The Montgomery advertiser., 1903-12-22
WALL STREET. REVIEW
CONTRACTS INTO 4
 HANDFUL OF STOCKS.
Extraordinary Ease of the Money Market at Present Practically Eliminates Money Situation
 as Cause of Dullness.

NEW YORK, Dec 2l.-whatever' influences were in operation in today's stock market is- sued. in an almost immovable market. The whole interest converged in handful or stocks. DulIness is seasonabie' at this time when the year-end money problems are work ing themselves out But the extraordinary ease of the money, market at present .prac- ticaliy eliminates the money situation as factor in the dullness. The merely sentimen- tai effect of the approach of the holidays may be reckoned to induce part of the dullness. more substantial factor in today's market was the gathering of the war cloud in the Far East which took on so lowering an aspect to- day as to lead to e general conviction in Wall Street that an early outbreak of hostilities could not be avoided. The conviction seemed to be without any marked depressing effect upon our securities market except as Londons selling of stocks in New York. The effect here was more to discourage operations on either to the uncertainty felt as to the effect of war between Russia and Japan upon our sttua- tion Of any directly harmful reseults there is no apprehension. but the point of doubt IS as to how far the placing of war loans in Flu rope might dislocate the foreign money mar kets and upset the expected demand for our merchandise products and for our railroad se- curities. Money brokers assert that money on call was more freely offered this morning than for any other corresponding period for years past. All departments Of the money market were affected, 60 and e0-day loans and even 3o-day loans being effected at below per cent. Mercantile paper for prime grades also was offered at bls, thus breaking the Q per cent. rate which has been determinedly held for some time past. Sentiment was af- fected by the opinions expressed by eminent banking authorities when questioned regarding the likelihood of Russian or Japanese loan finding subscribers here to the effect that we are likely to need money resources In our own market. There was some heaviness shown by Atchison on the ground of its bond issue and the small grain movement affected this and other grangers to some extent. The Atchison bond issue also played a part in the sharp upward movement of the railroad equipment stocks. owing to the intimation conveyed in the official announcement of the sale of the Atchison bonds that part of the proceeds would be used for the purchase of locomotives and new equipment. The depression of United States Steel preferred was accompanied by further discussion of the dividend prospects for the stock and the expression of discour- aging opinions to those prospects. There was some accumulation of the coalers attrib- uted to better trade conditions. The specula- tion in the New York public utilities con- tinued without new features and Amalga-
 mated. after advancing slightly. reacted sharp ly with the rest of the market. The closing dull and heavy.
 The bond market dull and generally steady, but some of the active issues were heavy. Total sales (par value). $i ,S60 900
 United States 2s, 3s and old As advanced~is per cent. and the new As declined N per cent on the last call.