The Montgomery advertiser., 1903-10-04
ALL STREET. REVIEW NARKET LEFT IN HANDS OF PROFESSIONALS. Movement Decidedly Irregular and at Close Some Stocks Reached
 the Top Levee of Prices For thefD Day.

NEW YORK. Oct. &.-Today's market was narrow and dull andFwas largely confined to professional operations The movement was de- cidedly4 Irregular. especially at the close when some of the leading stocks ran up to the top level of the day. notably St Paul and New York. while others ran off to the lowest, Erie and Missouri Pacific being conspicuous. The tone was somewhat unsettled throughout. Lon don's influence caused the opening decline and an effective rally was lost on the appearance of the bank statement. The decrease in the loan item was satisfactory in view of the heavy renuirements of the Oct. ist settlements and the steel conversion syndicate needs, but the decrease in cash of sl. e64, 500 disappointed extensions. This item, however. was compli- cated by the cash dividend payment of the Ma tional Bank of Commerce In the adjustment of its merger with the Western National Bank. The market rallied we'll and closed irregular as above indicated. There was evidence of some leftover liquidation and the outcome of the Baltimore banking, endorsements was still somewhat disturbing factor on senu- fment. The violent jump in the cotton market on the Governments monthly report of condi- tions was not well received in the stock mar ket.. Sterling exchange easy and dis count rates declined in London with reports of large arrivals of gold from South Africa. New Yorks probable coming requirements up- on London for gold thus promises to be facili- tated. The showing in the annual reports of Reading and New York Central was considered favorable. There were signs of continuance of arbitragc operations by the underwriting syndi- cate by buying United States Steel preferred and ceiling the bonds
 There has been considerable improvement in sentiment in Wall Street during the week as a result of various causes, but principally the Tightening of the pressure of unexplained H. quidation, which had been going on for con- siderable time and followed with an urgent and . disregard of prices which stamped 1t unnnis- aalsably as necessitous. Selling of this char acter was still in evidence on Monday and made the closing of the market on that day weak to the point of demoraliZation, The next day showed a sudden and unexplained reversal in the course of prices.
 It became very evident in the course of the day that the strongest banks and capitalists were buying stocks at various points in the list for the purpose of supporting prices and soothing the fears which were threatening to run into panic Formal denials made that an agreement had been entered into to lis end but 1t is certain that there were meetings and discussions Monday night between the capitalists concerned which must have de- vcloped a consensus of opinion. to the proper action to he taken. On Wednesday again there vas abundant evidence that stocks which had 5een bought the day before to support the mar get were being sold again and there were signs If a recurrence of liquidation which caused the clouds of gloom to gather about the Stock Ex- change again. But when this realizing was eompiishcd the market took a normal appearance of strength and seemed compaIa- lively free from forced liquidation.
 The selling orders which originated in Phil Adelphia and Pittsburg were especially heavy and the special weakness of Pennsylvania and the traction stocks a feature. Coupled with the uninterrupted falling of the United States Steel securities the surmise formed that the financial trouble centered about the iron and steel industry. The closing of various mills and the admitted necessity for curtail- ment of the pig iron output gave additional force to these surmises and gave rise to apprehension that coming industrial depres- sion and an economic crisis was being fore shadowed by the continued depression in the securities market The anxiety of Monday led to a thorough canvass of the situation by the banks. which resulted in the assurance that they were able to find no trace of the mys- terious trouble which persistent said was hanging over the market. The views of Jacob H. Schiff. of Kuhn. Loeb & Co.. on tho situation in an interview for the Associated Press, attracted much attention. Mir. Schiff characterized the selling movement as a fever