The Montgomery advertiser., 1902-01-10
WALL STREET REVIEW SPECULATION COMES TO A 4, HATING PLACE. f'tt Efforts During the Day to Contest the Dropping Tendency of the
 Market-Bonds Dull
 and Irregular.

1 NEW YORK, Jan. e.-Specuiation came to a halting place today and showed much hestita- The sharp upward movement in the latter part Of yesterdays session was evidently due to in S1'ts tss m the ,n shorts which put out previous days. In the absence of important new developments. the stock market followed the normal course in the culmination of speculative movement. The price vibrations becoming less by degrees. There were efforts which persisted during the greater part of the day to contest the dropping tendency of the market and to continue yesterdays recovery. The making up of special stocks was the de- vice resorted to. It was not very effective at any time, although there was a rally one time which geenrally wiped out early losses. In the the efforts of the bulls became apparent. tired holders began to throw over stocks. Prices went to the lowest point of the day and gem were pressure and lost 2%. Declines of be- tween l and points are numerous among the market during the time of resistance to the decline was Manhattan. This stock was taken on an enormous scale by brokers who have been active in it ever since the present ad- vance began. They made it touch i4OH, an extreme rise of 4h. after which it reacted, of the first experimental train by electricity over one of the companys lines osten- sibiy the cause of the stocks strength Metro pciitan Street Railways and Brooklyn Transit.
 the latter in q small degree, affected in sympathy. Theer was a strong advance of 7% In Pittsburg Cincinnati Chicago and St.
 Louis on supposed prospects of larger divi. dends and some of the junior Vanderbiits were affected in similar way. Sugar after
 an early decline, had its period of strength
 under operations, bysa speculative combina-
 tion. based on expectation of a remission of raw sugar duties. The stock afterwards weak ened to the lowest and closed at net Joss
 of 2. The action of the United States Steel
 stocks has proved a great disappointment to
 large element among speculative specula- tors who have been looking for sustained rise in those stocks and aggressive bull
 leadership of the market. Both classes of
 stocks were sold today both for home and
 prospect against the Northern Securities Com
 pany continued to form a oppressive influence.
 The money market has lost its stringent tone,
 but renewal of supplies Is by no means so contributed small amount to the markets supply owing to the regular disbursements on account of postoffice contracts but this is con- trasted with weekly gains during January last over $3. 00o 0oo Collections of customs re- ceipts are very large at the time, business offsetting Government disbursements on other accounts. The London money market showed dency Is expected to increase later in the month. Today's Bank of England statement shows the weeks repayments of loans to that institution to have reached nearly S70, 900 000 thus more than offsetting last weeks free loan expansion. The Bank of England is thus placed in a position to control the London money market and Is expected to use it's power to keep up the money rate with view to attracting foreign gold in preparation for the new war loan now imminent. An advance of ] per cent. in discount rates by the Banks of Bombay and Bengal made today is not an unusual preliminary to an advance by the Bank of England
 Bonds were dull and irregular. Total sales tpar value), S3,36o 900. United States re- funding 2's coupon advanced h per cent. on the last call.