on the announcement of . cut in the refined product. Rock Island also seemed to did not share in the early strength in the grangers. The profit taking became quite gen. eral at the last under cover of the late strength in United States Steel and the clos ing easy.
 The bond market was active and quite broad. but there was some irreguiarity in the price movement Total sales fpar value) $3.ofV,- 900. United States bonds were all unchanged the last call.