The Montgomery advertiser., 1903-07-11
WALL STREET REVIEW
VILE INRoADs' ARE MADE IN
 PRICES.
The Renewed Activity Seems Con fined to the Selling Side of the Market-New York Central
 the Chief Sufferer.

NEW YORK. July io-Thc Stock Exohang, did as much business today in the first two hours of the session as was done during tho sntire session of the previous day. which was In turn more than twice as much as the re- cent daily averages. This revival of activity has been on the selling side of the market and wide fnroads prices were added today. Ow- Ing to the late rally the movement to cover shorts the days extreme declines were con- siderabiy mitigated. the more prominent ac- tive stocks closing at recoveries of i@lh from the low point of the day The movement in New York Central continued to dominate the whole n,aSket and that stocks extreme decline of 3h points was the most considerable in the active list. The price touched lle during the carly afternoon and closed at ii9h. Quite . number of leading speculative stocks were at one time from to points below last night. St Paul and United States Steel. the latter at only fractional decline. touched lower prices than before this year and the same was true in number of inactive stocks. Pennsylvania sold GUS buying orders at that level were immedi- ately disclosed There no important new developments to account for the continued authority whatever plans were in contempla- tipn for raising aditionnl capital for New York Central nothing was to be done until sefs lst. There were admissions as to the probability that the terminal construction con tsg1piafed by the company would be done through the medium of a terminal company organized for the purpose. But 1t was real ixed that New York Central credit must he relied upon for raising the money. The con tinued stream of New York Central stock com ing upon the market sYffic,cnt in itself to take away the efee. cf disclaimers of a contemplated stock issue bond issue. Stocks of the subsidiary vn,i ' ,,' 'npanies which are seldom dealt in. si,, suffered wide de- rllucs. Lake Erie and vs iterr preferred los- ing Q. Cleveland. Clrcinaau. Ch,eogo and St. Louis and Peoria Eastern 6k and Canada Southern 2la: Chicago and Northwestern also suffered 2ha per cent. decline and the pre- feffed g. the latter wits q recovery. There were other notable declines Nfnomw high priced investment stocks. such es New Jersey Gem rai. which lost 6. Delaware and Hudson 5&, Lackawanna and American Express 6, and Pullman 3%. The occasional rallies of the market indicated the large part played by pro- fessionai shc:t selling in the weakness. But the large amount of long stock were dislodged by the bear tactics of the professional traders and each successive rally until the last one was asaiied of as a basis for renewed selling. The iirst effective lally of the day came after the rubiieation of estimates of the weekly cash changes which showed excess of receipts over shipments the interior movement of over S3. 900. 900. This Is larger than the S2.- 75So0o loss sub-treasury operations, thus indicating small net cash gain by the banks. Temorrow's gold shipments of S2,6oo. 900. however, do not figure in this estimate. The large receipts on balance from the interior were a decided surprise in view of the movement of interior exchange markets The grain markets reflected the large closing up of accounts in ex- pecfations of the appearance of the monthly ctop statement after the closing today and apecuiAters in stocks not able 10 gel much light the crop situation from th' movements of the grain markets. The mar ket closed about steady on the late rally.
 Bonds were weak In sympathy with stocks Total eaies (par vaiue) g. Iso 900. Unitet States bonds were all unchanged on the las call