The Montgomery advertiser., 1901-06-26
WALL STREET REVIEW PRICES OF STOCKS REACT
 SHARPLY. Values Carried Down Under Such Active Selling as Has Not Been Seen in Several Weeks
 Past.

NEW YORK, June 25.-Prices of stocks
 reacted sharply today and were carried down under such active selling as has not
 been seen in the market for several weeks itself felt until late in the day, and. af- ter such a period of neglect and apathy on the part of the speculative investment, interests as in itself invites attack on prices by professional buyers. There
 was a continual slight dribble of stocks on the market, under which prices slowly but readily yielded, except for few spe- cisl cases, where a desultory speculation for the rise centered or where buying wac induced by causes individual to the stocks. These were entirely without in- fiuence on the general list, A rather
 generally tendency to recover from % some me
 it by the first bulletin announcing the
 suspension of an important bank in Leip-
 sic The course of German banks shares
 for the last few days has indicated an
 unsettled condition of affairs in Germany.
 and today's occurrence arouses apprehen-
 sion that the coming semi-annual settle
 ments in Berlin may be the occasion Of a
 more or less extended collapse. The re-
 cent failure of a bank in Dresden reveal
 ed such a state of involvment, with for
 merly inflated industrial securities which
 had suffered from the industrial depres-
 sion in Germany. that the credit of many
 industrial enterprises was considerably
 undermined. The fear of crisis has
 probably prompted the Imperial Bank Of
 Germany to recuperate its resources to
 their present extraordinary stength. With
 the gain in cash this week and the re-
 ceipts next week of the New York gold
 shipments, the banks cash reserve Will
 be lifted to near 100000. The banks
 outstanding note issues are nearly $lOO,-
 OOoOOO below the legal maximum exempt
 from taxation, So that the German mar
 ket Is unusually equipped to meet
 crisis. The consideration of this specuia- ton made the market sensitive, and later
 in the day, when rumors began to cir
 culate of banking trouble there was
 a lively spilling out of stocks all through
 the list. The bears made the most oi
 their expected opportunity, and offered
 prices down boldly while the rumors were
 at the high tide of exaggeratfon. Tney
 succeeded in breaking through the de-
 fence which had been established by tne @
 bull leaders, while they were away for their vacations, and heavy stop loss oroers were discovered. Stocks with any large speculative accounts in them were na- turally most affected. St. Paui ana MS as souri Pacific were conspicuous in the de. cline as were a number of less prominent stocks, which were marked up Tn tne carly dealings today. The drop Tn St' ture of the investigation being made by the Clearing House Association or the affairs between one of the banks ana the Association became more accurateiy known and 1t was announced that no ac- tion would be necessary. there was a lively scramble on the part Of the proIes- sional shorts to cover. and the rally In the active stocks was between lG2 points'
 St Paul recovered 2k; Missouri Pacfiic, 2N. and Manhattan. 2is. But the closing was not free from feverishness, and was rather irregular. The money market was not disturbed the somewhat easier tone of yesterday being maintained. The earlier gains in the market were from causes peculiar to the stocks affected, | such as has been the motive of these movements for several days past.
 The bond market was affected by the | late selling but in a much less degree | than stocks. Total sales, par value, 2'- | 77NO0O. United States refunding 2s ano new gs advanced A per cent on the last call