The Montgomery advertiser., 1904-12-10
WALL STREET REVIEW
PRICES FOLLOWED COMMOTTON WITH
 .LESSENING FLUCTUATIONS.
After Violent, Rally of Previous Afternoon . Renewed Dip Was Expected.
 . l london Was Q Keen

NEW YORK. Dec. Succeeding the commotion in the stock market yesterday the course of prices today followed accord ing to rule with a series of iessening fluc- tuations. After the violent rally of yes- terday afternoon 1t was expected that there would be . renewed dip this morning There were several normal causes to be looked for to produce this result. They were the hold ings of room traders secured in the decline evitably be sought on the first considerable There Were some sales to be expected of with the purpose of supporting the market in its period of greatest weakness. As Lon don was a keen buyer here on the break that centre on the higher level which help ed to put back prices this morning.
 In demoralized market like that of yes terday there are speculative holders strong enough to save their holdings from undue sacrifice at the moment of greatest weak ness who are still under pressure to tighten lent a break The recovery in prices has the effect also of driving out of the market the hard headed bargain hunters who ap- pear in Wall Street only in periods of panic time to buy stocks. or perhaps in periods Of boom inflations to sell. There was the natural uneasiness as to the depth the Quences All of these were contributing causes to the nervous break in prices in today's early market in which the losses ran from to ?h points in extended list Of important properties. The recovery promptly set In a soon as 1t was announced that all sheets gone through the Stock Ex- change clearing house successfully, that be- ing equivalent to an announcement that all financial endorsements had been avoided There was hesitation and dullness when the recovery had reached about last night's s closing level again. But the light prea- sure to seil at the recovered level of prices encouraged speculators and induced so much confidence that prices were pushed up ward again aggressively with some evidence of resumption of operations by speculative pools in spite of yesterdays severe lesson Money proved to be in plentiful supply. and the rate for call loans fell back easily Severe discrimination against securities as the market yesterday, was somewhat relax
 ed The announcement of the engagement of $5oO,o00 gold in Paris for importation had an effect on sentiment, although the curious cross currents of the present gold movement are seen to be quite apart from the condition of the exchange markets. The ease of the call money market was &C., cepted as better index of the extent of be given by tomorrow's bank statement
 which will probably reflect the loss of cash due to gold exports and transfers to the interior through the sub-treasury and only slightly the loan contraction owing to the optration of the average system of compu- tation.
 The Missouri Pacific bond sale and the es. tablishment of dividends on Southern Pa cific preferred were helps toward rsvivinE speculative spirits. Before the end of the day these declines had been transformed into gains of l@2h for the principal ac- tive stocks. The gains were not fully held and the closing was rather easy.
 Bonds turned firm after some early de- elines Total sales. par value, s5. se5. 0o0 United States bonds were unchanged on call
 NEW YORK STOCK LIST.