The Montgomery advertiser., 1903-06-17
WALL STREET REVIEW
FREQUENT FLUCTUATIONS
 CHARACTERIZE MARKET.
Attempt Late in the Day to Rush Prices Up Much Above Those of Close the Day Before Results
 in Failure.

NEW YORK, June l6-A comparison of to- asy last prices with the last prices last night sINes no Idea of the wide fluctuations in the gay s market The principal speculative favor ites this morning were from to over ? points lower than last night and within a range run ntIs rom fraction to between 114 and PoInts or the low level touched Wednesday & iast Tn many cases. The days fluctuations, While generally small therefore represent a very substantial recovery from the low point ol the day. But when 1t was attempted to Tusn prices up late in the day to much above last nights level pressure to sell was renewed ana prices again fell back The closing how ever sver; was hrm but very dull and near the top IeNei or the day The inference drawn from the action of the market was that professional specu!ators tested the market the short side gnu gnu forged resistance in a substantial buying demand. The buying by the bears to cover was substantial element in the rally and when the attempt was made to carry the move ment 1urther pressure to sell again countered. In addition account must be taken or what looked like further liquidation during the early hours this morning the weaknt ss of yesterdays market having awakened fears that further extensive decline was fin pros pect. It was evident also that when prices approached last weeks low level buying of an investment character again came into the street. The deductions drawn by the average operator in stocks at the end of the day was that attacks on the market would encounter substantial buying power and that the urgent lquidation of the character in evidence last week was no longer overhanging the market on the other hanu attempts to bull the mar ket aside from the probable lack of money re- sources seemed to encounter heavy selling at the high level. The prospect thus indicated of dull and sluggish market Is viewed not with satisfaction in financial quarters generally. That the resources which have been accunu- lated by such a painful process of liquidation should be immediately put back into specu- lative use with the needs of the coming au- tumn still to be met is generally dis approved by bankers and those with large property interests. During the early decline today the suspense over the probable decision Of the coal miners convention was of impor- tant influence The final action by the conven- tlon and the apparent improvement in feeling or the two sides to the controversy which has vast anxiety expressed the crop news during the early part of the day, but the weekly crop report and the reaction in wheat and cotton served to relieve this somewhat Atchison was conspcuousy weak and rumors or possible reduction in the dividend contin- ued to circulate. The payment of an install ment of the subscription on the consols issue calling for $l5, 000 900 in the London market added to the depression there and was reflect ed here. Sterling exchange also ruled strong with threat of further gold exports The recrtmnations due to the lawsuit over the Unuited Shipbuildings reorganization and the tone of the testimony in the suit against the lease of the Metropolitan Street Railway by wide discussion in Wall Street and caused a very unfavorable impression in the market The suicide of an official of one of the banks was also used during the morning to induce that no financial irregularities were involved took away that effect The reduction in prce of copper weakened Amalgamated in the early dealings but the latter announcement of a further nut in the price of pig iron did not interrupt the late recovery of the market Bonds showed early weakness and recovered in sympathy with stocks. Total sales par value $2 9S0,0O0. C s. 3s advanced per cent on the last call
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