The Montgomery advertiser., 1903-08-13
WALL STREET REVIEW
BETTER FEELING REFLECTED BY
 THE OPERATIONS.
Advance Became So Rapid That Some Selling to Take Profits Was Attracted-Much Buy
 ing to Cover.

NEW YORK, Aug i2.-wal street's mora hopeful view of the outlook was reflected in the comprehensive upward movement of prices with which the days operations began The advance became so rapid as to overrun the newly awakened demand and attract come selling to take profits which caused some hesi- tation. A feature of the market was the dull ness which developed on reactions due to the withnoldfng of stocks from the market ex- cept at advancing prices. The speculative eIe- ment made up of professional traders. played an Important part in the movement and un- doubtediy buying to cover short contracts was on large scale. Yesterdays market already showed signs of being oversold. the genuine liquidation having failed to keep pace with the bear selling to anticipate 1t. The fact was instituted in today's market that there are buyers who will come in on an advance who would refrain from buying at the lower level. There Is large volume of selling, which dis appears from the market also when prices turn upwards. Of course this is especially true of forced sellers by reason Of margins wiped out and shrinkage of collateral But 1t is also true that holders of securities are prepared to sell them when the price is declining, who will hold when prices begin to advance. The selling of collateral out of loans and the contraction of credits seemed to lave disappeared entirely today. Aside from the considerations there was no marked change in conditions to account Tor the larger demand for securities. Rates for time money continue very firm. The con tinued heaviness of foreign exchange causes active discussion of possibly early gold exports London is buying quite freely of stocks The iLiSi iOaSmB ecnse ot SeCurlty m tnet eatety or the ripening crop Is encouragement to offer exchange bills in the market for long periods to be covered at maturity, when the export of the crop Is in progress. The weather bureaus weekly summary on corn yesterday added to the encouragement caused by the monthly re- port published the day before. Tn the generally better sentiment of the day hopes were ex- pressed of a good oank statement although there was no very obvious foundation for this in any known developments Later in the day the market came under the influence Of a flood of rumors regarding the disposition of the Sea- board Air Line It was significant of the change in stock market sentiment that a prop osition which promised large addition to an already large volume of securities failed to cause the chili of apprehension which the mar ket has shown at all recent suggestions of the creation of the new securities. The leadership assumed by Rock Island in the late strong up- ward movement foreshadowed the announce ment just before the close of share in con- trol of Seaboard Air Line by Rock Island in- terests. The days gains reached i@3 points for the principal active stocks and more than that for specialties. The market closed very strong and active.
 The general tone of the bond market was strong. Total sales tpar value), S2, DOC. 900.
 New York Stock List.