The Montgomery advertiser., 1901-08-17
WALL STREET REVIEW
SETBACK PRIMARILY DUE TO
 PRoFIT-TAKING.
Western and Pacific Stocks Which Had Made Largest Gains, Com pelled to Bear Brunt
 the Selling.

NEW YORK. Aug. i6.-The setback in
 prices which occurred today which affect
 el ir measure by the favorable aspect
 of the strike situation. was primarily due
 to profit taking sales on the weeks rise.
 Improvements have been in .>rices from
 day to day and the resultant sharp gains
 showed some striking profits on the long
 account up to last night. Bear selling
 had not been effective in checking the
 improvement. and it required only the an
 nouncement that the Joliet steel workers
 had reconsidered their decision not to go
 out as a pretext to sell the market. Ma
 turally enough of the Western and Pacinc stocks which had made the largest gains
 recently had to take the brunt of the sell
 ing But little rallying power was dis
 played by these stocks at any time during
 the day, temporarily gains being imme-
 diately cancelled by renewed sales for
 both accounts. Their losses at the low
 point average a little more than 1 per
 cent. St. Paul figuring for the extreme
 decline of 1s.. While the Western divf-
 sion was generally under pressure there
 was heavy buying at times of the bl- luminous and anthracite coal stocks, caus-
 ing n improvement in Norfolk and West
 ern of 1ss and Wheeling and Lake Erie of 2G3. Southwestern stocks were one more prominent than heretofore and the announcement of acquisition by the Wa bash of the Omaha and St. Louis Railroad failed to strengthen the Wabash issues. There was heavy purchases of Amalga- mated Copper late in the day and the
 stock rose 21a on reports that combina- tion in which the company figured had secured control of the copper production of the country. Its top figure was not | maintained. the price running off a point near the close. Sugar underwent many wide changes during the day and after selling point above yesterdays c.cse, ended a point lower. There was no news | to account for the conspicuous strength | of Peoples Gas. which improved 21a in | face of the heaviness elsewhere. Reports l that the United States Steel Corporation | had secured control of the Republic Iron and Steel Company caused more active dealings in the latter stocks, and they ended a point each higher. Large blocks | of United States Steel issues were dealt | In at the opening and 1t was this period | that the low price of the day was rade | for the common. One block of $500 shares came out at 43A. but when it got down | to 4312, which indicated a loss over night. l the stock was supported and did not yIeld | below that price, although it failed to re- | cover to any extent when there were oc- | casional rallied elsewhere. The final price | was the lowest and the preferred closed | for the day. The preliminary figures of | the weekly bank statement show gain l by the banks of S71711s. This represents only the interior movement that the banks l lost pretty steadily to the sub-treasury l throughout. despite the heavy Govern
 ment expenditures for the week. A sharp | decline occurred in the sterling exchange market, demand bills falling to 4.S7ls on | the large offerings of bills. There was no | demand to speak of and dra wers rsruced prices pretty steadily during the day. ! The stock market was very dull in the | closing dealings and ended weak.
 Railroad bonds were dull and generally easier. Total sales, par value. T.1i500 | United States bonds were all unchanged on the last call.