The Montgomery advertiser., 1903-08-06
WALL STREET REVIEW
CLOSE or SESSION HAILED WITH
 RELIEF.
The Day One of Excitement and AlarmTwo Failures Are Am nounced--Prices Fade Away
 in Startling Manner.

NEW YORK. Aug S-The hour for closing o1 todays stock market was hailed with relief Sy the highly strung members of the Ex- cnanee The day was one of excitement and siarm and the fading away of the prices of se- cur1tfes vas 90 rapid and comprehensive as to sfouse grave fears of the consequsnces.. The announcements of two failures were the only actu& dfsasters te develop and neither of these was surprise Some of the day's H. quidation was supposed to be of collateral on tns loans of the failed firms. although it was cnicialiy announced in one case that the cred itors had decided to withhold the collateral from the market in it's present condition. 1t wss evident that very general closing out oxf conefer&l In loans was in progress and much of it was allowed to go for what 1t would bring. As the demand for stock is stin exceedinsiy light. the natural result was oemoralization of the market and the pressure rew more acute by the reactionary effect of the selling in forcing shrinkage of the col lateral in other loans. So far as the news of basis for the sacrifice of securities beyond the uneasy sense that collateral could not be readily on and the consequent desire to con- vert into ready money. This Is the essence of demoraiixation in any market and 1t had its natural result today. Expectation was at the high pitch at the opening and demoraiization vas prevented only by the most vigorous and determined support on the part of the banking interests and market managers for various prominent stocks. The support was especially notable in the United States Steel stocks and succeeded in raising the price of the common point and the preferred l% over last nights level. The support of these stocks was helped by the fact that some of the developments which were feared from yesterdays meeting of tn directors did not occur. As the weak ness of these stocks was a potent factor in the weakness of yesterdays market the strong support accorded them this morning had soothing effect on sentiment The result was c. pretty general recovery from the opening declines. Then came the announcement of the commitments in variety of stocks. From that time until the close the liquidation was inter mittentiy pursued with occasional rallies on cover among the bears in the final dealings. but even then there were renewed breaks at other points and the closing was extremely nervous and excited with very irregular huc- tuations The United States Steel stocks snf- fered comparatively small losses, but both the common and the preferred and the sinking fund , per cent bonds touched low record Pacific was very violent and 1t suffered an ex- treme loss of 6k Much of the liquidation in this was attributed to the account of one of the suspended firms. It carried down Wahash preferred points with 1t. Erie was also very heavily sold as the day progressed. The Pa- cifcs and Changers were under steady pres sure during most of the day The violent de- ciines in the Colorado and Southern stocks. the Southern Railway stocks and virginia- Carolina Chemical were associated with the lively inactive stocks were severe sufferers, American Snuff breaking l6 and New York Air Brake, Pullman, Consolidated Gas, 0eperal Electric and Chicago and Eastern Illinois cef- tihcates from to 10 points Call loans were slightly nrmer. but there was nothing ip the time money market to explain the pressure to retire loans. A further sharp break in ster-. Hing exchange caused an approach in the rate towards the gold import point. Profit taking in the grain markets was satisfactory de- vsiopment, which was offset however, oy the continued speculative manipulation in cotton. A cut in price of steam coal by the Reading and talk of . Rock Island strike, which was denied were made something of by the bears Satisfactory reports of railroad earnings, in- ciudinx "a IS per cent. increase in gross earn inRS for July over last year by the New York Central were without any influence upon sen- timent.
 Bonds were weak in sympathy with stocks. Total sales (par value). S4.e4o oOo United States bonds were all unchanged on the last call.
 New York Stock List.