The Montgomery advertiser., 1902-12-20
WALL STREET REVIEW UPWARD RUSH OF PRICES LEAD
 TO REALIZING. Professional Traders Work All Day for a Reaction and Late in the Session are Rewarded by
 Sharp Break.

NEW YORK, Dec. Ie.-Today's stock mar ket showed the natural effect of the elimina- and the consequent lack of an important sus- taining influence Yesterdays upward rush or prices also led to considerable realizing. The professional traders the floor apprecisting this state of affairs worked for a reaction all day and were rewarded in the latter part or the day by sharp break in prices s.nsraIin wnHn below last night. Some renewed anxiety was felt over the Venezuelan situation owing to Britain to the proposai for arbitration. The forecast of the weekly bank statement did not promise as good showing as was counted upon the middle of the week and there was some selling due to disappointment on that score. London also turned seller in this mar ket today. reversing the position of yester- day. Most of this selling, however, was purely arbitrage business, the advance here going ahead of London and allowing opportunity to iished reports of a heavy notation of railroad bonds of the Vanderbilt system in London at tracted some attention this morning and con tributed to a sharp rise in New York Central This division promised such important results in the exchange situation that it was accept ed with avidity by bullish traders unfortu- nateiy. the remainder met with denials from authoritative quarters and this helped to turn the market downwards. St. Paul was con rumors of an early issue of the new stock au- thorized The advance was accompanied py some evidence of manipulauon and the gain was almost entirely wiped out. The continued eager demand for anthracite sustained the coalers Great Northern preferred rose sharply without explanation. The sharp advance in the price of copper in London helped Amalge- mated Copper These special points of strength served to sustain the market during the early part of the day in face of the realizing. which was in evidence from the start and most notably so in those stocks which have led the weeks advance. Southern Pacific, Missouri Pacific. Sugar, Manhattan and Louisville and Nashville were all sufferers on this score There was some check to the selling before the close which was firm. The fact that the loss of the banks to the sub treasury this week is s4,SI5, 900 less than 1t was last week, ruled at high rates gave rise to hopes Of large recuperation this week in the cash reserves or the banks. but it seems that the gains in the regular interior movement have been sufficient to offset even this largely decreased drain to the sub-treasury Consequently a small net loss of less than a hundred thousand dollars is indicated for the week. This did not tn- clude today's transfer of S35o 900 to New Orleans. which is supposed to be due to the large speculation in cotton at that point. The news of this transfer was factor in break ing the market today. The report Of the week ly exports of grain alse was disappointment' the outgo of wheat being more than million bushels less than in this week a year ago and the growth in the corn exports proving but moderate. Sterling exchange however made a further decline today and the time money the rate for short periods falling to per cent flat with no additional exaction for commits sion.
 The bond market was better sustained than stocks rehecting some investment demand in anticipation of the January coupon Total sales (parf value), S3 9So 900. United States bonds were all unchanged on the last call.