The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-08-22
WALL STREET REVIEW
ACTIVE SPECULATIVE LIoUIDA'
TON MANIFEST.
At the Close the Selling Movement
Was Urgent and Somewhat
Precipitate-All Semblance.
of Resistance Disappears.

NEW YORK Aug. 2I.-Active speculative
liquidi on became manifest in today's stock
market and at the close the selling movement
was urgent and somewhat precipitated Our
ing the earlier part of the day some stand was
rade Against the tendency to depression and
few stocks were pushed up at different times
a sustaining influence upon the market.
b,t tho selling TO realize in the market was
steadily going all the time. AT the last
the liquidation seemed TO nave procceasa ~
the market were withdrawn and all semolailte
of resistance to the weakness disappeared. Inc
stocks which were notably strong YESTERDAY
and for some time previously started out at
declines and showed the largest efect
OF the selling pressure at the last: Some srnali
gains were retained even at the last In rev
OF the stocks which had risen earlier. put In
others the gains were more than wired OUT.
The upward turn In the Denver and Rio Granoe
stocks which de, eloped during the day after
a period Of quiet was the most conspicuous.
but Denver and Rio Grande closed with q suo-
stantial net loss LOUISVILLE ana Ma ,,1,a
points. The advance in Western Union was
said to be due TO pressure on the snort; tre
exception OF Texas and Pacific and Ontario
and Western the other Recommendations OF
strength were In minor railroad and industrial
stocks The acute weakness of Colorado Fuel,
which carried It down In the late dealings
8 points. was also an unsetting influence upon
the whole market. The failure of the specu-
lative operator who has led the advance in
the stock to obtain control OF the property
mas resulted III nedNy speculative
There was notable absence Of demand at the
close even from the professional snort inter :
est which must have been active on the down
ward course of prices during the day and the
closing tone distinctly weak. There was
no actual new development to account Tor the
sudden disposition to sell stocks, but there was
a very material change In sentiment, which
caused an altered view OF the same conditions
as existed yesterday. The sentimental char
acter Of yesterdays rise and that which had
preceded II for several days left a great prob
ability Of reaction. Extravagant as were
the expec.atio to the promptitude and
extent OF the measures which Mr. Morgan
would take to improve the situation. there was
some disappointment this morning over the
delay. The hope seemed to be that Mr.. Nor
ean's hurried visit to his office Immediately
upon landing from the steamer would result
in the settlement off hand of the various
problems which have accumulated during his
absence of several months. Yesterdays pro-
fessed confidence in the secure abundance OF
funds for speculative opposes was chaneed
today The engagement last night of Sloo.OoO
by teIegraphic transfer through the sub-treas-
ury to Cincinnati came too late for erect
upon the stock market. That shipment WAS
supplemcnted today by another one Of Sloo
600 to New Orleans and TIE fear was awak-
ened that the interior movement or currency
has fairly set in. The sterling exchange mar
ket was also notably firm. rejecting the very
heavy short interest existing in that market.
The disposition to realize was much empna-
sized b. this development
Bonds quite active and became easy
In sympathy with stocks. Stock sales 'par
vaiuel. So 52s 600 United States new ~
and old As advanced Z per cent. on the last
call.