The Montgomery advertiser., 1903-07-17
WALL STREET REVIEW
THE STOCK MARKET WAS VERY
 FEvERISH.
Sentiment Was Constantly Un- settled and Nervous-The Clos ing Was Active and
 Easy.

NEW YORK, July l6.-The day in the stoc,, market was feverish and excited one and the many Fluctuations in it's course kept senti- rnent constantly unsettled and nervous Yes terday's late rally was followed m at the oner- Ing this norIHing. but was promptly taken sd vantage or to renew selling. Late in the day speculative sentiment on the Stock Exchange otlRhtened considerably and a general dispo- sition sprang up in Amalgamated Copper and American Smelting. This seemed to prompt a renewal of selling throughout the list and prices ran off rapidly. wiplng out practically all the gains. The market steaded late In the day. but ran ar again and the closing was active and easy with the averge level of prices not materially changed from that of last night few stocks which developed notable strength during the day saved an appreciable portion of the gains at the last. furious de- mana sprang up at one time for Canadian Pa clnc which seemed to come principally iron, an uncovered short interest as the stock was loaning at premium at the time New Yorl, Central and Illinois Central were noticeably Y scarce and were lifted 2%d3 at the period of the active demand. Amalgamated Copper rose 2H over last night after 1t was announced that the usual quarterly dividend of E of | per cent had been declared. The slump in the stock carried 1t down to 46h compared with the previous low record of yesterday. 48H and the last price was only K better The break in Smelling extended to 2% If this movement was a bear raid as was suspected 1t was eminently successful in depressing the whole market. which had ranged at one time quite generally from [ to 2 points over last night. Many inactive stocks also had made recoVeries. Attention throughout the stock market world still concentrated today on the developments in the money market and the brighter sentiment which felt during the midday session was due to the replenishment of money supplies through the medium of the foreign exchange market. This was reflected in violent break of nearly % per cent in the pound for demand bills on London. That this was largely due to selling of loan bills was made manifest by the large offerings by foreign banking houses in the money market. The placing abroad of large portion of the S10.- OO0, 900 of Union Pacific notes would also make supply of exchange. Added to these factors was a very active demand for stocks here for foreign account. Foreign brokerage houses estimated the number of shares bought for foreign account today at SC, 900 to 60. 900 The effect perceptible in the money mar ket even for six months loans. which have been rigidly held at 6 per cent. in view of the pay ment of that rate by the large railroad cor poFations The commissions have been exacted in addition to the 6 per cent. but exacticns by lenders were appreciably relaxed today. Ir addition to this influence many of yesterdays disquietng rumors were found to be unfounded and a general understanding existed that the clearing house authorities had made an ex- haustve canvass of the situation over night and considered it sound. From the technical standpoint yesterdays violent declines and en- larged volume of transactions were normal to a continuation Of downward movement and aroused the hopes of professional traders of a turn in the market. The selling on tho open ing advances shook this conviction and the slump in Amalgamated and Smelling at the last again unsettled the speculative mind The presence in the Wall Street district of the Sec retary of the Treasury gave rise to rumors of contemplated measuTes of relief for the money market by the Government and isis had it's part in the lifting of prices of stocks Opinion over the future of the market at the end of the day completely in doubt again
 Some rallies in the bond market in sympa- thy with stocks made that market somewhat irregular Total sales tpar value), S2, 92O. QUO United States bonds were all unchanged on the last call
 New York Stock List,