The Montgomery advertiser., 1901-07-10
WALL STREET REVIEW SUPPORT COMES FROM THE
 SYNDICATES. Liquidation Was Going on at the Same Time and Concessions in Prices Were the Result.
 Close Firm.

NEW YORK, July 9.-support for the market from the large banking interests ana syndicates, which seemed yesterday 70 have abandoned 1t to the effects of formation in speculative sentiment today. Tne opening dealings disclosed that there was still urgent liquidation to be effected sh ana some heavy blocks were thrown upon the market at sharp concessions from last nights closing price, but brokers with supporting orders were present at the same time and were bidding above the prices at which others were letting stocks go. The consequences were some wide openings In the price of the Grangers. Pacific and Southwestern stocks on sales of 1000 to 3,500 shares of each. The av- or more below ast nsst snd there pSr were exceptional losses in Louisville of 33s: in Baltimore and Ohio of 3% and in South ern Pacific of K. United States Steel set, and although the first offerings were of l0.ooo shares. the price was held at last nights level. During the rest of the day the market showed steady recupera- ton and at times developed a tone of pos most acutely in yesterdays liquidation was most conspicuous in today's rally notably St. Paul, Union Pacific, Missouri Pacific and Atchison. The movement In tsville. In which the dealings were on a very large scale. The opening loss in this stock and the subsequent movement gave color to the report that it was raided for the purpose of accommodating stock. In the late dealings 1t spurted to 110is an extreme rise of 7M. It closed with a net gain of 21. The recovery in the other leaders from the low point ranged from to 5. Some special strength was shown by Illinois Central on the declaration of the dividend and the decision to issue new stocks, and by Stf Louis and San Fran cisco second preferred on the placing of a m ditridnnd oSfG
 There was no apparent cause for the re- covery in the general list aside from the confidence inspired by evidence that pow erful support was in the market and urg- checked The disQuiet which was caused yesterday by the mystery surrounding last weeks large loss in the cash reserves of the banks was dispelled by the explana- tion that cash had been shipped to Buff falo to provide against possible run on the banks there. The open-handed free dom with which loans were made by banks under Morgan control quieted acted the effect of the recent policy of the banks in discriminating againet CO., lateral. This policy had it's part in in- ducing liquidation which might have en- dangered the banks themselves if carried to extreme. Its check. therefore, caused general relief.
 News regarding the corn crop was not improved today and Atchison officials con- announced cut in freight rates. Asser- tions were consistently made, however. that the freight rates trouble would be adjusted and some skepticism was ex- pressed as to the logic of cut in freight rates at a time when complaint is made of the car famine and of more business offering than can be handled by the rail roads. The feeling that a campaign to depress prices might be involved with the purpose of accumulating stocks made the bears timid and the covering of large short lines heiped the rise in prices. Closed firm and near the top.
 The bond market was moderately ac- tive, but only a part of the list recovered in sympathy with stocks. Total sales, par declined A per cent. and the old fs ad- Yanced A per cent. on the last call.