The Montgomery advertiser., 1902-01-04
WALL STREET REVIEW MONEY MORE PLENTIFUL AND
 RATE IS LOWERED. The Market, However, Yielded to Overwhelming Offers for Profit
 taking and at the Close Price Level Was Lower.

NEW YORK Jan. 3.-The preliminary figures of the weekly cash movement furnished the return flow of currency from the channels Of domestic trade has set in force. There was quick response in the money market, where enormous offerings of funds carried the rate down to per cent. Standing loans were all readily marked down to that rate on re- quest of the borrowers. This is exactly the development that thes recent rise in stocks was intended to anticipate, yet tho stock niaik ket profits and ended al a level substantially below that of last night. There points of strength during the day, and the speculative liquidation was kept well in hand with the as- sistance of the strong spots in the market. which were in part due to manipulation. There a very papable shifting of speculative accounts from Reading into United States Steel and there were evidences of similar in the day the strong points predominated over the weak ones, but the profit taking be- came more general as the day progressed: very large scale and those stocks held their advantage rather more firmly than the general market. The local traction stocks showed strength. led by Brooklyn Transit. which is one of the few stocks on the list which started this year at price far lower than it did last
 There was strength also in number of central traffic and Southwestern railroads. The Wabash stocks were conspicuous and the To- ledo St. Louis and Western stocks were un- usually active on rumors of absorption by the Vanderbilt interests On the other hand all the recently prominent speculative favorites were under acute pressure These included the coaiers. especially Reading, the Changers and fHcincS An OStentatfOuS advance or St2 Tn Great Northern and bidding up of Northern Securities Company nominal transactions in the outside market failed to deter specula- tors from selling the Pacfcs. There nothing in today's news of sufficient impor- tarce on the side of depression to account for the reaction and it was attributed purely to realizing of speculative profits. This develop fnent rather discredited the recent theory that the late strength Of the market due to support by great capitalists and banking inter- ests with view Inf prosecution of future pro- tects and seemed to put the professional stamp the recent bull movement. The easing of the money rate accompanied by higher rates for foreign exchange and the relapse of sterling exchange in Paris narrows the mar gin toward the profit in gold exports. To- day's statement of the Imperial Bank of Ger many compares the showing Of the astonish- ing proportions of the year-end demand on all the great foreign banks. That banks loan account for the week expanded upwards of S33. 900. 900 and the note circulation in creased SS5, 900, 900. But the foreign money markets promptly responding to the zanusry disbursements and are all becoming easier.
 The indications are that our own clearing house statement tomorrow Wall Ehow a sam of upwards of S7. 900, 900 cash A further cut 1H the price of copper was slightly disturb ing factor and the reports Of -eqleats Of ex- tension of accommodation by large promot- ing syndicate in Ohio received mn Ccnsid- eration The market closed active and at about the lowest
 The market for bonds was active and broad but still somewhat irregular Total sales tpar value1. S5, 5000. United Sttaes bonl5 were all unchanged on the last rall.