The Montgomery advertiser., 1904-07-22
WALL STREET REVIEW
MARKED HESITATION AND TNCEk-
 TAINTY IN SENTIMENT.
Neither the Occasional Advance nor the Intervening Reactions Proceeded Far on Account of Timid-
 ity of. Traders.

NEW YORK. July 21.-There was marked hesitation and uncertainty in the tone or speculative sentiment today. and neither the occasional advances nor the intervening re actions proceeded far account or t- midity In room trading element about TOT lowing the movement. The sudden slump at the very close last night involved losses Tor some traders who overstayed thelr mar ket on account of the deceptive appearance or strength up to that time, while simi- iariy delayed rally on the evening hetore had left a warning for bearish traders which made them timid about putting out short lines. The result was constant wa vering of prices which gave the market decidedly unstable appearance but without developing any marked weakness on the reactions. The depressing influences reflect ca upon the opening market from London were vigorously resisted and Union Pacifics aggressive rise of a point reawakened some or the confidence felt in the promises that the stock was to touch par on the move ment, but the heavy realizing which was encountered on this advance aroused new skepticism over the stability of the market There was an attempt to read into the ac- tion of the Northern Securities directors in opening the books for transfers of the regis ters Of the holdings of intimation that a divided distribution was to be arranged in some way which would not conflict with the judicial injunction upon the company Union Pacific would especially benefit from such an arrangement owing to its large holdings of Northern Securities through the medium of the oregon Short Line. After
 
 movement in Reading begot little enthu- siasm in any speculative following. The nominal reason for the advance in Read ing was the repetition of long prevalent ru- mors that the dissolution of the voting trust was inducing an accumulation of present dominant holders and that the retirement of the second preferred stock in exchange for common and first preferred was in con- temptation. The news of the day seemed to be little regarded in the trading all though there much discussion of it in the Wall Street district. The nflamed sentiment aroused in Great Britain by the acts of Russian ships in the Red Sea of fers palpable danger of the development trouble that would have far reaching consequences in the worlds affairs But anxiety the latter was evidently not very deep seated and the action of the mar kets must be considered reflecting a con- fdence that "a peaceful outcome will re- suit. The renewed fears of too much mois- ture for wheat in the West and Southwest helped the pressure upon grain carrying g railroads. The settlement of the strike of the meat packers was of very slight effect and was offset by the reported determ ma tion of textile workers in New England to go out on strike. The fall of Y In Ama1- gamated Copper measured the disappoint- ment of those who had expected an in crease over the regular dividend decara- tion The sale of s4. .000. 900 in three-year 5 Manufacturing Company was a reminder Of possible corporation borrowings yet to come. but call money offered with great freedom at 1 per cent. An advance in sterling exchange here was accompanied by the news of the shipment of a million dol lars in gold from Australia for San Fran cisco. Prices sold off to the lowest late in the day. but the closing was quiet and steady.
 Bonds were heavy. Total sales. par val ue, $2.410.000. United States bonds were unchanged on call.
 NEU ynRU STANU