The Montgomery advertiser., 1901-10-26
WALL STREET REVIEW BULLS HAD WORK TO SUSTAIN
 THE MARKET. A Number of Special Week Points Added to the Diff1culty-Money Situation Showed Necessity
 For Caution.

NEW YORK, Oct. 25.-The bulls had work to sustain the market today and the efforts to continue the advance were frustrated by the realizing encountered. The coaleTs continuad to move upwards this morning and there was a revival of the bull movement in St. Paul. but the heavy realizing which had been in points of strength had aroused suspicion that the whole movement was manipuiatve and designed to unload stocks. A number Of special weak points added to the difficulties of the bulls and the money and exchange sit uation showed the necessity of caution for those depending on call loans. The whole market turned heavy before the closing and was in that condition at the last. tThe days net changes were reduced for the most part to insignificant proportions. St. Paul rose at time points. but it's net gain is only i%. Peoples Gas fell an extreme 2A on the continued selling induced by the franchise tax decision of the Illinois Supreme Court allowing taxation on the market valuation sponded to the argument offered by its sup porters that increased apprasement would net loss was only % The New York munich pal stocks broke sharply, apparently in sym hing from iK to 3% Amalgamated Copper was rather dull but ruled below last night 8
 price in spite of the firmer market for raw raw copper in London. The coalers had little left | to show gains at the close of the day and
 the changes in the general list are very ir- | regular. Another jump in foreign exchange
 had disturbing effect sentiment as rates 1 brought to level near to the gold | export point for Berlin and Paris Exchange
 experts affirm that no loss would occur on a | shipment at today's rate. It is obvious also | that the requirements of those centers arc not yet satisfied. Paris took another s Il .ooo, 900 from London today and sterling at Ber- | lin fell again. The London discount rate was pulled up to the bank rate. which would give opportunity for an advance in the bank rate to be effective in restraining the outgo of gold. Conditions thus promise additional pressure in New York. The wheat exports for the week considerably below those of last week. thus lessening the volume of exchange and the cotton movement does not seem to re- plenish the supply of exchange bills The pre- liminary statement of the cash movement by the banks foreshadows weak bank state ment tomorrow. In spite of the payments by the sub-treasury on account of gold deposited at Pacific Coast points amounting to S2, 32O,- 900. that institution has taken from the banks a net balance of s 649 900. The net loss to the interior in the direct export movement is estimated at less than a million, including a shipment of nearly S2 900 900 to Phila-
 delphia on account of the payment by the Pocahontas Coal Company for the Flat Top Coal Company The change in the loan item is problematical It is supposed that bor- rowing in the local market for repayment of foreign loans has proceeded this week But at least one of the leading banks has been heavy lender call the Stock Exchange, reversing its recently prevailing policy.
 Railroad bonds were less active in sympathy
 with stocks and the speculative issues were in clined to react. Total sales, par value, S2,
 325. 900. United States 3's coupon advanced
 iG per cent. on the last call.