The Montgomery advertiser., 1903-12-30
WALL STREET REVIEW
RISE IN CALL MONEY MAKES IT.
 SELF FELT.
Closing Weak and Active Despite the Advances in United States Steel and Southern and
 Union Pacific.

NEW YORK. Dec. 2s.-The rise in call money to per cent. maximum today marked the annual settlement and made itself felt in the stock speculation. An effort was made to retrieve the reaction on the late dealings oy States Steel stocks and in Southern and. Union Pacific, but the general list did not respond effectually to this treatment and prices fell back again. making the closing weak and &C., tive. The days net changes show some fair gains in the active list and some striking gains in the inactive speciality list. But the higher prices of the day were not held in any case and the gains were wiped out in conspicuous stocks. The furry in the money market had more effect in suspending the buying and the bidding up process than in indicating any. ex- tensive liquidation. The feverish tone of the cotton market practically reflected a process Of clearing up for the year-end settlements. It has scarcely been expected that the year would be turned with no perceptible pinch in the money market, especially since the revela- tion of the heavy loan expansion last week. The fact that requirements for January dis bursements call certainly for $ 30 o00 900 and up to maximum of sl5o. o00, 900 point to the temporary pinch while this huge sum Is changing hands. It was well understood that while the sums accumulated in preparation for these needs were lying deposit and idle they were put out on call until they were want ed, with the clear prospect that loans would be called in very large volume about the first of the year. But the market has announced in the face of these securities in conviction that the furry in money certainly would be DT1eL ana that the resources Tn hand would quickly return to the channels of the money market. The action of prices today brought some reconsideration to the speculative mind as is invariably the case with a reversal of market movement without regard to news de- velopments. Some renewed scepticism asserted itself as to the character of some of the re- cent price movements. The window dressing purpose for which the higher prices are de- signed to serve in balance sheets and the sus- picion that great banking interests might be stimulating the market in preparation for some heavy offerings of new bonds appealed with fresh force when difficulty in holding prices was detected. The new bond offerings of the week is accompanied by rumors of still other offerings to come after Jan. . Rumors were revived of Rock Island refund ing. Westinghouse Electric relapsed suddenly on the announcement Of the note issues to the extent of S2,QQo.ooo to provide partly for a railway purchase and the deposit of Chicago and Alton preferred stock with authority to sell offered another prospect of new security is- sues The New York Central requirements for terminal changes comes up easily for consid- eration in such a condition of sentiment Tho movement of gold hither Is stiil uninterrupted B small engagement having been effected in London today, while San Francisco remitted to New York. where million of gold was re- ceived from Asia.
 Bonds were active and firm. Total sales '(par value). S2. 9e5, 900. United States old As coupon advanced A and the new 4s regis tered declined Y per cent. on call.