The Montgomery advertiser., 1902-12-11
WALL STREET REVIEW
URGENT AND PRECIPTTATE
 SELLING MOVEMENT.
The Stock Market Suddenly Awaken. ed from the Lethargy Into Which It Had Fallen-Some
 Violent Declines.

NEW YORK, Dee. Io.-The stock market was awakened today from the condition oi urgent and precipitate selling movement The selling gained in volume as the day progressed until violent declines were forced in the last half hour. Taking of quick profits by the room traders was the only source of buying and the close was extremely led and active, though hsssi. above N the lowest figures Losses ing active stocks, including St. Paul. Penn sylvania. New York Central, Reading, Man hattan and AmalEamated Copper. Losses gen erally ranged from l to over 2 points. There were evidences of professional attack on the market. but the decline dislodged large stop orders and induced large selling of long by tired holders. The immediate factor in caus- ing the decline was the shipment of million dollars in gold to South America and the growing evidences of the pressure fin the money market. The liquidation did not ap- pear to be forced by actual large calling of loans the cali loan rate did not run above 6 per cent, but apprehension that this measure would be adopted by the banks played a lar ge part in the decline. Besides the gold outso to- days sub-treasury statement showed nearly 5000 900 additional cash taken up from the msney market. The inroads upon banking re- serves since the last bank statement have al ready risen to about S4. 5oo.0 900 with promise of a continued drain.
 In the time loan market additional diff culty found in securing loans any terms. The per cent rate for all periods was purely nominal and the actual rate paid was entirely matter of private treaty between borrower and lender and depen led largely on claims of previous business association. The foreign exchange market was unaffected by the gold engagement and held steady at yester- days figures. New York exchange at Chicago also fell back to 10 cents premium. The days sales of grain for export proved some what disappointing and disturbed the hopes for an early replehishment of the foreign ex- change market from that source The small port receipts of cotton tended to the same con- clusion. Favorable factors were ignored in the trading and the weakness of the particular stocks affected by special news developments had sentimental effect in weakening the whole market. Thus the agreement reached in the Colorado Fuel dispute greeted with a bh drop in that security, the argument being that the settlement removed the stock from the influence of market contest for control. The circulation of a syndicate contract inviting deposits of Hooking Valley for the purpose of retiring the preferred stock and of voting the common for consolidation mergers or other combination, carried pretty broad intimation of plans maturing for the consolidation Of con- trol of the btuminous coal carriers in the Middle States, but this only served to induce realizing in those stocks. Reports of work ing agreement between the Union Pacific and St. Paul for through business did not save St. Paul from being of the weakest stocks Heavy selling of Northern securities on the curb had sympathetic effect on the whole market.
 The bond market continued and became weak in sympathy with stocks Total sales tpRr value). S2. .46o 900 United States old 4s cou- pon declined h on the last call.
 Naw York lStock Hist