The Montgomery advertiser., 1903-08-21
WAS MORE SELLING
IN CONSEQUENCE DECLINE IN
 THE STOCK MARKET.
Effective Inroad were Made Upon the Sharp Advance From the
 Low Level of the Year.

NEW YORK. Aug. 2o.-Thefe was more sell ing of the stocks this morning of the same character as that of yesterday and little re- sistance was offered. Prices in consequence de- ciined easily during the morning and effective inroads were made upon the sharp advances rom the low level of the year, which had been achieved last week. The reaction has run to about points in Rock Island and Amaiga- mated. which were the late leaders of the up- ward movement and which have in turn led the downward movement. The very large volume of trading in Rock Island at the top level causes belief that large distribution of stock was effected by insiders at that level and has given rise td the supposition in some quarters that the general market was under manipulation to facilitate this operation. There was no sign any longer of the powerful support and resistance to decline which helped the market upwards in the first stage of the re- covery. This was accepted by the purely spec uative contingent as an intimation that great banking institutions and influential capitalists do not favor a further advance in prices or an active speculation at this time. There Is an
 expectation In consequence that a period of dulness and sluggish fluctuations lies before the market. The rate at which the recovery
 was proceeding and the extent of the specula-
 tive commitments which were being made seemed to arouse apprehensions of renewed entanglements which the coming requirements
 upon the money market might make hazard
 ous. Special significance was attached to the drop of 2& in Amaigamated. of points in
 St. Paul and points in Consolidated Gas
 owing to the popular conception in Wall Street
 that the course of these particular stocks rep
 resents the attitude of Standard oil capitalists
 in the market and on the financial situation
 The money situation Is carefully watched from
 day to day for the development of the interior demand for currency. Shipments to the interior
 have been larger scale this week than
 last and the balance may turn against New
 York at any time. Call loan rates continue very
 easy, but the time money market is hardening apprecably. The banks point out that 1t Is their purpose to conserve their resources for regular commercial needs and the quoted rates represent the terms for those purposes. Rates otherwise matters of private agreement. The stock market contingent Is still inclined to disappointment over the doubts expressed as to currency legislation at the coming session of Congress The days movements in the grain and cotton markets were favorable to stocks, the decline in prices there indicating improved chances for the crops The tone of sentiment | in the iron trade was more cheerful today, reports indicating that the downward course | of prices has caused some increased demand at | last The attendance at the Stock Exchange | was reduced by visits to the yacht race and | after the race under way the interest on the floor was largely diverted to the bulletins or the race With the decrease in the activity 1 of the market large short interest was left uncovered. which showed gathering concern as the day progressed. Prices recovered steadily and on small dealings and closed firm at about the best of the day. Net gains of q point or more are shown by a number of the Pacihcs
 and trunk lines. Atchison rising points over last night.
 Bonds were irregular and turned heavy after
 the opening. Total sales tpar value). Sl ,322. . 900. United States bonds were all unchanged on call
 MAw York Stock List.