The Montgomery advertiser., 1903-07-28
WALL STREET REVIEW
ANOTHER FAILURE BRINGS
 ABOUT DECLINES.
Later There Was a Recovery and the Tone of the Market Bec2me Strong-Bonds Are IT, regular.

NEW YORK, July 27.-The failure of an- other Stock Exchange firm announced shortly after the opening this morning. renewed the feeling of nervousness and prices were again forced to a lower level. There were violent declines in some of the stocks in which the failed firms were immediately interested. A number of the standard railroad stocks at the same time sold down from 1 to points under Saturdays level but even during this period of initial weakness there was manifest a good absorption of stocks and points of strength persisted against the depression Later in he day when it was said no further failures would be announced. the tone of the market became very strong and the early losses were wiped out, even In the weak stocks. while the gen. eral level of the market rose to substantial level over last night. The demand was espe- cially conspicuous for New York Central. St. Paul, Southern Pacific. Reading. Illinois Gen. tral and stocks of like substantial grade. Some large orders were executed in all of these stocks. and at other points throughout the market. so that prices ended the day from l to over 3 points above Saturdays level for prominent stocks and at much wider advances for some of the less active issues. Some Of this buying was to cover short contracts and aa considerable portion of 1t was by profess sional operators for turn in the market on the long side. But there was an improved de- mand for investment. both in stocks and bonds and Stock Exchange commission houses showed an increased confidence in advising their GUS toners to buy. Only few of the active stocks showed such violent falls as have characterized the recent market which pointed to conclu- sion that there was less pressure to close out unmarketable securities figuring as collateral in loans and an improvement in facilities for securing accommodation. The recent contraction of credit in the stock market has been largely due to distrust of such operations as those in which the recently failed firms have been largely engaged. involving. as they did. in- hation and manipulation of the values of se- curities. The letting out of this imitation has really brought a sense of relief from the op- precision of artificial conditions hanging over the market and sustained with difficulty. These held-over projects quite apparent from the early ones. in which the syndicates were successful in holding up prices until their holdings were taken off their hands and which have left behind them also their train of financial distress and dsappointments. But with the passing of the syndicate interests and the abandonment of the artificial support, the stocks have been allowed to sink to the level natural to the changes in their status. The recent failures represent the abandonment of efforts to sustain by main strength the prices of securities the market for which has passed and the closing up of affairs. which resulted in the cause of sensible relief in the stock mar ket There were fears that further failures would occur today and the strong recovery In the market was helped by the averting of these. The market closed quiet and steady and only slightly below the top level.
 The bond market continued rather irregular. although there good demand for some is- sues Total sales (par value). S3225, 900. United States bonds unchanged on call.
 New York Stock List.