The Montgomery advertiser., 1903-05-23
WALL STREET REVIEW
AN UPWARD sPURT IN PENN
 SAVANNA.
Later a Reaction Game, and the Mar ket Did Not Again Reach the High Level-Net Changes
 Small.

NEW YORK. May 22.-Today's early stock market did not give good promise of main- tsining the strength which developed yester- day, but the announcement that bankers
 syndicate had been formed to underwrte the new Pennsylvania stock issue caused a sudden upward squirt in that stock to a level points over last night. The stock held that point, but momentarily and did not get back to the top level again for the rest of the day. In the general market the average high level for the day was touched in the afternoon when thei preliminary estimates of the cash movements for the week were published showing ah un- expectedly heavy receipt on balance from the interior, thus offsetting the weeks loss by good exports which it was feared would make tomorrow's bank return very weak. There was sufficient selling to take profits during the last hour to make considerable inroads upon prices and the closing was dull and heavy below the best. The net changes for the day mostly very small and are mixed between gains and losses. There was con. tinued heavy selling this morning of St. Paul and the Fries and United States Steel stocks were inclined to be reactionary, tho latter on n n
 the day In spite of the claim of a definite set
 clement of it's labor dispute. The news of the underwriting of the Pennsylvania stock issue did not hold its first stimulating infu- ence. The underwriting is in effect protec- tive measure to assure the taking up of the to stockholders. When the offer was made Pennsylvania was selling above l4o 30 that ciently attractive. But from the first knowl- edge of the issue there has been persistent selling or the stock against the expected new issue and of the rights to subscribe to the new stock. The decline this week to i25k brought
 within measurable distance the extinguish- ment of the value of stockholders rights to subscribe. The that sufficient money
 had been sent to New York from the interior to offset the rather heavy outgo of gold came as pleasant surprise. The known move.
 ments of money indicate net gain by the
 banks of several hundred thousand dollars. the receipts on balance from the interior amounting apparently to over S4 1000, 900. The sub-treasury absorption. which includes pay
 ments for the gold exported. was S3, 3S4 900 I'ut this does not take account of the Sl,- 900 900 in gold shipped to South America last saturday too late for effect on last week s bank statement Arrangements have also been
 made to ship Si 800 900 to South America Monday. Sterling exchange broke fully 25 points today in response to the .oduction of the l Bank of England's rate. London continued to | buy stocks here today. thus increasing the | supply of exchange and the figures of the | eks grain exports show increase over | last week for wheat of I.Ie5.777 bushels and for corn of 3S2. .92e bushels. The market still shows itself sensitive to the cotton specu- | lation and the opening strength In that mar | ket influence in the reaction in stocks | of the first hour.
 l The bond market was firm Total sales tpar
 value). S2 22o oo0 United States bonds were | all unchanged 0 nthe last call
 | New York Strck List.