The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-07-21
WALL STREET REVIEW
WEAK CLOSING FOLLOWS DAY OF
MAINTAINED FIRMNESS.
Within Fifteen Minutes of the End Prices
Fall All Through the List and
Net Losses Are Established.

NEW YORK, July 20-The weak clos
ing of todays stock market followed a
day of well maintained firmness up to
within fifteen minutes of the closing. when
prices fell between 1T2 points all through
the list, establishing considerable net
losses at some points. For the great,r part
OF the day speculative sentiment seemed
to maintain it's indifference to events or
suggestions of a threatening nature. The
skeptical tone of an influential element
of the traders over the duration and ex-
tent of the advance was not without effect
on sentiment, but the market developed
points Aof marked strength and overcame
the depressing effect of the Red Sea Incl
dent on the froeign exchanges. This was
last weeks alarming reports of damage
to the wheat crop and the Inauguration of
the meat handlers strike. The opening de-
mand proved ample to absorb the offer
ings for London account and the fraction
al recessions were quickly recovered. The
speculative leaders watched the course of
the market with apparent complacency I'M
I'll the London liquidation was concluded,
when they resumed aggressive operations
for the advance. The market then resumed
the character which 1t has displayed con-
sistently all through the recent rise of
brisk advances in few Influenza al stocks,
with steady profit taking sales at points
which have been previously advanced. This
was especially manifest in Atchison and
Brooklyn Rapid Transit which made their
advances yesterday. The role of leader
again reverted to Union Pacific which
stock has been the backbone of the recent
rise throughout. Tips" were freely cir
culated this morning that the stock was to
touch par during the day, thus Indicating
speculative origin for a part of the deal
ings. There was news bearing on the
stock. beyond yesterdays rejection of Union
Pacific overtures for a settlement out of
court of the Northern Securities dispute
and the formal authorization of the $780,
600 of Southern Pacific preferred stock by
the stockholders during the day Neither
of these news in the sense understood
in the stock market, operations having al
ready been conducted in the stocks with a
knowledge of these events. The movement
in Southern Pacific was apparently in sym
general market was rather slow to respond
to these advances and there was a large
volume of profit taking at about last
nights level under cover of the movement
in the Pacfics The days crop advices
were favorable, but Atchison was stead
lily sold to take profits. Favorable news of
steel trade conditions was confined to the
reported advance in the prices of pig iron
by one of the minor companies but United
factor in sustaining the market up to the
late break There was no news to ac-
count for the sudden letting down and a
rush to take profits owing to growing
skepticlsm of the stability of the market
was the generally supposed cause of the
weakness. Reactions of / to 2 points gen.
orally wiped out the earlier gains and
established considerable net losses in some
important stocks.
Bonds were firm Total sales mar valua
S3756.000. United States bonds were un-
changed on call
NEW YnRK CTACU UQT