The Montgomery advertiser., 1901-12-31
WALL STREET REVIEW MARKET LARGELY A MATTER OF MONEY SUPPLIES. The Call Rate at One Time Ran Up to 12 Per Cent-A Number of
 Other Depressing Factors
 Were Apparent.

NEW YORK, Dec. 3o-Today's stock mar ket was largely a matter of money supplies The symptoms were undubitable that these were scarce, the call loan rate running up at one time to I2 per centum. The general rate for renewals was 10 per centum. There were number of other depressing factors, which reinforced this motive for selling stocks, and the consequence a general declining tendency of prices during the morning. La ter in the day the money rate became easier and under offerings by bankers, among whom J. Pierpont Morgan & Co. were conspicuous. very urgent demand developed for Reading which caused an advance of points in that stock at a new high record price at each step of the advance The dimensions of the trading in the stock were such AS to show that only the largest financial interests could conduct 1t. The individual blocks taken ran all the way from 1000 to 5000 shares. The general market steadied under the influence of this movement, but was singularly unresponsiNe, even in those stocks most nearly allied in interest to Reading, with the exception of New Jersey Central. which made an advance of 51 on light transactions. When Reading yielded to realizing, the general market, again suddenly and dropped to the lowest, the industrials and Pacific leading. Closing was active and easy. Many rumors were circulated to account for the strength of Reading. It was said that a stock readjustment was at hand Another report was that Pennsylvania frmation of rumors caused a suspicion among professional traders that the powerful demon stration in the stock was designed for senti- mental effect on the general market to help support prices in accordance with the efforts supposed to be making 10 that end by great banking interests. The urgent demand for money disappointed expectations aroused by the unexpected increase shown in banking re- serves by the bank statement on Saturday and the large gain by the banks indicated by to- days return of sub treasury operations. re- sulting from the payment on Saturday for the redemption of block of S2, 500, oOo of Gov ernment bonnds. Today half million dollars additional paid out for redemption explained that payments were being made for
 the S75 900, 900 of Northern Pacific con
 vertibe bonds, the proceeds of which are to
 be used for the retirement of Northern Pa
 cihc preferred stock. It was said that one
 check of S340oo,ooo had passed on account
 of the subscriptions, It mas been claimed hitherto that this operation would be accom- without affecting the money market The furry in money caused some fresh uneasiness to possible delay in the period of relaxation after Jan. 1. The reduction In the Calumet and Hecla dividends and the closing down oi | the Anaconda' mine depressed Amalgama ted i Copper sharply. Sugar under renewed 1 pressure and showed the lack of recent demand | from short interest The assembling of tht l conference of Northwestern Governors to con
 cert measures of opposition to the Northern | Securities Company made the Pacifics weak | Union Pacific seemed to be affected also by | some disa ppointment over the meagreness o | details in the annual report regarding tho | methods of financing the Northern Pacific set | clement. Proceedings began in Ohio under tn, | soft coal roads stocks. The controversy be | tween Germany and Venezuela had some eff | feet foreign markets, but seemed to be ig nored here.
 | The bond market was moderately active anC | irregular. Total sales, S2 23o ooo