The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-02-22
WALL STREET REVIEW
FORCED LIQUIDATION COMES
TO AN END.
A Few Stocks Show Strength and
Lead a Substantial Rally. r.
Morgan's Visit to Washing
ton Gives Comfort.

NEW YORK Feb 2I-The action Of the
stock market this morning demonstrated pref,
ty conclusiyely that speculative sentiment mao
overcome the shock caused by yesterday
unexpected announcement of the proceedings
Stocks held on margin By timid holders had
apparently sold out yesterday, and the forced
liquidation completed. there was very niue
need for supporting orders in the market THIS
morning. 1t was generally supposed the STOCKS
bought yesterday for support had been I'M
loaded on the rally insiders gained conf
dence that no serious break was impending.
AT the opening the market was heavy. but by
the second hour the selling had fallen 20
practically staGnant. At the same time there
points Of resistance and a few stocks
gained additional strength as the day pro-
crossed and led substantial rally, which
placed prices quite generally above last nights
close. The issuance of the bank sLatement
seemed to be the turning point. The cash
item was very practically unchanged instead
of the expected decrease of over a million dol
lars and the restriction Of the loan expansion
TO less than So 900. 900 treasured the senti-
ment that credit resources were being taken
up too hastily. The call money rate aased on
to per cent. under the showing of the bank
statement and the reduced requirements Tor
speculative purposes. The cessation of forced
in number OF stocks drove the shorts to
cover. A report that J. p. Morgan had gone
to Washington to confer with President Roose-
welt gave room traders comfort. The Colo
RADIO and Southern stocks became very strong
at the last on a volume OF dealings unprece,
dented for the market. Their gains reached
8 points or better. Good dividend prospects
were alleged for the reason for the advance.
Chicago, Indianapolis and Louisville also rose
3is and the preferred y on reported divf-
dend prospects. Analgamated Copper was err
ratio. rising at one time over point. put
closing practically unchanged. Manhattan
also failed to hold its gain OF IA; North
western recovered - of yesterdays loss
United States Rubber stocks We're strong. out
side of these the striking gains were In less
prominent stocks. Renewed strength In the
exchange market corroborated the expectation
that more gold will be exported next Week
Bonds were rather duh and irregular. To-
tai sales tpar value). So, 3e5 900.
The announced determination of the authori.
ties at Washington to take steps against the
Northern Securities Company on the ground
that IT was formed in yi snn OF the sner ,
market on Thursday and superseded every
other consideration. PRECIOUS to that time
Individual stocks advancing sharply and the
general undeTtone firm. This was due to the
Discrimination of holders to sell as much as
to any marked demand for stocks. How Tar
the new turn of affairs in Northern Securities
may ultimately affect the market Is difficult TO
foresee. These were substantial interests and
the most at stake were large buyers of stocks
in the furry of Thursday. while the sellers
were almost wholly the. spectators on mar
The rule, however. that substantial interests
come to the support of values of properties
in which they are interested IN time oI ciis no.
permanent holdings were apparent. This thing
was in evidence at the time of President NC
Kinley's assassination and in last May panic
The assumption among spectators in Wall
Street that the establishment of the status
Of, the Northern Securities Company would
relieve all repressive influences on specula-
ton and restore conditions to the state that
was interrupted by the Northern Pacific quar-
rel take no account of the fact that values
were inflated by over-speculation last May
and thet the events that the then speculation
was intended to discount. have since come
to pass, or have been demonstrated to he idle
rumors and canards. Not much Thought has
been given as to, how far the actual condi-
tons OF property values would be affected by
the overthrow of the Northern Securities Com
pany 1t is not clear that the actual changes
and dividend divisions of control which were
affected by the Northern Pacific contest would
be altered by dissolving the company. The
foatation OF the Northern Securities Company
might supposedly be defeated, without threat
ening the renewal Of the trans-continental
which some discern in the proceedings against
the Northern Securities lies In the SUPPOSE
| ton that 1t is intended to test the efficacy
of the existing law in the case and then
| lend the power of the administration to amend
| ing 1t IL necessary to make X effective against
| the formation of great financial combines. The
program thus foreshadowed would not be re-
gardea with equanimity by any large IMAM
| cial, interests and. a reflection Of misgfving
would be expected in the securities market for
an indefinite period.
The routine news of the week has not given
| occasion to anxiety, but rather for encour-
agement In the activity OF the iron trade a
rather larger movement of grain and prosper
Gus general trade conditions go
United States refunding 2s bonds advanced
| I2 the SIS coupon S. SIS registered Y. the
| SIS y and the old As u over the closing call
of last week.
Money and Exchange.
NEW YORK. Feb. 2l.-Money call
steady at 2a2A per cent; closed bid and