The Montgomery advertiser., 1903-11-21
WALL STREET REVIEW FURRY IN CALL RATES LATE
 IN THE DAY. u Apprehension That the Bank State men+ Today Might Reveal Some Unfavorable Developments.
 Loan Item the Dubious
 Point.

NEW YORK. Nov. 2o.-Prices of stocks re- ceNeu setoack today after further mod crate upward movement during the early hours or the session. plausible reason for the re- acton was furry in call money rates which ran up to 8 per cent late in the day caus- lng an apprehension that tomorrow's bank s.atement might reveal some unfavorabie de- veopments. So far as the current movement or the week Is concerned there is nothing to snow an important loss of strength by the banks, the apparent decrease in cash being
 united to few hundred thousand dollars The loss by transfers through the sub-treasury and on sub-treasury operations proper were almost offset by the receipts of new gold, in- cludfnS foreign gold imported and A small gain on the direct interior movement The last named Is but trace. but is regarded as high signincant Tn View of the turn in currency indicated The dubious point of tomorrow's bank statement Is the loan item There was some large calling of loans today by several Of tho great banks which necessitated the shifting of loans and caused the rise in the money rate to 8 per cent. The purpose of this call of loans was explained somewhat vaguely as due to syndicate requirements, including the United States Steel stocks conversion sym dicate. The call loan rate of to 5 per cent again before the close. The exhiiirating effect upon the stock spoken of yesterday announcement that the syndicate conversion of United States Steel preferred stock into second bonds would be discontinued was still manifest this morning. but 1t spent its force in the course of the day Opening transactions in United States Steel preferred and in the DonuS were On dn eHOTIuOuS ecdio The UOnuS were at one time points above last night, but closed with only half gain. United States Steel preferred fell as low as r under last night and made a net loss of point. The si- lence in the formal statement of the closing operations of the syndicate on certain points left busy field for conjecture, notably as to the actual holdings of the bonds remaining in the hands of the syndicate to be marketed. The god effect of yesterdays concession in freight rates by the railroads was partly offset by continued unfavorable forecasts for the trade. Southern Pacific came into the fore most place in speculative attention and was lifted an extreme 2A points. There was no news to explain this movement beyond the general supposition that the present rate of extraordinary expenditures of earnings will not be indefinitely continued and that an exten- sive refunding of high rate bonds is an early possibility. The strength of this stock was taken advantage of to realize elsewhere and there was more or less suspicion that its rise was manipulated to help the profit takers. The market closed dull and rather heavy.
 The bond market became somewhat irregular in sympathy with the reaction in stocks. Total sales (par value). $4. l77,ooo. United States 2s declined # on the last call.
 New York Stock List.