The Montgomery advertiser., 1901-09-04
WALL STREET REVIEW BEARS SHOWED A WILLINGNESS
 TO TAKE CHANCES. London Advices Caused Higher Open ing in New York, But Prices
 Went Of Under Renewed
 Bear Campaign.

NEW YORK, Sept. 3-The reason for the | sudden reversal of speculative opinion in to- days stock market so far as events of the day threw any light upon it, Mas rather obscure. | The bear party, which was obviously intini- | dated on last Friday by the good support of | fered to stocks by inside interests and disap pointed at the failure of the money market to stiffen the eve of the triple holiday were apparently willing to take chances on the short side that they afraid to venture upon for tho interval during which no market would
 he available for them to close contracts in Their renewed vigor in selling stocks thus rep resented a renewal of the bear campaign basel upon the closer tendency of the money mar The actual condition in the money market con. formed pretty closely to what was expected
 on Friday. and which the Saturday bank state.
 ment served to confirm by anticipation. put the sterling exchange market promptly respond ed to the closer condition in the local money market in a way to indicate the operation or forces at work for the relief of the market by drawing gold from abroad In additon
 there ooo was annonnGemen o,S % a san TTaneisco.
 available for telegraphic transfer to New TOTS
 and the expected receipt later in the month oI
 sI o5O GOO to the same destination. In the
 prevailing sentiment of Friday the marking up
 of the money rate which occurred today would
 have been ignored if offset by these counter
 effects. The ruling rate for call loans today
 was 3Ia per cent. None were made pelo" ,
 per cent. and the rate ran up at one inc ume U, uo
 supply fin London and conditions were dec1d-
 edly more cheerful, and the prospect Of being
 called for gold by New York Is apparently
 viewed with equanimity;, London's higher
 range for Americans had the effect of opening this market higher, but the opening prices proved to be the highest The action of the foreign exchanges has been SO anomalous or late that some distrilst is felt of the present weakness as an index of coming gold imports Large loans are known to be making of foreign capital hero. which involve the selling of Lon don exchange to be covered by purchase or sight exchange when the loans mature. It is known that arrangements have also been max
 ing in the Paris exchange market for meet. ing future requirements for the purchase of American wheat. The recent heavy eApmt |
 movement of wheat from here Is to some extent artificial. being stimulated by demoralization of freight rates caIsed by the extremely scanty
 demand for room to export merchandise. These factors all have a bearing upon the future or | the foreign exchange market, promising some support at the period when exchange is gen. erally the weakest. When traders perceived large selling today by brokers generally acting for interests which have considerably sup ported the market through all recent signs
 of weakness the selling pressure became acute causing declines of 03 points among the prin- cipal active stocks. the Grangers and Pacihcs leading Denver and Rio Grande issues showed extraordinary strength and after reacting with
 the market show net gains of D points TOT tne common and 3% for the preferred
 Railroad bonds weakened. Total sales par value. S2 o26 900. United States bonds were unchanged on the last call.