The Montgomery advertiser., 1903-07-29
WALL STREET REVIEW
A CLEARING OF THE FINAN-
 CIAL ATMOSPHERE.
Towards the Close, However, There Was a Rather Pronounced Re- s action, Which Wiped Out
 Most of Earlier Gains.

NEW YORK. July 2s-The stock market this morning showed the continuing effect of the clearing of the atmosphere which resulted from yesterdays and Fridays failures and the market became quite generally strong. But the brighter sentiment over the outlook did not hold it's full force throughout the s.y. Ihere was another pronounced reaction at the last which wiped out the most important part or the days gains and took few of the grain carriers point or more below last night. New York Central was the conspicuous leader of the advance. rising at one time 2h over last night on buying reputed to be of the best character The sentimental effect on the mar ket of the buying of this stock and of Penn sylvania and the affiliated stocks. as well as Of the coalers and other high grade railroad stocks was considerable. Atchison suffered most acutely among the market leaders and It's drop to B below last night upset the late market and led the whole list downward. The grain carriers were not strong at any time and was presumably affected by the re- ports or hot winds in the corn belt and by the Weather Bureaus weekly bulletin on corn and spring wheat. Reports of crop damage were reinforced by the upward movement of prices Tn the grain markets and the development of profit taking in those markets did not save stocks from the late reaction. The improved sentiment this morning was largely due to the understanding that the closing out of hypothe- cated securities for loans, both of the failed firms and other under pressure for payment of loans collateral for which the market is not active. was to be suspended for the pres ent to await a more favorable market. Late in the day there indications of a resump- tion of selling out of collateral some loans The buying through commission houses was reported to be better than for many weeks and was hopefully regarded. But this buying did not follow the market upwards. There was ev idence of purpose to drive in the bears in the calling in of stocks loaned for delivery on short accounts and in the character of some of the rumors which were set afoat There was report of private settlement between the Union Pacific interest and one of last weeks failed firms. looking to taking over of last holdings of Southern Pacific and a re- sumption by the firm. This was denied when the Union Pacific directors assembled to de- clare the regular dividends. Toledo St. Louis and Western was reported to have passed to Grand Trunk control. An offer of fifty for Evansville and Terre Haute control al legged to have been made by an anonymous bidder. Colorado Fuel said to have ac- quired the Utah Iron Company and It's price shot up near dozen points on few inter- Venng sales just at the last. The other sto- ries were effective in varying degree in caus- ing sharp bidding for the stocks The re- newal of the steel billet pool seemed to be hopefully regarded amongst iron and steel company shareholders and stocks of that group were quite generally strong. The time money market reported appreclably easier eral were reported to have been negotiated below per cent. Sanguine hopes were ex- pressed of strong bank statement on next Saturday. But the obvous fact that the demand from the shorts growing satis- fled and that the investment demand was not following the advance in prices. When trad CTS attempted to take profits on the days rise the market therefore gaev way and closed un- settled and irregular.
 Active bond issues were generally decidedly stronger. but there were some wide conces- sions in the marketing of inactive bonds. To- tai sales (par value), S3.S56. 900. United
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