The Montgomery advertiser., 1901-12-29
WALL STREET REVIEW
SMALL CHANGES IN PRICES OF
 STOCKS.
Market Was Broad and Active Throughout the Session--Profits s of Tempting Proportions
 Realized by the Traders.

RoaIlZeu py the 1TauSTS.
 New York; Dec. 2S-Today's broad and
 active stock market resulted in small
 changes in prices of stocks. owing to the very large amount of profit taking sales
 which were made. The market was an excellent one for realizing profits which
 are of tempting proportions, as a result
 of the considerable rise in prices the last few days. There was a vigorous and
 we'll distributed demand, which absorbed the offerings without serious inroads up-
 on prices. The continued recovery in
 Sugar in which the dealings were large
 again sustained the market. The unex- pectedly strong bank statement msde the
 closing strong after the realizing had commenced to make some impression
 upon prices. Amalgamated Copper failed
 to hold it's gain and closed only IA higher
 after having been at one time 15-S high CT. Sugar saved net gain of 2 1-4 from an extreme advance of 3 Is. In the rail- continuance of the recent buying attrib- uted to banking interests. The stock closed 1 Is higher. Baltimore and Ohio and Missouri Pacific were notably strong
 Generally the realizing In railroad stocks kept the gains within moderate limits. The compilation of returns of earnings for thirty-seven railroads for the third week in December shows a decrease of 346 per cent. compared with last year. This is the first time decrease has been shown for the corresponding period since ls96. Other roads reporting today shower
 a similar tendency, including the soft
 coal carriers. Hooking Valley suffered from realizing in conseQuence. sThe large gain in cash by the banks is attributed to
 returns from the local channels of the holiday trade. The nominal increase in loans was considered favorable in view
 of the activity in the stock market Large holders of securities, with 8 vital interest in sustaining the price of their holdings, have had to contend with, a number of adverse circumst ta aces thB week. These circumstances . have been. supplemented in their influence by the active efforts of an important and well organized bear party who succeeded in making large inroads in prices of num- Der of prominent stocks with sympathet- ic effect on the list. The operations by the bears were overdone. according to the indications of the latter part of the week and their efforts to retrieve their position by covering short contracts caused their recoveries to above last weeks closing prices. These develop ments gave some animation to the mar ket, in spite of the tendency to dullness characteristic of the holiday period. tAc- tivity has been largely congested hl d few speculative favorites and there has been no evidence of what is called out side Interst in the market beyond some investment buying of high grade bonds and stocks, presumably Tn anticl- patton of the January disbursements or profits These disbursements will reach unprecedented proportions this year and HiiI include many new dividend payers, besides the important increase in dlstri- button by old dividend payers. Prepara- Ntion for these disbursements makes large temporary demands upon the market and the activity of the money market mas kept apprehension alive with nurrles caused by calling of loans would throw stocks held on margin upon the market and thus initiate against operations Tor m advance. Sugar has assumed the dom irant position in the market lately held by Amalgamated Copper and its violent decline affected the whole market, while if lasted. Its equally violent recovery was an effective factor in raHyinS the market This stock was sold with reck- less freedom by the bears. on -the as sumption that conditions in the trade were analogous to those recently prevail ing in the trade. giving ground Tor eX- pecting a similar prolonged decline Tn the stock. The campaign resulted Tn a rout, The question of the railroad earn ings presents contradictions Whlch nave led to suspicious that conditions nave been under manipulation Tor the pur- pose of influencing public opinion on the subject of combinations and community of ownership. Reports seem agreed that there is such pressure or uamc or various kinds offering to railroads that their car supply is totally inadequate to accommodate it. Branches Of the Iron trade are reported in condition Of real distress from inability to secure delivery of material or product. and grain deal CTS are said to be forced to hold grain, because there are no cars to carry it. Signs of soHcitude on the part of those concerned in the great Northwestern community of Interest have caused some disduiet among speculative operators as the future of the stock market Is felt to be intimately bound up with that of the mass of securities concerned in that transaction. The formal pronouncement by the president of the Great Northern given to the public at the beginning of the week was much discussed. It gave rise to some fear that antagonisms re- mained, in spite of so-called Northern Pacific settlement which might leave room for future contest and entangle- ment.
 Those who accepted the statement as a plea for nOn-intervention by State au- thorities against the Northern Securi- ties Company, saw in 1t one of the signs of solicitude which might argue less confident frame of mind among the pro- iectors than is publicly profesed. An other development which caused dis earnings for the third week in Decem- ber as compared with the previous year, of the most representative railroad sys- tems in the West and Southwest. This follows a showing for the previous week of a smaller ratio of increase over last year than has been current for some time and gives gise to troubled conjecture whether a symOtom of culmination of railroad prosperity is disclosed. EXpla- nations are offered that severe cold weather caused a check to railroad traf-
 
 ting of freight rates which probably had to do with the decreased earnings, is also temporary, and that comparisons are made with an extraordinary level of earnings last year. especially in the Southwestern region. The reported de- creases had no effect on the prices of stocks, those which showed marked de- clines in earnings leading the strong advance in the stock market the latter part of the week. The undertone of speculation has remained confident and the belief prevailed that the passing of the year and money requirements would be followed by January rise in prices such as is not usual in the stock mar ket. The clearing conditions in the cop per trade, the extraordinary activity in the iron and steel industries, the un- precedented holiday trade. the prosper ous conditions of general business and evidences of relief from the prolonged crisis in Germany are all looked to to benefit the future stock market There has been good absorption of bonds during the week United States coupon 3s and the old As advanced 1-2 and the 5s registered declined 1-4 and 5s, coupon. l-S per cent. from the closing cali of last week.
 The Financier's Statement
 New York, Dec. 2S.-The Financier says: The traceable movement of money this week so far as they affected bank conditions. showed an estimated loss to