The Montgomery advertiser., 1902-11-08
WALL STREET REVIEW
ADVANCES IN PRICES EXCEED
INGLY SP0TTY.
Efforts Of Professionals to Realize
Profits Wiped Out the Gains,
and the Market Closed Weak
With Net Losses.

New York, Nov. THE irregular tone
OF the market continued today. The level
Of prices was above last nights for the
grester part of the day, but the advances
well maintained. In the late dealings as
was the case yesterday, the efforts OF pro-
3esxional operators to realize profts on
the early advance wiped out the advance
and the market closed weak with net
losses sprinkled all through the list. NO
important gains were left at the close
The dealings were smaller than yester-
day. and were even more strictly pro-
fessicnal Operations could not be said to
represent any conviction on the specula-
tive outlook, but were simply the result
of the effects of professional traders to
and a current of prices for the purpose OF
making a turn. There were evidences of
O resumption of activity by one or two
of the pools which have made periodical
efforts recently to advance prices, but
the stocks in which they operated suf-
fered in common with the rest of the list
at the last moment. Sugar was drag
on the market throughout. and its final
dip of 5-S was an influence in the gem
eral weakness. The stinening or the
Ice of a poor bank statement, were con-
tributary factors to the reaction. A de-
cline in bank reserves for the week OF
upwards of 49, 600. 600 is indicated Most
e{ this was transferred to the interior by
express and thu ough the sub-treasury Tor
purposes of the circulation. Payments
on account of gold at the sub-treasury
largely offset the heavy receipts for Gus,
toms The collection for this account
during the week have reached about w.
O0O, GOO. The announcement from Wash
fneton that no further deposits OF Gov
eminent funds would DE made with the
national banks, therefore, had some ef-
feet on sentiment, although the deposit
of bonds with the Treasury Department
for this purpose has been very slight Tor
some time The strength of sterling eX-
change was an additional threatening
factor to the money market. although a
further advance in sterling exchange az
Paris lifted somewhat the point OF proft
for gold exports. On the other hand,
there were reports that Chicago was re-
cciving some returns of currency from
points furthel- west and New York ex-
change at Chicago rose 10 cents to ~
certs discount. Additional reports of
decreasing tendency in the net earnings
of railroads had to be faced. Among the
early points of strength the soft coalers
were conspicuous Today's meeting or
Norfolk and Western directors was ex-
pected to advance the dividend rate and
when they adjourned without action,
prices of the group ran of. The weak
ness of Hooking Valley was due to re-
ports of a competing line from Columbus
TO Toledo to be operated in the Pennsyl-
vania interests. The anthracite coalers
were in some demand on account OF the
agreement of the independent operators
10 abide by the strike arbitration. The
advances among the corn and cotton roads
may have been due to crop prospects
but they were generally attributed to
pool manipulation and did not hold.
The bond market was steady on small
volume of business. Total sales (paI
yaIuel. 81 SOC. 600 United States rs de-
clined Ia per cent on the last call.