The Montgomery advertiser., 1903-07-18
WALL STREET REVIEW RECOVERY IN PRICES IS RE-
 SUMED. Hesitation Shown at Various Times Owing to Unsettling Effects of Sudden Breaks in Special
 Stocks.

NEW, YORK, July i7.-The recovery in lnces or securities. which was interrupted yes- <erdsy by the late slump in Amaigamated Sopper. was resumed today It showed some hesitation at various times owing to the un- settling enect of sudden breaks in special stocks. But it gathered force as the day whole market was lifted between 2 and a points over last might. New York Central and st Paul led the advance. but gains of 2 points or over were secured by Pennsylvania Reading. Erie first preferred. Kansas and Texas preferred Union Paeific sAtchison. Amalgamated and Smelling. Among the inac- srv ve saocks tnere were some larger gains which violent declines. The opening advance In the market was first checked by a renewed at- tack on Arnalgamated Copper. which carried 1t paok to yesterdays low record level But the stock showed determined resistance and be- came strong, notwithstanding a report of an additional cut in the price of the metal. An other backset was caused by the drop in Su- gar to & below last night which followed the announcement of rise in the price of re- nncd sugar and was without other expiana- ffon. Colorado Fuel then made violent slump of 6h points to the low price for the year and this was followed by break in Toledo St. Louis and Western securities, which cost me sne common con stock sz points. the preferred 7A the last stock to show notable weakness and its decline of IS ended the resistance to the advance in the general market. The market vas not notably affected by any of these breaks and this caused an impression that, cov- erfng movements on large scale were going on under cover of the depression in spots. This gave color to the supposition that the oc- cnsionad breaks were due to raiding tactics. although there were indications of the closing cut. of some accounts by forced liquidation. The general feeling over the money outlook was brighter, and rumors were circulated with out assignedauthority that many proposed loans by railroad corporations had been postponed
 Estimates of the weeks currency. movements pointed to a net gain by the banks of over s. o01ooo The rise in interest rates here seems to have induced large flow of currency from Interior points and the sub-treasury made heavy disbursements yesterday and today for special accounts thus largely reducing the weeks early loss by the banks to that insti- tuition. The offerings of foreign funds in this market have also relieved the situation Ster- ling exchange however. made some recovery today from yesterdays sensational break. Discounts hardened in London and Berlin, and sterling weakened at Paris. London also turned seller of securities fin this market on balance the upward turn of prices. which was more rapid here than in. London, offering ad- vantages for selling arbitrage stocks which were purchased at the lower level in London. The large increase in wheat exports for the week which rose l,272374 bushels over those of last week, was a satisfactory development in the exchange situation. The principal in- terest in tonorrows bank statement will turn on the item of loans. It Is supposed that the Pennsylvania Company has commenced the repayment of its maturing notes. It is ques- ton the whole. how far the large borrow ing by railroad corporations will be reflected in the statement as considerable portion of these loans has gone abroad. Todays move ment in stocks. however, reflected the feeling materially improved. The market closed ac- tive and steady at about the top level.
 Bonds were inclined to rally in sympathy with stocks. but there were some weak spots (par vslue). S2. 3e5, 900. United States bonds were all unchanged on the last call.