The Montgomery advertiser., 1902-03-13
WALL STREET REVIEW
SHOW OF ANIMATION IN THE MARKET.
Strength Did Not Permeate the Entire
 List, However-Evidence of Liquidation in Interna- tional Copper.

NEW YORK. March i2.-There was some show Of animation h today's stock market
 did not permeate the whole market. but there
 were more of the usually prominent stocks
 concerned in the movement thai has been
 the rule recently The most conspicuous Of
 these AmaIgamated Copper, in which
 there evidence of liquidation with only
 occasional intermissions during which the faii
 received a momentary check. The extreme de-
 cline reached A. points The selling Of the
 stock was accompanied by rumors that the
 next dividend will be reduced passed. No
 authoritative information was to be had on
 the subject nor on the many reports that the
 involved heavy. losses The weakness of this
 stock gave an occasional check to the ad-
 vance at other points. but did not materially
 affect the stronger tendency of the market
 covering by alarmed shorts seemed to play a
 part in the advance. especially in the coalers
 which have been freely sold rumors that
 the anthracite miners were determined to push
 demands that would not be granted. Today
 equally assured predictions were heard that
 there would be no labor troubles in the coal
 trade and that there was no room for dissat-
 isfaction. There was no authoritative infor-
 where speculative sentiment was reversed
 from that of yesterday was on the outlook for
 the Winter wheat crop, on reports of copious
 rains in Texas and the Southwest Buying to
 cover short contracts particularly ef-
 fective in Missouri Pacific, which had also
 had the advantase of reported increase % Sf The calmness of the money market was tho final factor of a general character of strength III stOCkS Inc Thte OI n1OIcy iS iirih anu ho- body is found to predict an early relaxation l of rates, but there is no immediate danger of forcing condition ct strineeTy It is sup posed that the trust companies are putting out loans at the high rates and thus relieving some of the pressure upon the banks This shifting of loans from the banks to the trust companies does not effect any real strengthen ing of the money situation as the cash reserves of the trust companies are on deposit with the banks and the ultimate reserve against the loans Is thus unchanged, but the legal | limitation on the banks 10 keep up the cash reserves to 25 per cent. Of the deposits g,akes this reduction of their loans and deposit ac- count desirable for it's shifting of deposit lia- blities upon the trust companies which are not compelled to maintain any hxed reserves. The foreign exchange market indicates also that loans still being renewed and ex- tended from foreign tenders. Special strength was shown today by General Electric. West nghouse Electric, North American. the Vir- ginia Carolina Chemical stocks, the Cotton oil stocks, the Readings and Peoria and Eastern. There were gains of a point over for a large number of stocks which were modified by a late realizing movement.
 The bond market continues rather irregular and moderately active. Total sales fpar vaiue). S2, $40. GOO. United States bonds were un- changed the last call.