The Montgomery advertiser., 1902-10-08
WALL STREET REVIEW
ACUTE DEPRESSION FELT IN
 LATE DEALINGS.
Stocks Showed Substantial Losses Throughout the Entire Last Announcement from Wash ington Caused a Strong
 Influence.

NEW YORK. Oct. 7.-There were many shades of sentiment reflected in the stock mar
 depression in the late a deaiines and ii the % day shows substantial losses throughout the list. Very large pool liquidation was accomplished during the day under cover of the earlier
 break.
 The character of the manipulation and the
 special stocks which were most effected by
 that anu the liquidation pointed to the indl-
 viduality of the best known operator in the
 street who has espoused the long side since a
 recent turn from Europe and who has been
 supposed to be entrusted with the market in
 ncSdr the nted e 'asef ssetsn stee t"c
 southern Pacific was very conspicuous in the
 dealings.
 A recent decision publicly announced to is-
 sue S25 GOO. 900 of bond with a view to pro-
 vide funds for betterments and allow the
 inauguration of dividends out of earnings was the occasion of large speculative commitments in the stock. The directors have caused the
 anncu, ct ment to be quietly made this week for the Southern Pacific bond issue. This is believed to be not in accord with the view
 who iqudated peh his holdings % today @ P Pennsyi G. vania was also heavily sold, presumably by the same large operator.
 The early advance in prices offered ample opportunity for this liquidation. The upward rush of prices at the opening was supposed to point to the completion of the liquidation which the local money situation makes nec- essary and there was considerable demand from shorts and from bargain hunters who
  was made of the orders by the Governor of Pennsylvania to place the entire militia of | the State in the field
 A strong influence was exerted by the nouncement from Washington that the Secre l tary of the Treasury would buy Government bonds if any were offered at satisfactory prices | This considered a very promising prospect on further consideration and it Is believed that preparations being made to offer a block of bonds to the treasury de-
 signed to test the official idea of prices rather than with the hope of effecting advanta- Eeous rate.
 When the market opened, lenders of funds
 were demanding E per cent. for call loans and
 the market promptly took a down ward course It not until after midday. however. that the selling pressure gained great force. The a wide range but the days net declines are much diminished by reason of the early al vances and the final rally. which .IHade the closing steady. ," Money became easier during the day both by reason of the relief afftyded by liquidation of loans and by the reported announcement of
 the arrival of S3,7oo. Goo of Australian gold at San Francisco. Which be made avail able in New York by tslegraphic transfer
 through the Tyeasury Department It is arGueG that the more liquidation has been accomplished the nearer the end of the decline ID prices must be al hand. Money was easier Doth in London and Berlin today, and
 sterlRg exchange reacted here with the de-
 parYre of fast steamer for Europe and a
 relaxation in the urgent demand for remit
 tsnce
 Total sales (par value). S2 9lo c, o0o United States 3s registered advanced F, the new Al E and the old As and 5's l. per cent on the last call