The Montgomery advertiser., 1902-01-26
WALL STREET REVIEW
THE PROFESSIONALS CONTROL
 THE MARKET.
Weakness Caused By Operators Tak- ing Their Profits in Specialities That Have Recently Advanc-
 ed-The Weeks Record.

NEW YORK, Jan. 25.-The weakness ca today's stock market was about as suknt as the recent show of strength and seemed equally due to professional operators who took their profits in spe- cialues that have advanced recently. Su- C. and St. l.. and Amalgamated Copper were all thus affected, the last show Ing good power of absorption. New York i Sentrai vas depressed by the Coroner's verdict, holding its officials rcspons ble 1or the Park Avenue tunnel disaster Ilere were. sharp advances in Rutland DIG. St. Lawrence and Adirondacks, Pe- Illinois and the National Lead stocks, the last on the announced advance in the price of lead. cAe decline in the bank statement was probably due to its fail- ure to attract any buying to absorb the pront taking. The gain in cash was full " up 10 expectations. The fact that in- ter1or institutions have been placing loans an New York led to some hope that a corresponding reduction in deposits would result to the New York banks, but the statement failed to show this. On the expanded s2.1s3. 800. The influence of this showing is emphasized by the compile uon. or the annual showing of the New Iork Trust Companies. The loans on col lateral, by these institutions December were s540. .20S, ,706 compared with S3S7,- e1Ll4 a year before. They report cash on hand of only ss.s5s.7O2. Of cash on
 
 deposits are mostly with New York clear ing house banks. The market closed act I've and easy at about the low point Prices of stocks have drifted sluggishly Upward or downward during the past week. The operations have obviously been entirely in the hands of professional op- eratprs and as their buying was sim ply with purpose of reselling at slight advance and as their selling was simply pront taking on earlier purchases or to cover at slight decline in price, the tranRactinn9 tad in r. tie real chanse in the relative position ofs holdings. The few stocks in which there have been dealings of any conse- quepce or in which the price movement has been appreciable have been infiu- enced. by individual causes. In a general way their course was downward early in latter part of the week. The somnoient condition of the market is suggestive of Indigestion and and surfeit, due to the enormous activities and deglutition of the last year. Conspicuous feature of finan- cial affairs during the week has been the large refiux of money to the general re- serve centers of the world. New York has felt this tendency, though not to the degree that foreign reserve centers have experienced it. In foreign markets also this refiux of money has had a very perceotible stimulating effect on specu- aation. while in New, York the dullness of the market has been rather accentu- ated. The most pronounced recuperation of the money reserves has been in Der lin where a condition Approaching redun- dancy has resulted The Prussian and imperial loans. amounting to about s75.- O00O00;i have been subscribed for many times over and Berlin has been buying discount bonds in London to an extent !. sufficient to attract the market rate there and there has been a fall m the market discount rate at Berlin at the same time..
 Probably this was an influence upon the action of the Bank of England di-
 e m demanG fOr ae eeoa ss Wod as offset the dreaded withdrawal of French capital from London in the event of a fall in interest rates there. The Bank of Trance also shows strong condition in Paris and little 'inducement to call home capital from that center. This condition has distinct bearing on the New York for renewal of the foreign obligations of 1his market. which are known to te heavy and which it was feared would export of less than s50O OO in gold on Tuesday was believed to be on account of pNew York subscriptions to the Ger man loan and not a regular exchange capital in Berlin was a condition sure ko result from the prolonged liquidation and depression in Germany, and the movement to reinvest it may be regard cd as sign of the turning point of the eong depression has been reached there No sign has been seen. however that lment in the New York securities market fn London also the easier money condi- fions and the hopes of an early termina- lion of the Boer war have led to a lively Revival of the ''Kaf1ir circus" but Lon Don has shown no disposition to embark ln New York all the week. The recupe- | kation of the condition of New York banks has continued to a liberal extent | nnd interest has become easier in con- sequence. but without stimulating stock Speculation. In spite of the easier money | condstioAs, the fact has developed this | week that some large loans for New | Fork account have been secured at in- | keTior money centers. Tais is one of va fious symptoms that the New York | banks are desirous of keeping their re- | serves in hand for the present. The re- port of the Comptroller of the Currency | for December reveals that the national | banks of the county have expanded their | During the same period the cash reserves increased only about $19.0 00.000 It is well | kncwr. that large proportion of the re- l serves of interior banks are on deposit l with New York banks. The same is true | of the great trust companies in New | York whose operations and whose loan | expansion have had great growth the | past year. As holders of the ultimate | reserves of the banking system of the | whole country. a special responsibility | ls. therefore. thrown upon the New York | clearing house banks in the event of any | credit contraction. There is a. general | feeling of satisfaction, therefore, in con servative financial circles that spccula- | aion should be allowed to lie dormant for | a time. to allow the natural forces at | play in the c0untrys prosperous activi- | Sies to overtake. in some degree, the | expansion of credits.
 The business in the bond market has | been larger in proportion than in stocks | and many long dormant issues have be- | come active at advancing prices L. s. | refunding 2s. the 3s registered and the l new 4s advanced IA and the old As IS | per cent. The 5s registered declined IS | and ditto coupon IA from the closing | call of last week.