The Montgomery advertiser., 1903-07-30
WALL STREET REVIEW
FREQUENT HESITATION AND RE.
 ACTION IN ADVANCE.
Operations Take on More Conserva- tive Tone, and Leaps and Bounds of Recovery Give Way to
 Creeping Process.

NEW YORK, July 2e.-operations in the s.ock market took on a conservative tone again today and the leaps and bounds of the nrst recovery from the long depression gave piace to more creeping process Even this moderate upward pace not maintained ana there was frequent heistation and reac- uon. The news of rains in the Southwest and the resulting weakness fin the grain market was benefit to the stock market, as a close eye IS Kept on all news bearing upon the con- dition of the corn crop. There was no evil dence of renewed liquidation of the forced character that has cost the market dear
 TOT some time past. But the demand for ton and the selling, though light was suf- ncient to force prices backwards again. fheer Is an element amongst stock buyers which refrains consistently from entering the market until conclusive evidence that the turn mas dehcnitely come. It is made up in part or speculative shorts for long turn and in part or inevstment buyers who dread to hold stocks through decline, in distinction from that class called bargain hunters. which takes stocks from well formed convictions of their values and holds them regardless of the mar ket prices. The demand from this element seems to. have been exhausted quickly. The bargain hunting element. of course. declines to follow any advance in prices The recovery has reached sufficient dimensions to induce
 some profit taking also by the speculative buy CTS for short turn who were fortunate as to get in at last weeks low prices. It is an
 inevitable consequence of such a period of Ii- quidation with little sustaining power in the
 market that a strong class of holders should have been able to hold through the weakest
 point by agreement between themselves and their creditors in order to save needless sacri- flee to both by forced liquidation on collateral
 The result is a considerable amount of credits extended with a stipulation for liquidation at
 the first good opportunity. rising market
 at this time meets a considerable pressure on such contingent liquidation. It Is fact that
 many commission houses which have dread
 inability on the part of certain interests to
 respond to markin calls. have put out short contracts on the decline as a protection, and have been covering these short contracts on the recovery. This also is demand of small limitations. Aside from these technical con- alterations of the market there remains a con- seravtive spirit of waiting to perceive how far the business and industrial affairs of the coun- try will respond to the possible index afforded by the recent movement of secuFties prices. The opinions of prominent bankers on the sit uation imparted yesterday to the Associated Press made an impression upon the financial district, especially the tone of warning adopt
 ed by one influential banker. that the com
 mercai and industrial interests of the country
 may have to undergo later experience of
 liquidation like that through which Wall Street
 has just been passing. There distinct
 relaxation in the time money market today.
 Loans carrying the end of the year were
 offered with freedom at 51a per cent. Cash is
 accommodating at this center from various
 sources and it is expected that the next bank
 statement will at least reflect the heavy liqui-
 daion in a loan contraction. The wide move
 meneg' in todays market were confined to spe- cialties under the influence of special causes
 The days net changes are not important the
 earlier gains having been rather more than
 wiped out 2sby the reaction. The Atchison' s
 were conspicuously pressed for sale
 Inactive investment bonds were marketed
 at some wide concession. The market generally
 irregular. Total sales (par value) S2,-
 56o. 900. United States bonds unchanged on
 call.
 New York Stock List.