The Montgomery advertiser., 1905-12-13
WALL STREET REVIEW
ANOTHER DAY OF ACTIVE AND VA REED SPECULATION,
Selling to Realize Profits Clearly in R,vt-
 dence on Several Occasions, But This Was Done With. Success,

New York, Dec. 12.-This was anoth. CT day Of active and varied Speculation Tn the stock market. although the vol that. of yesterday, which reached inc maXimum Tor the season. Selling to realize profits was clearly in evidence as many points throughout the day, but good success and was in fact enc of the most encouraging incidents of the mar tha kes. @ The only decided breaks were at lie share in the speculation has been the subject of constant comment and scepticfsm has gained force as to the annnyo aDoiney to dispose at a profit of the enormous acumulations in special stocks Whlch nave been made by pools and or- ganized parties in the process of ad- vances in prices to the unprecedented levels reached. Nearly all the stocks which made conspicuous gains yester- today.
 ., s Some of them opened higher and maintained some part of their gains without extending them, Reading being notable example. In others the open- ing gains were yielded almost imme- recede to any extent below last night. As sustaining force in the market there was return to the method of furious activity and spectacular advances in special stocks and those selected today were round again among the industrials In the majority of cases. Stocks hav- ing to do with the various metal indus conspicuous. A substantiai basis for the strength in this group was the trade conditions in those industries The market price of copper was advanced again in this market and trade reports asserted that sales ahead for many months had already been made ur to the productive capacity of the trade at
 The brilliant conditions in the iron and steel trade also received extensive attention and discussion by the r~e- sentation of many detailed facts bear ing on dinerent departments of that trade. It was asserted that the value or November. exports of the products Of the United States Steel Corporation standing the enormous domestic de- mand and the high prices prevailing Some of the Southern railroads having a large iron traffic were affected by this movement. The corn carrying rail- roads showed degree of strength, Missouri Pacific being especially affect ed by the Missouri State crop report. utilities was due to the views of oper- ators regarding the probable outcome or the legal contest over the New York election: Rates for money on call for renewals ruling generally at 10 per cent. or under.
 This was attributed to the additional supplies attracted to this center from outside sources by the profitable rates prevailing: Nothing occurred in the routine of the money market to indi- cate a change in the course of affairs Foreign exchange was firm with relax alton in the money rates. There were still offers of foreign trade funds, how ever. in this market. Discounts on this market in London were easier and sterling exchange at Paris recovered a fraction, but made a short drop at Ber- lin. The situation at that point is watched with apparent anxiety and there was various surmises afoat of special measures of relief there, in- cluding the lending of large sum in Berlin by the Bank of England and the reported intention to anticipate the payment of January 1st Russian bond coupons in Berlin.
 The sub-treasury continued to take funds from the New York market and the credit by that institution at the clearing house today reflected a con tinuance of this drain. Stocks made a good rally from the profit taking early in the last hour but broke rather fe- verishly in the final dealings with the violent upward rush of the smelting stocks and lead. The closing was de- cidedly unsettled and irregular
 Bonds were firm. Total sales par value, $S,0O0.0OO U. S. new 4s coupon de- clined 1-2 per cent. on call.