The Montgomery advertiser., 1903-07-31
WALL STREET REVIEW
BUYERS GET OUT OF THE MAR
 KET HURRIEDLY. .~.
No Acute Weakness, Except For Flunges Among Inactive Spec ialties, But the Demand Diminishes to Normal
 Proportions.

NEW YORK. July 3o.-Yesterday's check .o the recovery in prices was supplemented weakness exceni for inc eccentric "1 p,nnses amongst the inactive specialties. but the de- mand diminished to nominal proportions Com mission houses which reported yesterday an awakening inquiry for stocks found today that the slight reaction in prices had almost entirely discouraged this buying and in some cases had induced buyers to get out of the market again nurriedly. constant drip of small selling undermined the market and caused prices to crumbie. The early selling centered on Atch- son. following up the late movement of yes terday. The general list resisted for time until some specialties began to make violent declines. The weakness then became quite general. Several of the professed reasons for yesterdays selling of Atchison were cleared up today without strengthening the stock in the market. Official denials made of rumors of a coming bond issue and of an alleged unsuccessful attempt to negotiate tempo rery loan by the company. The reports of rains in the Southwest with expected benefit to the corn crop disposed of another ground of weakness. The selling partly by profess sional bears but the suspicion remained that long stock was coming upon the market and made an unfaovrable impression upon specu- lative sentiment in the whole market. An un- favorable showing Of June net earnings by reason Of flood damage and bear raid to dislodge a pools holdings of the stock were hinted at. A feature of the situation is the revival of various reports running from the plausible to the highly improbable, of new
 
 tems. The purchase of the Evansville and Terre Haute evidently gave new lease of life to this class of reports They concerned themselves with railroads of all grades from those of few tens of thousand of shares to the New York Central and Pennsylvania. The policy of combination of available railroad sys- tems doubtless has favor in the railroad world and the liquidation forced in some shares had offered attractive opportunities for absorption, in strong contrast to the extravagant valua- tions at which the mergers of the boom period fAA onffC Af he speculative excitement in cotton was against veloping in the grain markets is looked upon with degree of apprehension, owing to the general financial situation. Corn showed strength today in spite of the favorable crop news and there was some fear that the Spring wheat crop was suffering further deterioration. The money market showed a growing ease for time loans But the movement of prices of specialties on the Stock Exchange indicated that there was some selling out of collateral in loans. Stocks recovered a large part of their decline late in the day when the liquida- tion in Atchison had spent its force and the closing was apathetic and not far from last nights level.
 In the bond market Chicago Terminal Trans fer As were offered down 65 just before the close. Toledo, St. Louis and Western As fell g. The bond market quite broad and showed a good inquiry, although some of the active investment issues were marketable at considerable concessions from last night. To- tai sales (par vaue), S2.4io,ooo. United States 3's declined l and the old As l1s on the last call
 New York Stock List.