The Montgomery advertiser., 1901-12-08
WALL STREET REVIEW
REGULATORS RUSH TO SELL
 THEIR STOCKS.
Violent Declines Precipitated Which Left No vestige of the Weeks Gains-Amalgamated Cop
 per Led the Van.

New York. Dec. 7.-Speculators long of stocks rushed to sell today and precip-- prices below last Saturdays level. leav- ing no vestige of the weeks gains. .Analgamated Copper led the van with Manhsttan a close second. The stock 3-S. The scramble to cover amongst the shorts reduced the net loss to 1-2. In Manhattan the extreme decline was stock touched 1ss several times in its cratic fluctuations. On tho first break tn the market many railroad stocks and the United States Steel bonds were little affected and resisted the decline 'stoutly. On the second break after the appear auce of the bank statement, the weak ness became very general at declines ot l to 3 points. New York Central. Great western, Rock Island. Buffalo. Roches- ter and Pittsburg stocks and General Electric were especially weak. The bank pected. The loss in cash reserves reach ed over $7,0O00 900 and an expansion of over $50o0.eoo in the loans stretched the legal reserve requirement. so that the below $7,000. 900. Heavy losses in Amal- gamated Copper necessitated sacrifices in other stocks. It was manifest that recent pool support in various stocks
 
 presumably taken their profits on the weeks rise. The transfer of funds for speculation to the grain and cotton mar for kss ths ssess Gm marRes ns fo account of an important firm about to retire is believed to figure largely in the selling. The acute weakness of Ameri- can tin can stocks on the curb was an incident of the days market The clos ing was feverish, but slightly better than the worst.
 There have been periods of general strength in the stock market this week and points of continuous strength, but the spirit of doubt has been sufhciently obvious. The operations were by pro- into strong pools. and by banking inter ests and large capitalists. The commits sion houses report that there is no evil dence that Rs general public which sulation has taken any interest in the market. This is accounted Tor ln part no doubt by the large diversion or in- terest to the cereal markets III wnicn a rampant speculation has ragged during the week. The Presidents message was a favorable influence in the stock mar, ket especially because the bears hao sold the market in anticipation or an the Chief Magistrate against the great combinations of capital. The buying py the bears to cover after the contents or the message became known argued that the document did not meet their expec- tations in that regard. The list of stocks which advanced during the week IS rath- CT conspicuous. nevertheless, ny the ap- directly. in the formation or the Nortn- ern Securities Company. and of such stocks as the United States Steel Cor Cor poration and Amalgamated Copper. The copper securities has had its own spe- cial considerations to contend with. The discussioa of the progress making in the plan involved in the formation or the Northern Securities Company has been without any further information on the subject from those concerned.
 The meeting of Western railroad pres idents called to discuss the new condi- tions and to further community Of in terests was without the presence of the most prominent executives expected and cred wise to hold the discussion in abey- ance. A number of directory changes in the railroads concerned in the Northern Securities Company were explained as due to a purpose to avoid questions pos s.ble to rise out of the anti-merger laws of Northwestern States. It is feared also that the money outlook to the end Of the year is not altogether clear. owing to the International situation. Less gold went out this week than at one time was fear ed, but further requirements are to be met apparently. Conditions are more lm- proved from the worst in Germany and the Berlin market has been easy but the year-end requirements there are very heavy. Money scarcity is expected in
 
 renewed the buying of discounts in Lon don but money rates have advanced again in Paris and sterling at Paris has declined. The prospect of further gold with equanimity by spectators, especial ly on account of the continued depletion of bank reserves here on domestic ac- count. Against these factors admonish- ing to precaution is the indubitable fact that the country business and industries are still on the upward tide. Bank clear l,..S. fFr nR aFaNF previous November in the country's his tory and 1t is notable that the ratio of increase is largest outside the great spec ulatiYe centres. Railroad earnings con tinue to show increase over those of last year, though in a somewhat diminishing ratio. The earlier fears of wide inroads upon railroad earnings on account of the shortage in the corn crop are giving way to a conviction that the general merchandise movement Is more than suf- fcient to offset this. as it did the spring wheat shortage last year in the North ply to carry the freight offered, come from all parts of the country and all railroads are increasing the supply of equipment and making improvements to increase the carrying capacity. There is apparently confidence in the continuance of the demands upon their reserves. The present activity of the iron trade and the demand for future requirements continue to break all records. General trade on all lines is reported active and prosper ous. The contrast with the commercial and industrial depression reported in for eign countries is striking. The upset caused in the copper trade caused by the export demand is very obvious. notwith- standing the confusion and obscurity of the present condition in that trade. The decrease in exports Is most marked in the two commodities named, but the de- clining tendency of the country's foreign trade is clear. It is a patent of special interest that while enormous progress has been made in the wide distribution of capitalization of financial combinations some of the most important parts of it is still in the hands of syndicates and capitalists who projected it. The great demand for railroad bonds this week mostly of a speculative class.
 The United States refunding 2s ad- vanced 3-S and the 3s registered, Is per cent over the closing call last week.
 New York Stock List.