The Montgomery advertiser., 1902-12-13
WALL STREET REVIEW
SUDDEN REvULsIoN OF sPEcU
 LATIVE SENTIMENT.
Transformed a Demoralized Market Into What Looked Like Animat-.
 ed Bull Speculation-Violen z. Recovery of Prices.

NEW YORK Dec. i2-There was a sudden fevulsion of sentiment during the days trad, ing at the Stock Exchange which transformed Q demoralized market into what looked like animated bull speculation. Undoubtedly the bear account. which had suddenly expand ed to unwieidly proportions in the last three days partly responsible for the sudden and violent recovery of prices. but the change in sentiment the part of this element was prompted by the evidences of large and in fuential buying of a more substantial charac- ter This was the signal for the upturn of the market. Before noon there were ragged de- clines of all the way from 1 to points in the prices of active railroad stocks. In the inac- tive list, including specialties the losses eX- tended to 2 and 25 points, the last named in New York. and Harlem. The last previous sale of this stock was made in April of l9Ol at 43o. Today's sale was of POO shares at 405. The sale of securities of this srate in q demoralized market is generally regarded as the evidence of the extreme pressure for money. That there was such pressure today is beyond dispute and great part of the sell ing was probably without the free choice of tha nominal holders of the securities. The with drawef sof< credits from holders of stock and the practical impossibility of obtaining fresh accommodation left recourse but to throw over their holdings at the best prices they could get For time this process was car rfed on, as it yesterday, with practically no buyers in the market, but at the extreme decline the buying demand developed. It is probable that the level of prices in itself served as some attraction to buyers who have resources in reserve to avail themselves of Bargains. The easing of the money situa- tion as result of the days events also gave some distressed holders the power to secure means to protect their holdings from sacrifice The drastic liquidation effected was the i'm mediate cause of relief to the crisis in the money market. An important fa9or was the announcement that the Sloooo 900 block pf Pennsylvania Car Trust certificates which was taken by the New York bankers earlier in the week had been taken by foreign capi- talists. The street was prompt to jump to the conclusion that a corresponding amount of capital would be immediately released to place in the local loan market. At all events the incident helped to relieve acute anxiety over the money outlook and was promptly followed by an effective rally. Another influential fac tor was the revelation by the publication of the preliminary figures of the currency move ment that the banks had gained something pver S2. 900, 900 on the regular interior move ment of currency, thus offsetting to that eN- tent of S5. 57O, 200 sub treasury importa- tions and gold exports Taken in connection with the probable loan contraction less un- favorable bank statement is indicated than was feared. The rise in New York exchange at Chicago today from 5 cents premium to 20 cents premium and sharp fractional fall in sterling exchange are indications that the stringent condition of the local money market Is having it's effect in attracting funds from other sources. Some mystery attaches to the Bource or the very large ana sudden u'nand Tor money in the last day or two, which re- suited in dispacing loans from the stock mar ket. That there was some such extraordinary demand is evident on the authority Of bank 'ers The duplication of the president of Venezuela for arbitration of his difficulties was favorable factor on the Stock Ex- change sentiment The violent upturn of prices transformed the earlier losses into general net gains. which in some cases were stuff rient to wipe out all of yesterdays declines. Evansville and Terre Haute was conspicuous for gain of points, Great Northern pre- kerred I per cent. and a great sprinkling oi the leaders of the market of from 2 to B. The market Closed steady, but slightly below the best.
 Bonds rallied from early weakness in sym pathy with stocks. Total sales tpar valuel, S44e5 GOO. United States bonds were all un- shanged on the last call.
 Money and Exchange.
 NEW YORK Dec I2.-Money on call firm