The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-11-06
WALL STREET REVIEW
LIVELY SELLING vEmEHT To
WARDS THE CLOSE.
Prices Recede from 1 to A Points
Lower Than Mondays Level,
Bulls Discouraged by the III
Liquidation in Stocks.

New York, Nov. 5.-The hopes deferred
of some of the large speculative holders
of stocks made their influence felt In to-
days stock market. And the renewed
disappointment of these hopes was re-
fected in the lively selling movement with
which the market closed and before which
prices receded from l to points lower
than Mondays closing level. In the
morning spuit fractional advances were
very general and reached point or more
in one OF two prominent stocks. This
buying was clearly based on the SUPPOSE
ton that the elections being over active
interest in the stock market was to be
revived. There has been a well defined
assumption amongst a certain speculative
class that the recent semi-stagnation In
the market has been due to anxiety over
the outcome of the elections. This class
was made up mostly of the members OF
large speculative pools. which have con-
stituted themselves the champion of vari-
Gus prominent stocks, OF which they have
taken on heavy lines with the intention
or pushing their prices to a higher level
and then selling out at profit The his
tory of the recent stock market has been
made up of the letting go of successive
parcels OF these large holdings by the
pools. The demonstrative buying at the
opening this morning evidently came from
these sources and was intended to sig
nalize the supposed passing OF the period
of depression. The liquidation however.
that met the advances was Of a character
to discourage all efforts to put up prices
and 1t was quickly demonstrated that the
recent depression of the market was due
to other causes than election uncertain
ties. These causes are of so general
character and have been so widely discuss
ed as not to require charging upon here.
As to one of the most important OF them.
the prospect of gold exports today's i'm
mediate development moved against ex-
port probabilities. Sterling exchange at
Paris, which is the real center Of the
pressure for gold, advanced a fraction and
money and discounts were easier In Lon
don. Call money was slightly firmer In
New York. The consequence was that no
engagements for export were made for
shipment by tomorrows steamer. as had
been expected by good authorities, but
1t Is believed that the autumn's demands
upon great foreign banks for the needs
of circulation of money for purposes of
ing considerable sums from the United
States. The fact that gold continues to
come in from Australia to the Pacific
coast arrivals from the port last week
amounting to $1,000. 900 with 81, 10000 adj
ditionsl in transit adds to the probability
of outgo from New York, while insuring
against serious evil effects of this outgo.
The question of increasing labor cost.
both in transportation and manufacture
which has been brought up by the anthra-
cite labor trouble, keeps attention closely
fixed upon the problem of the eliminating
point OF the period Of prosperity. When
the rise in prices reach a stage at which
demand is checked the cul-
minating period of industrial activity Is
expected. Speculative attention just now
is keenly alive for symptoms Of this con-
dition.
The pressure to sell was felt in the
bond market but in less degree than in
active stocks. Total sales, par value
81, 800, 900.
United States bonds were all unchanged
on the last call.