The Montgomery advertiser., 1901-08-28
WALL STREET REVIEW
PRICES OF STOCKS WERE TAP
 FLED OVER.
The Recently Prevailing Bull Meve- ment Has Apparently Come to
 an End-Strenuous Efforts
 to Check the Reaction.

NEW YORK, Aug. 27.-Prices of stocks were toppled over today and the recently prevailing bull movement apparently came to an end. The hesitating tone which de- veloped yesterday continued this morning. After the first recession in prices strenu- ous efforts were made to check the reac- tion. which met with degree of success The character of the buying in St. Paul was large influence in the temporary upturn of the market. Very large amounts of this stock were taken by brokers supposed to act for the group or | fnanciers which has been foremost in | forwarding projects for the community of interest in railroad ownership. Operations | towards supporting the market elsewhere were attributed to the most conspicuous operator in the street and-the apparent | confidence with which they were conduct ed served to intimidate the professional operators of smaller class, who were
 inclined to take a bearish view of the
 market. But when this latter class de- tected the diminution of the outside buy ing through commission houses and some evidence of profit taking by the longs they offered prices down boldly and by un-
 covering stop loss orders dislodged very heavy offerings. under which the market
 broke badly. With the downward ten dency established, the traders gave pes
 simistic twist to the current news. as is their won't There was. however. little news to accoutn for the course of mar ket The inference was clearly justified that the buying and bidding up of stocks two WeekS past represented an eX- pertinent by stock market operators who hoped to attract a sufficient outside in- terest by this means to make an active bull speculation. Yesterdays extremely moderate demand from outside sources chilled the expectation of the bulls and what long lines had not been sold to real ize profits were forced to sale more urg- ently today with the still further diminu- tion in the outside demand. Naturally. the stocks which have been recently pulled the most were the weakest on the reaction. the Pacifics. Atchison, Amalga- mated, Copper. Norfolk and Western and the coalers suffering the widest declines. Yesterdays story of a settlement of the steel strike was clearly shown this morn- ing to have been put out to hold the mar ket. and the United States Steel stocks dropped with the rest in the market and are 1A lower for the day. The rally in the corn market was also an influence and there was renewed selling from West
 ern sources which have been covering in stocks during the period of reaction in corn. The most potent influence :n check ing the speculation for the advance was the growing conviction that requirements to move the crops must be met to large with the prospect of a continued drain at the same time on account of the
 United States treasury operations. There was no striking new development to em- Ihssize this conviction, but the acts re- cently at work to mend continued in force. The market had substantial rally from its break, caused by short covering, but the recoveries were not held, but the clos ing was feverish and irregular, with a heavy undertone.
 The railroad bond market continues quite active, but turned weak in sym pathy with stocks. Central of Georgia issues were strong on the declaration of the full interest on the first incomes, which rose 3A and the third incomes 3%
 Fetal sales, par value, N;n5. u; United States bonds were all unchanged on the last call.