The Montgomery advertiser., 1901-07-25
WALL STREET REVIEW
RALLIES AFTER THE OPENING
 DECLINES.
When the Grain Markets Opened, However, the Weakness Was Again Renewed-Money Co.,
 ing out to Move Crops.

NEW YORK, July 24-The dullness and the feebler fluctuations in prices in to- days stock market reflected the Tagging ot speculative interest which is usual after an active speculative movement has expended itself and has been followed by reaction. By this morning the fact had become quite obvious that yesterdays violent recovery fin the prices of stocks had been principally based on the re- lapse in the grain markets, rather than on any actual news from the grain crops. The consequence of this revised view of yesterdays movement was some renewed benefit from rains had been overstated. These misgivlngs were accentuated by published estimates showing heavy damage already inflicted on the corn ever. met considerable effective support and substantial rallies followed. The weakness was again renewed in the stock market when the grain markets opened and showed notable strength both for corn and wheat, the resulting declines in stocks exceeding those at the opening and extending from the Changers into other portions of the railroad list. The ten dency of stocks to rally from declines showed the growth of feeling among the speculators that even conceding sub stantial damage to the corn crop decline already effected in prices in. stocks has fairly discounted this damage. Another party argues that prices of stocks are still unduiy high compared with previous years. notwithstanding the wide declines that have occurred from the years high level. Thus, there Is room afforded for two contending parties in the Specula- ticn and the irregular fluctuations in prices which constitute what is called traders market. Money market consid erations again loom into prominence as a factor in the activity of speculation. It is realized that the heavy liquidation in stocks of the last few weeks had in view preparation to meet the crop moving re. quirements and not renewed speculation. The transfer of funds from New York through deposits at the sub-treasury Is the signal that crop requirements have begun. The necessity must thus be recog nized of adjusting speculative demands uI or the money market to this prior and more urgent requirement. The lack of definite conviction regarding the outlook was evident from the confused and ir- regular movement of prices. An attempt was evident to lead an upward movement by bidding up Union Pacific and the Wa b2shes and there was some show of firm ness among the Southern railroads and seaboard soft coal carriers. But the mar ket yielded at last to renewed weakness when the room traders attempted 10 take their profits and the lowest prices for tho Grangers and Pacifios were made slightly before the close. which was feverish and irregular. At the lowest the declines were Missouri Pacific. 37s; St. Paul, 3a' Union Pacific. 34: Atchison. 2s; Kansas and Texas preferred, 2A, while the gen. eral list declined 1d2 points.
 The railroad bond list was dull and heavy. Total sales (par value), S1,315OO0. United States new As declined A per cent on the last call.