The Montgomery advertiser., 1903-08-23
STOCK MARKET IDLE
MEMBERS WERE AWAY AT THE
 YACHT RACES.
Attention Was Attracted to the Large Import and Reimport Move
 ment of Cotton for De-
 livery on Contracts.

NEW YORK, Aug. 22.-The stock market was practically idle today. a large portion of .ne membership being absent at the yacht .eces oI Tor end-of-the-week holidays out of town A holiday on the London Stock Ex- cnange subtracted also from normal business. one sIugeish movement of prices under these United States Realty preferred suffered from the rumors prevalent that the next dividend would be passed. Attention was attracted to .le Iarse import or reimport movement of cot- ton mus Tar in August for delivery on contracts owing to the existence of a corner. This is an adverse factor in the exchange market. The Financiai Chronicle points out that the mu- hicipal bond market has suffered fin common with that for other securities from the dearth or demand and estimates that no less than one hundred and nfty-hve offerings of mu- nicipai bonds throughout the country have Tailed of takers in the last three months. There was a slight spilling out of stocks on the pub iication of the bank statement as the large loan increase was disappointment but the room snort in the narrow market covered again before the closing, which was steady and al- most stagnant. Bankers are inclined to at tribute the loan expansion to some corporate oorrowings; but to large extent to regular commercial demands. The upward reaction in stocks which developed in the early part of the month reached its limit this week and Inere has been sharp downward reaction 1ne successive fluctuations seem to be the normal sequel to the prolonged decline rather than response to any new factors in the sit uation. With the cessation of the forced sell HIS oA Coiidtcidl Out OI loans a Vl0lenI reDOun0 was to be expected when the long standing bear account began to cover. With the satis- faction of the demand from uncovered shorts 1t was natural that there should be augmented selling pressure by those seeking to take profits who had been buyers at the low level The market of the early part of the week showed plainly enough that many of these buyers at the low level were capitalists of large resources and with skilled market managers on the floor of the stock to guard their interests. The up- ward tendency in prices was thus prolonged to some extent. Before the middle of the week the manipulation had become so violent and the uprush of prices feverish as to arouse distrust Subsequent events proved that there had been very heavy profit taking under cover of the whipping up of the market and the supporting tactics were afterwards withdrawn The reaction was eorrespondingly violent and sudden. But 1t gave rise to none of the un- easiness and rumors of business disasters that had become so prevalent at the lower levels of the market.
 The course to be expected of the market in the absence of complete new influences would be Q lessening series of fluctuations fol- lowed by a period of dullness and sluggishness The tightness of the money market and the ex pectation of the early development of the sonable interior demand for currency to move the crops are factors likely to tend to this re- suit. The course of interior exchanges during the week has pointed unmistakably to the con- clusion that the money is beginning to move from New York and that the balance will shortly turn in favor of the interior. A timely event in view of this development was the arrival at San Francisco Of nearly S2, OOO, DUO of Australian gold which was made immedi- ately available to New York bank reserves by telegraphic transfer through the medium of the Treasury Department. Ii so happened that in the final upward spurt of prices of stocks much made by bull leaders of the report that the Colombia Senate had finally rejected the Panama Canal treaty and that an agree ment and been reached for the passage through the coming session of Congress of a comprehensive currency reform measure The subsequent news that the Panama Canal treaty was still available for adoption by the Colombin Legislature and the report that dis agreements would limit the possible action by the next session of Congress on the currency therefore disappointed spectators who had bought stocks on this account and aggravated the reaction.
 Prices of bonds rose but slightly in com pany with the recovery in stocks and have been corresponudingly little affected by the reaction in stocks Quotations call for United States bonds have been unchanged
 New York Stock List.