The Montgomery advertiser., 1901-06-27
WALL STREET REVIEW
THE STOCK MARKET WAS PAL
 PABLY SOFT.
Strong Supporting Orders Put in al the Opening to Guard Against Any Violent Disturb
 ance of Prices.

NEW YORK. June 26.-The sentiment reflected by the changes in stock prices underwent an astonishing number of mu- tations today. considering the small vol- ume Of the trading and the narrowness Of the interested market The market was palpably soft. notwithstanding these occasional variations. There was a resi- due of apprehension caused by yester- days banking disturbance, in spite of the clearing up of many wild rumors that were circulated yesterday by the explicit statements put out over night. It was doubtless owing to this feeling of un- easiness that strong supporting orders were put in the market at the opening to guard against any violent disturbance of prices. The advances which were caused in that way were. in fact, met by con- siderable selling orders by the element which protested to expect further trouble. The persistence of the support, and the yesterday had met today's debit balance at the clearing house, quieted the slight tendency to feverishness in the market. Afterwards the trading took on the tone of the recent market, and consideration returned to the situation of the money market. The fact that the Clearing House Association had considered it unnecessary to accord assistance to- the bank in trouble yesterday, was regarded in itself reassuring, as indicating belief that the banks affairs offered no threat to the general situation, and that the trouble was localized. With the develop
 
 the market seemed to be less, as though it were aot deemed necessary. When the money rate stiffened to above per cent and increased offerings came upon the market. prices. therefore, yielded easily. This period of greatest weakness in the market was also that of the greatest activity. The furry in money rates was exactly what has been anticipated Tor two weeks past, and what Is as usual in- cident of the last week in June, on ac- count of the large accumulationS neces- sary to provide for dividend and Inter est disbursements. Stock speculators however, are not prone to ignore this periodical tendency and to persist In an optimistic spirit in the hope of money market relief
 This week the hope has hinged on the probability of the repayment to the mar ket of some very large borrowings by syndicates and railroad companies. Very possibly yesterdays, disturbance to credit, slight though it was, had its ef- cured today, and which precfpitated the sprinkle of liquidation owing to the de- fcency of securing new accommodation. nounced in St. Paul, Union Pacific, Man hattan and some of the less prominent stocks. which have been under man1pu, lation recently for an advance. St. EauI fell an extreme 2k under last night. The latter part of the day was taken up by a very general but desult0ry recovery. With the cessation of selling pressure friends of different stocks bid them up again, and the hopeful professional ele. ment had a story that the Secretary of the Treasury would pay out Government interest immediately in anticipation of the July 1 disbursements. Not few of the most important stocks were lifted well above last nights level. while the larger number rallied to that level. The clos ing was very dull, but firm. The reac- ton in sterling exchange in response to the rise in the money rate and the fa- vorabIe progress in the Stock Excange settlements in London and also in Der lin, in spite of yesterdays bank failure in Leipsic carried the price of exchange well away from the gold export point.
 The bond market was dull, but prices yielded to selling in sympathy with stocks. Total sales, par value, $2S9S.OOO:
 United States refunding 2s advanced A per cent on the last call.