The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-07-19
WALL STREET REVIEW
LARGE SELLING TO TAKE PROFITS
DEVELOPERS.
The Market, However, shows "ooo
Digestive Power, Recovering
from Pressure and starting
ON New Upward Course

New York, July 1S.-Very large sell
| ing to take profits occurred today, put
the stock market showed good diges-
tive power and recovered form the
pressure and started on new upward
| course. This result subsequently had
an important reassuring effect upon
speculative sentiment, which was some
what apprehensive of a recation. even
IN quarters where great confidence IN
the strength of the market exists. me
extent and duration of the advance are
such that professional attention was
awake for pause In the rise To-Day.
The strong closing last week after the
great activity and considerable ad-
vances in prices which had been seen
was counted on with confidence 10
bring in large accumulation of orders
over Sunday which would likely De
executed In the opening dealings with
the result of causing a strong opening.
But 1t was much feared that with a
large professional selling to take ad-
vantage of this outside demand dis
posed of. the market would be left in
an unprotected position and open to at
tack by the professional traders to re
cover their holdings at lower level Of
prices The most obvious profit taking
was conducted in the Pacifics. st. Paul
and United States Steel preferred But
1t was accompanied without serious in
roads upon prices of any of these
stocks except United States Steel pre-
ferred and part of them enjoyed a con-
siderable advance after the first realiz-
Ing was over. The effect was to en-
courage new commitments. A strong
sentimental influence was eXerted by
the resumption of the advance in Penn
sylvanfa after a period of profit TAX
Ing, Following previous advance The
fact that the price rose quite easily
through 120 was regarded as an
suspicious augury for the market. 1t
will be remembered that $4,000, 900
stock issue was underwritten at 1870
and as the fall below that showed a
loss on those subscriptions. 1t has been
assumed that there were very large
holdings waiting to get out when this
stock should recover to that price. This
proved not to be the case today. The
realizing in United States Steel pre-
ferred was facilitated by reports of the
reopening of the mills at Homestead
The trunk lines also were benefited by
the favorable color of the weekly traf-
fic reports. Otherwise the rise in stocks
had little news to go on. Foreign
markets were sufferers from the re-
ported diplomatic friction which has
resulted from Russian acts towards the
ships of neutral nations and the same
cause helped to lift the price of wheat.
Ofhcials OF western railroads quite
generally admitted the halt in business
revival which has been caused by the
reported damage to the wheat crop and
the danger that another period of bust
ness hesitation may thereby be caused.
This did not prevent a point rise in
Atchison, which placed 1t in the leader
ship of the market The attitude of
the parties to the meat strike disap-
pointed hopes held last week of an
early adjustment. Money continued
very easy and the sub-treasury paid
out $1.7sS,o00 on account of newly ar
rived Japanese gold deposited at San
Francisco. Renewed pressure to take
profits in the Pacifics. st. Paul. the
Fries, Ontario and Western and United
states Steel preferred in the final hour
caused material reaction in the mar
ket, carrying the last two stocks a
point below last week. but the market
steadfed again and closed irregular.
Bonds were somewhat irregular and not
very active. Total sales par value ST.
100000. United States bonds were un-
changed on call.
NEW YORK STOCK LIST.