The daily morning journal and courier., 1901-12-06
Etma,rcta1
 THE STOCK MARKET.
Upward Movement Comes to m Ent

Upward Movement Comes to mn End. | New York, Dec. 5-The upward
 movement in stocks which gained some force yesterday afternoon came to an
 end this morning in face of the realiz-
 ing by the speculative pools which have
 nurtured the advance in, the recently
 prominent stocks. The perception of
 this realizing checked the following
 among the professional traders and led to a reactionary tendency all through the market The factors at work in the money market leading to the deple- tion of the cash reserves of the banks begot a spirit of caution in the incur ring of liabilities for speculative pur-
 poses. The market started off briskly
 and strongly with yesterdays leader
 ship fully maintained to all appearance.
 but the sharp gains by a few stocks and
 the sustaining influence of these was
 taken advantage of to realize. Before
 the day closed the early gains were
 wiped out, except in few instances,
 and the average level of prices at the close will be seen to be lower than last
 night. The selling of stocks grew not ably less as the decline in prices pro- ceeded and the market sank into ex-
 treme dullness at the low level There was, however, no disposition to renew the buying on large scale at the de- cline. The loss thus far this week to the sub treasury of $5,874,O 900 serves as t,,r fn ,te.t, ( money outlook The disbursements on government account have been very light during the week, and the offer ings of government bonds for redemp- ton have receded to nominal figures, notwithstanding the withdrawal of bonds on deposit to secure circulation up to the full limit allowed for the month and presumably with the pur- pose of offering them for redemption Assertions that receipts of cash from the interior on the express 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 ex- ceed half a million dollars for the week, to-day's transfers to New Orleans on that account reaching s150000. New York exchange at Chicago also fell to 40 cents discount to-day. On the inter- national exchange side there was an easier tone in the sterling market to- day, but continental exchange harden ed Money was in active demand in London to pay the instalment due on the British loan the price of gold ad- vanced and a stiff money rate is ex- pected there for the rest of the year and into January The private discount rate rose in Paris to-day and the ster- ling rate there receded further The possibility of further gold exports next week is thus clearly foreshadowed Be- tween now and December 20 the local market has to make provision for the Standard Oil dividend disburse- ment of $S,000,000 and a 1 per cent. div idend on United States Steel common stock, which calls for upwards of s5,- 900, ,000. There was no immediate indi- cation of money scarcity in to-days J loan rate, but the considera ton of fu- ture contingencies had much to do with the quieting of the speculatio on the stock market. A renewed decline in i, Amalgamated Copper was after some | early firmness, in spite of the recovery | Il the raw copper market. ill London,
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