The Montgomery advertiser., 1903-10-21
WALL STREET.. REVIEW
BALTIMORE EVENTS REFLECT. ED IN NEW YORK.
Operators Who Sold Stocks With
 Undue Freedom Monday Bought Them Back Yesterday-Pro-
 1t Taking in Final Hour.

NEW YORK. Oct. 2o.-wail Streets highly colored imagination. as is the case almost in- variaoly, took an extreme view of the harmful possibilities of events in Baltimore. Finding this to be the case today. the operators who sold stocks with undue freedom Monday bought them back today. The decrease in the volume Of dealings indicated that not all of the stocks sold Monday were rebought today. Prices moved easily upward, however, and retrieved the greater part of yesterdays losses wheth- CT there was more cause for yesterdays per- turpation than was indicated by the sequel to- day may never be known, but the acuteness of the fears felt yesterday were considerably dissipated from the outset of the market and confidence grew bftty steadily throughout the day. There was small setback during the nnal hour. but this was apparently due to nothing more than the normal profit taking by room traders invited by so considerable ad- vance. The market rallied again and closed very firm and but little below the best. It was generally understood before the opening of the market that concerted meesurs had been taken at Pittsburg to protect any weakness in the situation there. It was also known that heavy transfers of currency were being made to Bal timore to insure protection against sudden de- mands upon deposits there It became known immediately in Wall Street also that all of the Baltimore institutions had opened their doors this morning and only slight evidences of fear were being shown by the depositors Such as was shown was reported later as be- ing dissfpated and opinions were quoted even that the receivership in at least one of yes Iterday's fnstances had been unduly precipi- totcu. T ChHhOt pc edtQ tn4N the character or today's buying carried very great conviction as to It's substantial quality as most of fl was attributed to professional operators either for purposes of covering short accounts or manip- ulatine prices against the short interests Nevertheless the considerable advance in prices failed to develop any new pressure to sell stocks and was effective also in impressfne the shorts with the desirability of covering their short contracts in contrast with the recent air of confdcnce of the bear party in persistently selling the market on all occasional rallies The feeling amongst the bears was that the faflures at Baltimore had uncovered the weak spots nthe situation and the fact that today brought no extension of the trouble gave the impression that the worst of the strain was over. which would demonstrate sufficient strength in the situation to withstand any longer demands that might follow. There was little in the news of, the day to affect prices Sugars special strength was due to the call ing of the extra session of Congress with tho sole purpose of perfecting the Cuban reciproc- ity measure. Large takings of grain for ex- port made a helpful factor and the current railroad earnings continued to make a good showing. Reports of a cut on export grain rates by the Toledo, St. Louis and Western failed to affect the stocks of railroads con cerned.
 The bond market was firm and a moderate investment demand reported. Total sales tpar vaue) g, I47. 900. United States bonds were unchanged on the last call.
 New York Stock Last.