The Montgomery advertiser., 1903-08-07
WALL STREET REVIEW
EFFECTIVE RALLY OF PRICES
 IS PRODUCED.
The Day Closes With an Animated Buying Movement in Progress. Covering Plays an Impor-
 tant Part.

NEW YORK. Aug. e-wall Street emerged today from it's gloom. which still cloudsd the situation during the early hours of the trad ing in stocks and an effective rally In prices was produced. The day closed with an ani- mated buying movement In progress and with prices in the active list from one to over points above last night. During the period of early weakness there were numerous declines of from ] to 2 points, breaking through pre- vious low levels for the year The early weak ness was not universal. many stocks showing good resistahce and refiecting edetrmined sup port by means of confident buying on the part of the market managers for the stocks There was acute weakness after the opening, which centered upon Missouri Pacific. Atchison and Baltimore and Ohio. This seemed to be c continuation of yesterdays liquidation and the closing out of collateral in loans. The weak spots in the market, of which the above stocks were the most notable. kept the tone unsettled and nervous. The eagerness shown for the announcement. which was made in conspic- uous manner, that all sheets had safely passed the Stock Exchange clearing house and the evident relief after the announcement was made showed clearly that fears had been felt that further failures would result from the strained condition of affairs. After the clear Ing house sheets had gone through there was a relaxation In the selling pressure and indi- cations that liquidation of an urgent character had spent its force. The stability of parts of the market which were supported by large banking interests arrested the rapid shrink age in collateral which aroused such acute uneasiness yesterday. The market gradually strengthened during the latter part of the day and became quite buoyant at the last. It may be accepted as a matter of course that cov- ering of short contracts by professional trad CTS would not desist from putting out short sales as long the decline in prices con- tinued. The mere fact of the turn in the tide of the market gave rise to flood of rumors intended to explain the change in sentiment The favorite rumor was that a coalition had been forced among the most powerful capital ists in the country to buy all stocks that were offered and to lend freely to the distressed in- terests in the market This rumor presented so pleasing prospect that everybody who gave credence to 1t was disposed to buy stocks to the extent of his ability. The professional traders short of the market were, of course. foremost in this eagerness. As a matter of fact there is reason to believe that ex- change of views on the situation among impor- tant capitalists has disclosed an agreement of opinion as to the advisability of further sell ing out of collateral as far as possible. But the lenders in the stock market showed con- siderable variation fin the policy pursued in this matter as was disclosed by further closing out of collateral this morning. There was as little In the news of the day to account for the rally there has been for the recent heavy decline. Liquidation in grain and cotton was supposed to be induced to some extent by the threatening situation in Wall Street and the rise in the call loan rate to 4 per cent. this afternoon was said to be duo in part to the cancellation of some loans in cotton. The movement in call money did not affect the late strength in stocks. Tine trade reports on iron and steel gave prominence to the dini- cuity of financing new unudertakings on ac- count of the money and securities market situ- ation and cited cases of postponement of de- liveries and even cancellation of orders Pas senger rate disturbances in the West and Northwest are said to be threatening. There were continued large offerings of loan bills Tn the exchange market, but these were viewed as rehecting some pressure for funds which could not he satisfied In the domestic market The further obligations thus incurred are also considered not to strengthen the situation. The great relief felt that no further casual ties occurred in the Stock Exchange circle carried all other considerations before it and resulted in the violent rebound fin prices.
 Speculative bonds made violent recoveries In sympathy with stocks. The general bond mar ket was irregular. Total sales tpar vaiue,, Ss % 900. United States bonds were all rn- changed on the last call.
 New York Stock List.