The Montgomery advertiser., 1901-08-27
WALL STREET REVIEW
THOROUGH TEST OF THE MAR
 KET YESTERDAY.
Outside Demand for Stocks Was Considerably Augmented-At- tacks of the Bears Were
 Not Without Result.

NEW YORK. Aug. 26.-The stock mar ket had a more thorough test today than at any time since the rise in prices set in. The result was not altogether con elusive. The outside demand for stocks was considerably augmented, as was ex- pected. A sustained advance for two weeks and an evident growth of inter est and increasing tendency to buy stocks may always be depended on to produce this result. Equally matter or course is the tendency of the professional traders, who have been accumulatlng stocks and carefully nursing the market during the rise, to include their holdings
 on his outside buying, so as to make sure
 of a portion of their profits. This process
 was very obviously going on during the
 first hour of the market today, which was
 the most active of the day. Some recess
 sion in prices resulted, but the market on the whole took the realizing very well and no serious inroads were made upor
 prices. Afterwards there were new ad-
 vances here and the rest of the market gave the appearance generally of being
 still in the control of the bulls. Buying demand, however, became langutd and then almost torpid and the market proved easily vulnerable to the attack by the
 professional bears. In the last hour prices were quite generally below Satur- days level. A substantial rally followed
 but this again proved somewhat short
 lived and the closing was irregular and
 quite active with speculative sentiment
 manifestly much unsettled. There were
 various favorable factors which aided the
 bulls in opening prices higher. The fall
 ure of the steel worker in souin Ch:-
 cago to strike and the reports or an in
 tended conciliatory attempt by the strik-
 CTS themselves at a settlement auected
 not only the steel stocks. nu: the whole
 market. The rise of Tinted States Steel
 in the final dealings to IF over Saturday
 was effective in checking the raid Of the
 bears. London led off w'6h good buying
 of Americans after it's Saturday holiday.
 REmnr4 rife Of CCni1N dpt1nltS an-
 norncement of plans growing out of the
 Northern Pacific settlement. The ap-
 preaching September advance In the prlce of anthracite helped the coalers and the Fries were also affected by the reported acquisition of the Cincinnati, Hamilton and Dayton. The reaction was due to the apprehension that money was destined to work closer from this time on. It was feared also that the large interest who have been fostering the rise has taken this opportunity to realize on Saturday and this morning and would retire from the market until the Autumn's demands or money are satisfied. London has grown optimistic and expects easy money through the Fall, but the expectation Is based on the hope that New York will not draw gold and take action of 'ne r:ln1ored
 Russian loan at Paris. An interview with Secretary Gage, published this morning. in which he professes to see no reason for departure from the present policy of his department of purchasing bonds some what dashed the hopes of an element in Wall Street which was expecting relief from that quarter.
 Chicago drew no currency today from New York and the New York discount rate there recovered to 40 cents discount, com rared with 50 cents last weak.
 Railroad bonds showed an increase in activity. Gains were somewha- affected by the late reaction in stocks Total Gales, par value. $2. ,J00. United States
 new As advanced h per cent. on the last