The Montgomery advertiser., 1902-10-09
WALL STREET REVIEW STOCKS BEGAN STRONG, BUT ,... BASED OFF. stiffening of Money Rates Helped to Unsettle the Situation-opera-
 tors are Hopeful Over the Strike Outlook.

NEW YORK Oct S-There was decided re- traction by the banks and the result was @ sharp recovery In the price of stocks. The de- mand to cover short contracts by the bears was a considerable factor as the recent heavy declines have made operators on that side bold and quite active
 Theer was some show of enthusiasm in the early buying and considerable gains were es- tablished The enthusiasm, however, did not larst the day out and the bears regained some confidence and ceased their efforts to cover. Some points of strength persisted to the last, notably Union Pacific, but the market gen. erallv became somewhat. apethetic and clos ing prices were generally below the best.
 A stifening on the money rate late in the day to IA per cent. and heavy selling move settle the late dealings. The weakness of Amalgamated is due to the decline in the price Of s s New 1S,k and of LPson sSs tion of the banks as the result of week g liquidation and special developments today tending to replenish their cash resources gave rise to the query whether the corner had been turned in money stringency that some con-
 idence might be felt that forced liquidation Of stocks had come to end. The earlier view was that this might be hoped for with some confidence, but the wavering course of prices later in the day showed that this opin-
 The mere fact that today's volume of deal ings ran to but little over half million shares compared with average Of about a million during the recent days weakness shows that the recovery was lacking in strong inn petus The banks also showed disposition to deyiate from their recent determination not to extend credits to stock market customers for the present. There was a payment due
 today of nearly S 8, 900, 900 on account of the subscriptions to the syndicate for taking over the Louisville and Nashville. This represents a 50 per cent. payment and the remaining 80 per cent Is payable week from today. 30 per cent. installment has been called by the ship combine syndicate, calling for about 5 i5,- GOO. 900 and payable this week. Fifty per cent of subsErpiens for 5so nsw oaa Baltimore and on Oct. ".
 These large syndicate requirements may be the cause of the continued unsettlement in the money market in spite of the relieving factors at work. The S3 900 900 of Australian gold at San Francisco was made payable at the sub treasury here today. Large requirements for the payment of New York taxes have been met and returning to the channels of the market.
 Measuring reports of the health of Russell Sage were a quieting influence in the money market. Foreign exchange continued it's down ward course and some loan bills were sold in that market It is believed also that the morning strength shown by Americans in London is due to repurchases there by Arneri- can sellers in this market. to get the benefit But there some buying here today for London account, which helped to weaken ex- change.
 The continuing diversion of Government re- ceipts except customs into bank deposits af- lords relief from the sub treasury drain. There were some hopeful expressions current over the coal strike outlook today which helped sus- tain the market. Union Pacific was supported with determination and closed at the highest price.
 The bond market was more irregular than stocks and developed point of weakness as the day progressed. Total sales (par valuel. S3. : 665 OOO United States new As advanced A per cent on the last call.