The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-09-25
WALL STREET REVIEW
A STORMY DAY EXPERIENCED
BY SPECTATORS.
Fluctuations Were Violent, and
There Were Many Changes in
the Course of Prices-Serene
at the Close.

NEW YORK, Sept. 24.-After a stormy day
on the stock market the closing was quiet,
but with the undertone still slightly unsettled.
1t was day of violent fluctuations and of
many changes in the of prices. Twice
there was dangerous break which threatened
generalization and twice there was an eff
fective recovery. Just at the last there was
some very large selling by holders who
seemed DESTROYS Of taking advantage of the
vigorous rally in force and who seemed yet
TO harbor doubts whether the storms of forced
liquidation had spent their force. But there
undoubtedly a very general sentiment at
the close that the position of the banks had
been cffertually strengthened and that the
violent loan contraction might be hoped to
have reached its limit for the present. The
news of the sighting of the steamship having
on hoard n consignment of nearly S 500. 900
gold was a strong sentimental influence on
the market as was the sharp break in sterl-
ing. The opening break in prices. which ran
from ! to points for the active leaders. was
aggravated by the unexpected news of Presi-
dent Roosevelts disability. The reports given
out from the Presidents train served to re-
assure fears on that score. There sus-
picion also that yesterdays late heavy, liqui-
dati1n had been due to advance in
formation of the operation the President.
The consequence that prices recovered
pretty generally during the first hour The
opening rate for call loans was announced at
| 3 per cent. and after a momentary reaction
70 10 per cent. the rate scared to rs per cent.
Stocks were then unloadei in enormous vol
ume with the demand apparently reduced to
nothing There was a heavy slump Of prices
throughout which carried prices of many lead
ing stocks from to points below last nights
level. before any effective resistance
SHOWN to the decline. The banks were cut
ting down accommodations on call to broker
age firms and proceeding with the drastic
measures which were inausurated yesterday
FOR recuperating their reserves. Assurances
were heard from all sides that abundant
sources were available for all regular bust
ness Proposes but nothing further was heard
Of the soothing assurance that there no
danger of money furres. The great specu-
lative combinations which have taken out
loans and bought stocks margin this
assurance for some time past had nothing
to do but to sell out their stock and repay
the loans. Various estimates current of
the extent of these loans for speculative pur-
poses and the closeness of the combination
amongst the speculative interests which have
acted together is not clearly defined. but it
Is believed that resources to the extent OF
$50 600 600 have been subject to centralized
direction in the speculative campaign which
was undertaken. The action of the banks this
week marked the abandonment Of the hope
that had been entertained that measures Of
relief by the Treasury Department and the
automatic relief Of gold imports would save
the situation through the crop moving period
Talk was renewed today of an intention
the part of the Secretary Of the Treasury to
increase Government deposits with the banks
bonds for security, but no official sanction
could be secured for this report. This dis
t-a later rally in the market There de-
posted TODAY at that institution S45o0oo
for transfer to Chicago and sloo, 900 for New
Orleans. An effective agency in the rally
the changed attitude of the brokers for
speculative combination which sold thousands
of shares yesterday. but which turned to the
buying side at the low level today Their
operations were centered in the Gould stocks
and resulted in carrying Western Union *
and Manhattan 2& over last nights level
The smallness of the net changes generally
marked the effectiveness of the second
covery in the market.
Bonds suffered quite severely in the liqui-
dalton but rallied vigorously in sympathy
with stocks Total sales (par value). Sc. no.
900. United States 2's declined 4 and the
old As advanced \ per cent. on the last call
Money and Exchange.
NEW YORK, Sept 24.-Money on call strong
at loW25 per cent; closed offered at ID per
cent
Prime mercantile paper. 6 per cent.
Sterling exchange weak with actual bust