The Montgomery advertiser., 1904-10-28
WALL STREET. REVIEW
THE WAR SCARE HAS ITS EFFECT IN
 PRICES.
As New York Sells, However, LIvcrpool Steadies, and soon there Is q RalIy Net Declines Shown at the
 Close of TrndiuR.

NEW YORK. Oct 27.-The war scare ragged with great violence in Wall Street for price level to which the market had been lifted, but before the close of the day quiet CT counsels prevailed and the question be- actual hostilities between Russia and Great Britain American investment properties would be hurt in the proportion indicated by morning. mo % The % action of % inc % marhet 'ho d1 comparison with that of other securities markets looked as though the damage from American securities, The inference was @ plain that weak technical position made this market acutely susceptible to sudden of the market has been pretty plain to care full observers for some time. The uneasiness regarding the position which has grown up with the evidences of topheaviness for the last few days was aggravated by the warn- ing offered by President Hill of the Great Northern fin q quoted opinion in the course of speculation that operators had better be a little cautious or they may get bumped" The war scare administered the bump and 1t proved rather severe. A decline in g few minutes of to points running generally through the active list was sufficient to throw out many speculative holdings and to necessttate great agility on the part of the holders of very much larger amounts to prevent sacrifice and an increase indifinite- ly of the pressure on the market.
 As 1t was. the uncover.ng of stop loss orders precipitated large speculative hold
  ficial restraints sought to be opposed to the fail. The jump in foreign exchange ana the sharp running up of wheat were suffi- etent evidences of the reality of the danger of the crisis. But the exaggerated effect on the stock market was a demonstration of the artificial conditions which had been ouiit up The same thing was apparent in the heaviness of the declines in stocks which have been most subjected to the booming process. although the intrinsic value of the properties thus represented would be no nr AartA than would any others on the list of se- curities. The stability of bond prices was an additional Illustration, the losses in that department being almost confined to con vertiple bonds. or such as had moved in sympathy with the undue advance in their allied stocks. The most direct effect of the foreign situation on our affairs was in the additional engagements for gold for export to Paris. The immediate crisis in tie in. ternauonal affairs can not be held responsi- ble for this, which is in preparation for a further Russian loan in the regular prosecu- ton of the war with Japan. But the effect on the local money situation is of immediate importance. with the interior demands sti, in force. The threatened impairment of eessive speculation at an unstable level Of prices with borrowed money
 Measuring advices concerning the pros pect for an Anglo Russian settlement were ar no influence for time. but the market made substantial recovery in the oui.;te mood of the later trading and the losses were largely repaired The bull control was again displayed and the market showed the relief 1t afforded by shaking out the un- wieldy speculative accounts. United States Steel rallied poorly and Ontario & Western Haven controlling movement. The closing tone was. generally firm and active
 Bonds were weak with some recovery rotal sales. par value. s7.s35.OO. United States bonds were unchanged on call T'
 NEW YORK STOCK LIST.