The Montgomery advertiser., 1903-08-08
WALL STREET REVIEW
BUYING MOVEMENT SEEMED TO
 HAVE SPENT ITS COURSE.
On the Other Hand It Was Apparent That Supporting Orders Were Forthcoming for the Mar
 ket on Declines.

NEW YORK, Aug. 7.-Today's stock marktt started upwards in continuation of yesterdays iate movement toward recovery. but 1t became apparent very quickly that the further advance in prices was encountering sales to take pronts on yesterdays late rise The buying movement also seemed to have spent its force the advance in prices, On the other hand it was apparent that support was forthcoming for the market on declines and there was no re- nswai of the tone of demoralization such as characterized the market yesterday morning Defore the rally set in. Even the resumption of liquidation in spots, which was easily per ceptibie. was taken calmly by the market. which developed no appearance of disorder at any time. There was free selling of some of the Western grain carriers, New York Central and the specialties. Pressure was renewed up- on Vfrginia-Carolina Chemical and 1t was be- lieved that collateral for loans being thrown upon the market again. Later in the day, raiding tactics by the bears showed them selves distinctly especially in Canadian Pa cffic. which was forced down 4 points on the circuiationof baseless rumors alleging the clos ing of the Montreal Stock Exchange and re- newed financial difficulties there. Even this did not disturb the apparent equanimity of the market. The tone heavy and sluggish all day. but the character of the market was very different from the acute weakness shown in the later stages of the recent decline. What the cause of the improvement was did rot become known. although rumors to account for the change were abundant. It was be- lieyed that some large settlements had been
 
 ings of various stocks by private agreement. thus relieving some weak points in the stuh- tion. Yesterdays demonstration of buying power was accepted evidence that impor- tant financial interests prepared to af- ford support to the market If necessary to pre- vent its running into demoraiization. Yes terday's supposition that a vigorous upward movement of prices had been determined upon by the financial powers was seen to be with out foundation. But this did not prevent a feeling of comfort over the check to the head long downward course of prices and the con sequent contraction of credits. which was threatening disaster. One of the developments of the day was a steadier tone ir the foreign exchange market which seemed rapidly ap- preaching the gold import point in the last two days. It Is anomaly of the situation that the irmer tone of exchange afforded some re- lief to sentiment The heavy offerings of the last few days have not been against commer- bills. which, 1t was feared represented an urg- ent pressure for credits that could not be sat- isfied at home. The lighter offerings of this class of bills today viewed with satis- faction. Tomorrow's hank statement promises to show a small loss in cash, the receipts on balance from the interior being so much smaller than last week not to wipe out the loss by the banks to the sub-treasury of $3, 5os. 900. It will be remembered that the banks gained upwards of s7, GOO 900 last week. The market seemed to be undisturbed by this contrast The outlook for the loan item Is obscure and there Is nothing to indicate that the week g liquidation in stocks will be any more re- fected in the loan item than was the disap- pointing case last week.
 Bonds were irregular. Total sales (par xalue), S2, t3S, 900. United States bonds were unchanged on the last call.
 New York Stock List.