The Montgomery advertiser., 1902-10-07
WALL STREET REVIEW
THE BEARS WE'RE ALERT AND
 AGGRESSIVE.
Rate for Money Was Run Up and Stock Spectators Took in
 Their Sails-Bonds Were Weak.

NEW YORK. Oct 6.-Todays reactionary stock market was typical of a well ordered IT, slvs all day to take away the market from the long interest, but they showed their fear with which they bought to cover their short contracts. This operation caused a number of checks to the downward course of prices and few stocks. Reading was twice lifted above last weeks level by these rallies and rumor was busy in Wall Street all day regarding the next developments in the coal strike situ- ation. The continued manifestation of in. terest in the subject by President Roosevelt be taken by him. There were many incan- sistent reports as to the intentions of Governor the military. The anthracite group in- elined to resist the reactionary tendency on % thi: aScount St Paul also made VI visible iSs occasional rallies. The determination of the stocsnoiders @ & to issue new stock to the extent extent thus implied helped the stock. It will be secn that neither of these stocks entirely escaped the Esnsra list aeSn fro@ o to oVer points with large sprinkling of 4-point losses. The Southwestern cotton and corn carriers were favorable crop reports. There were some heavy declines in the inactive list. Wells Fargo and New % York % Air Brake, NortSWestern nearly g. Lackawanna 7h and Brooklyn Union Gas and Rock Island s each; Some of the losses were curtailed by the rally which was in progress at the close of the market due to covering by shorts. Today's money market reflected clearly enough the policy of the banks as was calling loans from the stock market as was foreshadowed by the action of the clearing house committee Saturday in abstaining from availing themselves of the proffered re- lease of the reserves against Government de- posits. The money rate ran up to 2 per cent at midday and again to that level before the close. There strict discrimination also in accepting collateral for loans. This policy by the banks is a peremptory announcement of the necessity for stock spectators to take in sail. 1t is we'll recognized tenet of financial of distrust or panic in order to check the dis astrous contraction of credits. The emergency measure of clearing house certificate issues is considered justified in such a crisis. That the banks should insist on the contrary upon liquidation proceeding at this time Is evi- dence of their confidence in the soidity of the general situation and the absence of fears that any substantial and legitimate business will be harmed by the liquidation of loans employed ih the speculative holdings of stocks It is eminently true that the present stringency of money is not due to distrust or discredit at any point. but to the fact that available ready money for the imperative needs of the circulation is absolutely lacking and can only be secured by diverting funds now placed In loans.
 Bonds were weak. but in less degree than stocks. Total sales tpar value). S3oe5ooo United States 3's coupon advanced # per cent on the last call. Sterling continued to ad- vance today in spite of the renewed stringency of money here and easier money abroad show gold imports. tt