The Montgomery advertiser., 1904-11-24
WALL STREET REVIEW
AGGRESSIVE STRENGTH SHOWN IN
 SOME OF THE LINES.
The Whole Market Turns Largely on the Money situation.--Hardening Rates and Pending Thanksgiving
 Holiday Have Effect.

NEW YORK. Nov 2s.--Prices of stocks were considerably lower at one time today than they were last night and then more than recovered the decline. with some prom Inent instances of aggressive strength.
 The whole market turned largely on the money situation. The hardening loan rates and the pending rhsnksgiving holiday lative leads. Another result was the decline in the amount of business done. Yesterdays furry in the money market held Its influ- ence this morning on account of the firm tone shown both for call and time loans. There was practically no time money offer ing for any period for less than per cent The engagement of additional gold coin for shipment to Germany emphasized the influ. ence of this showing. The amount con tennplated for this shipment was as much as e million dollars early in the day. This was reduced by half before the end of the day. Money rates also relaxed later. The presence of bills against the gold exports in the foreign exchange markets lowered the ouotations in that market and so obstructed the gold outgo. Money did not get higher than 8 E per cent and the large offerings at that figure caused the impression that i'm portant banking interests purposed to op- pose the advance above that rate at pres ent. The trust companies and J. P. Morgan & Co were reported as large lenders on cell.
 J. P. Morgan & Co. also announced the purchase of S20. 00O.0 of Chicago. Burling- ton & Quincy bohds.i This represents an other of the offerings which have over hung the market ever since the period of in- digestion of securities when temporary bor- rowinks were resorted to avoid the neces- sityi of selling bonds at low prices. The placing of these in succession this week had an effect sentiment in quarters where the belief was held that the strength in the present market Is fostered to a large degree by the great financial powers who have an interest In placing these new issues.
 Railroad stocks were not greatly affected by the selling and fin fact moved rather sluggishly all day in either direction. But a large number of low grade industrial stocks and specialtias and some of the ob- scurer railroads suffered materially. This Is the natural consequence of the rather needless speculation in these securities which has been a marked feature of the re cent trading.
 Amaigamated Copper showed sympathy with the reaction in the foreign copper mar ket rather than with the domestic copper stocks. which were higher. The great strength of Atchison was unexplained by any news announcement but it proved an effective stay for the whole market. United States Steel preferred was also active sustaining factor and was helped by the reports of large railroad buying of various products for equipment, as we'll as by The Iron Ages cheering view of the trade com dition. The market closed below the best and barely steady. z .t.
 The bond market was irregular. Total sales, par, value. $9.1soo00. United States bonds were unchanged on call
 NEW YORK STOCK LIST.