The Montgomery advertiser., 1902-12-28
WALL STREET REVIEW
HALTINa TENDENCY BEFORE
 STATEMENT APPEARED.
Then There Was 6 Dip, After Which Prices Rallied and the Close Was Firm-strong Sup
 port.

New York. Dec, 1.-The stock market halted In an uncertain way tooay oelUs the publication of the bank statement ana after the dip following the 6s.1 p"SliSamo Sam at srecoveries. Rock Island ana were effective leaders m recovery. The ? 1-2 point rise Tn ROCK is land had no other explanation than good statement of earnings for November and claims for a very large future earn ings The buying of the stock was con centrated and was attributed 10 Western orders. The movement in Amaigamateoa was offered as corroborative evidence or rumors of an agreement to end the cop ner was by arbitration. Amalsamateo ln- terests put out disclaimers of these ru- mors The stock advanced Sb-S on very heavy buying. There was paipanle pront taking in Brooklyn Transit, Manhattan and Erie under cover or the new move ment in Rock Island. Reports from tne West of threatened breach In rail- road relations growing out ol Ine Is. Sar in Denver and Rio Grande. The decrease of over two millions In banking reserves was larger than foreehadowed some re- lief was felt, however, at the oecIs.se was some apprehension that loans snouid he expanded during the week to ootaln funds for the liquidation Of fordgn oon- gations. The heavy drop In casn reserves
 
 of the banks of England and Of Germany attracted attention This Is not abnormal at the year end in the case or the sreAs central banking institutions abroad and there Is always a quick and violent re- turn of funds into the reserves after the turn of the year. The retention Of the four per cent Bank of England rate, however, Is not of much signincance as the bank has been char rging 1-z per cent Another s10O, 900 was transferred to New Orleans through the sub-treasury touay and the squeeze of December shorts In corn disclosed the possf.. -.ty or an ener- gency demand from Chicago Tor tunds: A feature of the day was number or sharp advances in inconspicuous stocks.
 The weeks stock market has shown the normal repression caused oy the in- terruption of a mid-week holiday wnlcn always pretends to discourage activity. Apparently the short account predomi- mated in the accounts on Wednesday ana the buying to cover helped to sustain the market The professional traders. who aim to follow the current of sentiment rather than to consult large underlying conditions. have been persistent short sell CTS of the market for several days. Their argument Is that the rally in the mar ket which followed the formation of the | ba nkers' $50 .000, 900 pool has run too fast for making a fresh reaction probable There has been . perceptible check to the upward movement of prices but no very severe selling pressure developed and the  hcient to afford support to prices. The | strength of a number of stocks all in- dividual cases also has had sympathet- ic effect in keeping up prices elsewhere the consideration of. the heavy year-end 1 requirements to be met have induced some caution to the trading and dispo- | sitos to maintain a waiting attitude. ture prospects rather than present conditions have formed the subject mat | ter of discussion. Of existing conditions | several of a somewhat unfavorable char act r had to be contended with besides 1 the tightening of the money market. ,Ot i these the most influential was the show ing made by the Vanderbilt railroads ir the matter of net earnings. The large increase in operating expenses disclosed by such prominent systems as New York Central and Lake Shore and the eonse- quent decrease in the net return were pondered for their significance rehectine as they do tendency quite genera throughout the railroad world Int week has seen several announcements o1 additional advances in wages of railroad workers and the current discussion of thu subject shows that this also is uni versal tendency in the railroad world Coordinate with these this increase IT expenses. goes the condition of the com ing increase in railroad freight rates which may also fairly be called universa from the scope which 1t has assumed Con
 
 what Is to be the net result of these wid' reaching changes of the return to stock holders in railroads. The action of thu Canada Southern directors in reverting tC the 1 per cent semi-nnnual dividend ra.' after having dlsbursed 1-2 per cent fo
 the preceding half year was not encour l aging to the hopes of coming dividend increases. The passing of the dividend on St Jose and Grand Island first prefer red had a similar influence. Yet 1t Is cleal that such hopes are entertained in som
 cases.
 The confidence engendered by the for
 nation of the $50. 100000 bankers pool t
 meet a possible emergency has not beer | seriously disturbed. Rates for time loan
 have not followed the call loan marke
 and have been appreoiably easier. Excep
 for some demand for cable transfers t
 London to help out the year-end showing
 of London banks in the reserve there ha
 not been a notable demand for remit
 tances abroad. The suggestion has com
 were cooperating with the pool of Ne, York bankers In tiding over the New Tor money market by refraining from furth
 CT withdrawals of loans from here at thi , time. It Is believed that this deman upon New York has been simply deferred
 The future of the foreign exchange mar ket is studied with great attention. Larg
 hopes are pinned to the outward move e ment of corn and cotton to supply mean
 of lquidating our foreign obligations
 While foreign money markets are alway
 quick to respond to the disbursement which with the turn of the year 1t Is re l called that various government loan
 have been awaiting this easier condttio
 of money markets. including transvaa
 German and a French loan, which ar
 expected to call for an aggregate of per
 haps $500 100000. In the existing State c | the foreign exchanges our market ca
 scercely fail to be affected by the cond
 tions In foreign money markets. Helr 'I ful factors in the market have been tn
 very large anthracite traffic represente ' by the coaIers, the prospective benefit
 the sugar refining industry of the Cuba q reciprocity treaty. rumors of settl'
 ment of controversies between the dom { hating interests in the copper industrie
 and assertions of control secured b
 Pennsylvania and Reading and of Brool = Iyn Transit.
 There has been some good buying (
 bonds which Is attributed to investmeI
 demand from capitalists who are antic
 pating the distribution of January profit
 United States 2s advanced IA and the
 coupon, the new As and old 4s l-2 p'
 cenf as compared with the closing ca