The Montgomery advertiser., 1901-12-06
WALL STREET REVIEW
 WARD TENDENCY. Before the Day Closed the Early Gains Were Wiped Out Except in a Few Instances-Copper
 Still on the Decline.

NEW YORK, Dec. 5.-The upward movement in stocks which gained some force after noon came to an end this morning in face of the realizing by the speculative pools who have nurtured the advance in the prominent stocks. The perception of this realizing checked the following among the professional traders and led to a reactionary tendency all through the market. The factors at work in the money market leading to the depletion of cash re- serves of the banks begot a spirit of caution in the incurring of liabilities for speculative purposes The market started off brskly and strongly with yesterdays leadership fully maintained to all appearance but the sharp gains by a few stocks and the sustaining in realize. Before the day closed the early gains were wiped out except in a few instances and the average level of prces at the close will be seen to be lower than last night. The selling of stocks grew notably less the de- cline in prices proceeded and the market sank into extreme dullness at the low level. The loss thus far this week to the sub-treasury of S5,S74.o 900 serves as warning note to the optimists on the money outlook. The dis bursements on Government account have been very light during the week and the offerings of the Government bonds for redemption have the withdrawal of bonds deposit to secure circulation up to the full limit allowed for the month and presumably with the purpose or offering them for redemption. Assertions that receipts of cash from the interior on the express movement are largely in of shipments are not entirely reassuring in view of the fact that deposits at the sub-treasury for transfer to the interior already exceed half a million for the week. today's transfer to New Orleans on that account reaching ESQ., 900. New York exchange at Chicago also fell to 40 cents discount today. On the nterna- tional exchange side there was easier tone in the sterling market today. but continental exchange hardened. Money was in active de- mand in London to pay the instalment due on the British loan. the price of gold advanced and a stiff money rate is expected there for the rest of the year and into January The private discount rate rose in Paris today and the sterling rate there receded further The possibility of further gold exports next week is thus clearly foreshadowed, Between now and December I2 the local money market has to make provision for the Standard oil divi- dend disbursements of SS,0oo.oo0 and a per cent. dividend on United States Steel com mon stock. which calls for upward of S5, 900, 900. There was no immediate indication of money scarcity in today's loan rate, but the consideration of future contingencies had much to do with the quieting of speculation on the stock market. renewed decline in Amalgamated Copper from earlier irmness in spite of the recovery in the raw copper mar ket in London. was also unsettling infiu ence in stocks. The market closed dull and generally heavy.
 The railroad bond market was steady for A time but became irregular in sympathy with stocks: Total sales, par value. S4,42o.ooO United States bonds were all unchanged on the last call