The Montgomery advertiser., 1901-11-13
WALL STREET REVIEW LESS BUYING DEMAND AND GREATER IRREGULARITY. t.
  Hesitation in Advance Grew to Sharp Reactions in the Late Deal
 ings-Some Persistent Points of Strength.

NEW YORK, Nov. l2.-There was rather less buying demand and rather more irregu- larity in the stock market from the outset and turned to sharp reactions in the late dealings. Selling to take profits was joined to extensive short lines put out by the bear party on the argument Nhat the rise in prices after enduring for great length of time must have made the market vulnerable ,nas so attack K; strength in the market and although the ex- treme advances in the strong stocks were not able net gains to show for today.
 The local fractions were conspicuous. Ex- az at one time and in Brooklyn Transit 29s, sas stres. 'Rs Rassy Rss sed and f for fof BrooRyn low par also showed continued strength, as did the iron and steel industrials: The dispo- sition to take attractive profits after the con- siderable advance in price which has occurred was emphasized by the. expectation that sev- eral millions of gold will go out this week 'I! on Thursday to Paris and on Saturday probably to London, as the rate of sterling exchange today advanced to a point which makes gold s1port' bs strength 1S o steriins Sere Sas l in spite of easier money rates, both in London and in Berlin. and reiaxation or diS the cph %ho necessity of large movement of gold from New York at this time of the year calls re- | neweS attention to the extent of the Ameri- l can borrowings in Europe early in the year | with the expectation that our foreign trade 1 balance would continue so favorable that these loans could be repaid at profit out of the abundance of the foreign exchange bills in New York. The fact that this expectation has not been realized and that exchange bills are scarce owing to the falling of in our export trade arouses some natural surmise whether the higher prices of stocks reported earlier in the year did not also present undue expec- tations. It Is to be recoected that the pro- jects which stimulate our stock imitation and even to some extent the actual manipulation of the market were >furthered by the resources of these foreign borrowings. In the present movement more than one stock has reached a record price and all stocks are undeniably high priced. On the other hand the extra ordinary railroad earnings and trade activity are natural incentives to speculation. Today s returns of gross earnings for the first week in November show such increases over last year as 53 per cent for Rio 'Grande Western 22 per cent. for Chicago Great Western, 3l per cent for Canadian Pacific, v per cent. for Wabash. | 5 per cent. for Chicago and Eastern Illinois and per cent. for St. Paul. The Government estimate on the corn crop, although it offered very unexpected infor- nation, renewed the depressing influences of the heavy shortage in the crop, and the corn carrying railroads in the West and Southwest were therefore most acutely affected. by the profit taking The cut in the price of sugar, i especially, affected that stock. The market closed weak.
 There was another large days business in bonds, but the price movement was irregular, Total sales. par value, S5.2oo, 900. United States bonds were all unchanged on the last call.