The age-herald., 1901-12-06
UPWARD MOVEMENT
 IN STOCKS END Market Could Not Withstand
 Flood of Realization THE MARKET VERY DULL Offerings of Government Bonds for Redemption Have Receded to Nominal FIgures-Private Dis
 count Rate Rises in Paris.
THE MARKET VERY DULL

New York, December 5.-The upward movement in stocks which gained some force yesterday afternoon came to an end this morning in face of the realizing by the speculative pools who have nur- tured the advance in the prominent stocks. The perception of this realizing checked the following among the prln- cipal traders and led to a reactionary tendency all through the market. The factors at work In the money market leading to the depletion of the cash re- serves of the banks begot a spirit of caution in the mourning of liabilities for speculative purposes The market start ed off brislxly and strongly with yester- days leadership fully maintained to all appearance, but the sharp gains by a few stocks and the sustaining influence of these was taken advantage of to real i5e. Before the day closed the early gains were wiped out each in a few in stances and the average level of prices at the close will be seen to be lower than last night The settling of stocks grew notably less as the decline in prices proceeded and the market sank into extreme dullness at the low level. The loss thus fair this week to the sub-treas- ury of s5,S74o00 serves as a warning note to the optimists on the money out look.
 The disbursements on government ac- count have been very light during the week and the offerings or the govern ment bonds for redemption have reced- ed to nominal figures, notwithstanding the withdrawal of bonds on deposits to secure circulation up to the full limit al- lowed and presumably with the purpose of offering them for redemption.
 Assertions that receipts of cash from the interior on the export, movement are largely in excess 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 dollars for the week, todays transfer to New Orleans on that account reaching $150,000 New York exchange at Chicago also fell to 40c discount today. On the international exchange side there was an easier tone in the sterling market today but continental exchange harden ed. Money was in active dem and in Lon don to pay the installment due on the British loan, the price of gold advanced and stiff money rate Is expected there for the rest of the year and into Janu- ary. The private discount rate rose in Paris today and the sterling rate there receded further. The possibility of furth- CT gold exports next week is thus clearly foreshadowed. Between now and De- cember 20 the local money market has to make provision for the Standard oil di- vision disbursement of $S.000,0 900 and per cent. dividend on United States steel common stock which calls for up- ward of s5,00o,0O0. There was no imme- diate indication of money scarcity in to- days loan rate. but the consideration of future contingencies had much to do with the quieting of speculation on the stock market. A renewed decline in Amalgamated Copper after some earlier firmness in spite of the recovery in the raw copper market in London was also an unsettled influence in stocks The market closed dull and generally heavy.
 The railroad bond market was steady for time, but became irregular in sym pathy with stocks. Total sales z par value. 4.42000O.
 United States bonds were all unchanged on the last call.
 New York Stock Market.
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