The Montgomery advertiser., 1903-08-18
MARKET WAS STRONG
IRREGULAR STRENGTH SHOWN
 IN STOCK MARKET.
Some Revival of Apprehension Over Money Market outiook--Strength of Market Attended by
 Hesitancy.

NEW YORK. Aug l7-There was a contin- oance of irregular strength in today's stock market. but 1t was attended by degree of hesitation throughout. There was no such urgency or unmixed confidence In the buying as was the case last week The principal strength of the market was concentrated in days transactions was also in these stocks. The professional traders professed doubts whether the recovery from the extreme depres- sion had not run too fast last week. Inviting renewed reaction. There was doubt also whether the market was ripe for a demonstra- tion of positive strength beyond the normal limits of upward reaction after the acute de- pression. Except for the fact that most Of the necessary liquidation which had depressed the market seemed completed. there was not enough indication of positive change in the conditions which forced the liquidation to make an indefinite upward movement look safe or attractive. There Is some revival of apprehension over the money outlook and the best grades of commercial paper especially command 6 to 6h per cent. while commits sions fin some cases raise the interest rate con- siderabiy above this. There does not seem the slightest reason to suppose any question Of mercantile credits is involved in these rates It Is simply pressure upon the available money market supply. Rates for time money show the same hrmness and some lenders refuse to quote. rates, pointing out that the terms arc a matter of individual judgment between lender and borrower. The tendency of in- terior exchange foreshadows the coming de- mand for crop moving purposes. and a stronger tone m IOTelBn exCnauBS ndue tIlc outioOA AOi imports of gold not so assuring. The price Of gold raised in the London market and discounts were inclined to harden abroad The situation abroad was affected to some ex- tent by the events in Southeastern Europe The opening decline here was largely in sym pathy with the London market, although there was some profit taking for domestic account prompted by the extent of last weeks rise and by disappointment over the Saturday bank statement. It was feared that some Of the banks bought for support last week would come on the market now and there was some appre- hension that the large banking interests would frown on any further advance in prices. The latter fear was quieted by the character of some of the large banking interests. Profes- sional leadership was evident in the skill with which the effective buying was distributed and was shifted from one quarter to another Erie was in conspicuous demand early and glowing forecasts were heard of the showing to be made in the forthcoming annual report. South- ern Pacific, Rock Island and Amalgamateo Copuer were excessively brought into promi- hence Copper was adavnced kc pound heTe and R2 5s q ton in London The late buoy ance of Amalgamated Copper and Rock Island which rose 2M and 3A. respectively. sustained the later market which was disposed to so on on profit taking. The closing was in conse- uuence irregular and below the best all around .,
 Bonds were irregular In sympathy with stocks Total sales (par value), Si,ToOOoo' United States bonds were unchanged on the last call
 New York Stock List.