The Montgomery advertiser., 1904-07-20
WALL STREET REVIEW
THE STOCK MARKET IS RATHER
REACTIONARY.
Unusual Restraint ON the Part of Spec
ulat0rs Laid to Their Belief
that Prices Were Advance
ing too Rapidly.

New York, July 19.-The stock mar
ket was rather reactionary today up to
near the close and mere was rather
general acquiescence in this condition
on the part of speculative operators
who have had the leadership of the re-
cent dc monstrations for higher prices.
The plausible explanation offered for
this unusual restraint on the part of
a class of individuals rather prone to
excess was that the rise in prices was
go.ag too fast for it's own good and
tina. a reaction was normally due. The
reaction was lacking, however. in
some of the normal appearances the
unusual reaction in a bull market is
tkely tC come In a fury after a final
upv ard rush and great animation in
trading, due to the final measures of
the leaders to unload their holdings at
a profit. The first relapse in prices Is
likely to be correspondingly sharp,
with the withdrawal of artificial sup
por., the rush of belated holders to
save losses and the sudden turn upon
the market of successful operators who
have realized their profits and are
eager to further the reaction for
profitable turn on the short side or to
facilitate the recovery of long holdings
at a lower level But todays market
fhoweu tendency to lapse into dull
mss quickly at slight declines and the
prCfessit nal bears were apparently
very timid about making an attack on
prices. Some quite vigorous support
was offered at the opening decline and
the later market showed the sustaining
effect OF some new points of strength
which were developed. There was lit
IT,, in the days news that was of ma
Gerlal effect on the movement of prices.
The opening decline. however. was
:,'airly reflection of the depression
in the LoL don market caused by the
incido nts in the Red Sea and the fears
thus created that the European powers
might come embroiled over the far
eastern struggle. London sold freely
here so long as the foreign exchanges
continued to do business and the sup
port in the local market did not be-
come thoroughly effective until after
'Iat eilint had ceased for the day. The
publication of the crop bulletin of the
weather bureau was an effective infu-
"uCe on the later rally as the condi-
lions there recorded were calculated to
reassure fears of da mage or of it's ex-
tent to winteT wheat. while other crops
were p'ao tically unaffected by any adj
verse conditions. Brooklyn transit
proved to be the early supporting in
huence and its advance, coupled with
that III Long Island, led to revival OF
old Iumors of an acquisition of Brook
lyn Rapid Transit by Pennsylvania.
These were without any verihcation.
The rejection by the majority direc-
tors of Northern Securities of what
seeend like conciliatory advance on
behalf o the Hartman interest offers
no ether surface explanation than to
discI edit the recently prevailing ru-
moTs of the likelihood of a settlement
out of court by compromise of the
dispute over the manner of distribu-
tim OF assets of the corporation. But
tie arket accorded cheerful recep-
ton 10 the news and made a vigorous
recovery of the early declines. The
grain ana cotton carriers led the rally
with Atchison in the van and gains
OF al So were estab'Is he'd in different
members of these groups in the final
hour CT trading. The closing was
strong and active. Bonds were irreg-
liar. Total sales par value $500, 000
u. bonds were unchanged on call
NEW YORK STOCK II9T.