The Montgomery advertiser., 1902-01-12
WALL STREET REVIEW
SMALL NET CHANGES SHOWN IN
 PRICES.
Selling by Traders to Realize Prac- tically Counterbalanced Their V Earlier Buying-Market in
 Hands of Professionals.

New York, Jan. 1.-The small net changes in stocks today shows that the selling by the traders to realize practicai- ly counterbalanced their earlier buying and that the professionals had the the mar mar ket evidently continues to settle towards duIlncss by progressive stages. The buying this morning was in antcipauon of favorable bank statement and in the hope that a strong showing by the banks would reassure speculative senti- ment and attract some buying of stocks. The bank statement did not disappoint expectations. but 1t failed to induce any new buying. The increase in cash re- serves fell considerably below the esti- mates in spite of a hope that last weeks similar shortage might have thrown a residue of gains over to this week by the system of averages used in computation Known movements of cash indicated an increase of over eight millions. while the Statement shows only $5,6l7,5O0. but the loan contraction helped the surplus item, shown there. A shipment of $5O0.00O in gold corroborated the impression that there would be gold exports in quantity next week. A small bank failure in terdays failure in Cleveland, was an aid to the late reaction. American tobacco unassessed stock made further jump of $ points to 200 on the sale of single
  preferred advanced points on light Transactions. The January boom in stocks which has been hoped for by profession ai speculators did not make its appear ance this week and the professionals who had been buying stocks for some time in anticipation of an outside de- mand found a poor market in which to dispose of their holdings. The result was a decline in prices and then dullness and irregularity in the normal courage of such movements The short contracts put out by bears while the liquidation was in progress were covered later, causing the out of these large speculative contracts, the volume of transactions in the mar ket fell away and the market became largely an affair of board room profess sionals. Any sustained movement in any direction, must await the action of gen. uine holders or genuine demand for stocks, either in the direction of liquida- tion or new buying. Speculative senti- rlent showed confusion and hesitation as to what direction the new movement would ultimately take.
 The selling of the week was due more to profit-taking and the failure of expect fleets than to any positively depressing influence. Much has been counted on from the January relaxation of the mon ey market, due to the reasonable dis bursement of yearly profits and to the usual return of currency from the chan nels of the active holiday trade. These influences have been at work in the mon eS market. which has become notably easier, but the additions. to resources have not been so great as was hoped and the general public has not been tempted to embark in speculation. What relaxa- tiDn has occurred in money has been of- foreign demand for gold Foreign money markets fell into con dition of great ease immediately after the turn of the yea. again as result of large requirements. Very large revenue collections are to be met in the English money market and new British war loan of some sort is in upon losing supplies of French capital, owing to the large accumuiations in Paris. but Paris shows indications of capital. especially in the taking up of a large Runssian loan. Exchange authori- ties maintain that heavy maturities are ering foreign indebtedness contracted during last year, especially in the North ern Pacific struggle. London has also been steady seller of securities in this market during the week. It is generally expected therefore that a considerable outward movement of gold will set in next week. The large Requirements of our own government surplus come in for consideration also It is feared that the treasury will find increased difficulty in
 finding means to relieve this drain upon the money market, owing to the scarcity of government bonds available for re- demption. Sales of bonds to the govern ment at present seem to involve corre- spending retirements of bank circulation, sale of bonds than in keeping out cir culation. This contrasts with the con tinuing effects at this time last year for the refunding law, Involving payment of premiums upon refunded bonds and ip- creased privileges of bank note circula- lion. Bearing further on the money mar ket are the developments of unsound- ness in the rubber market. and affairs of the trolley promoting syndicate, and the collapse of the asphalt trust. The pro- ceedings in the United States Supreme Court against the Northern Securities Company and the steps toward the in- vestgating the affairs of that incorpo- ration by the Interstate Commerce Commission have been a depressing in- fiuence.. as 1t is believed they will re- tard the plans of the active operations in the stock market which are expected to accompany that distribution There has ben disappointment also in the failure of the United States steel stocks to main tain leadership of an upward move- ment in the stock market. The statement of the earnings of the corporation for the December quarter was keen dis appointment to spectators in its stocks, as the preliminary rumors of earnings, which were widely credited, proved to nave been greatly exaggerated. The sell ing of these stocks by disappointment of some holders has had a notable sym
 pathetic effect on the whole market. This has not been effectually offset by the strength shown by a few special stocks from individual causes. notably Sugar and Manhattan. Confidence con tinues in the general business prospect but the present level of prices of securi- ties is the subject of some count Rail- roa1 an1 miscellaneous bonds have nov ed in sympathy with stocks but over a narrow range. United States refunding 2s declined Is from the closing call of last week.