The Montgomery advertiser., 1904-10-20
WALL STREET. REVIEW
PRECIPITATE DECLINE DURING THE
 AFTERNOON.
Ones the Reaction sTs Estsbhshed, the Pro- fessional Bears Hsveh Confidence f to Fall upon the Market
 in Usual Eashfou.

NEW YORK. Oct. Is.--Ths reactionary tendency of stocks. which was under re- straint yesterday. broke through that re- stratnt today and took on precipitancy dur ing the afternoon. The reaction has been long expected and needed no news to ex- plain 1t beyond the unwieldy proportions to the consequent growth of the burden of realizing profits. which proved too heavy Tor the usual supporting tactics to sus- tain. Once the reaction was established the professional bears gained sufficient con- ffdence to fall upon. the market in the usual overwhelming fashion and thus sharpen the fail with the result of uncovering stop loss orders and wipins ont narrow margins, thus stock on the market in a shower. These professional bears showed their customary agility in taking quick profits on the break and their covering movements and the op- pressing tactics of the room bulls caused the confusion in the late price movement. But the force of the reaction was neverthe- less clear and decisive. The absence of any considerable reactions through the long course of the present advance has been one of It's principal features, and has added to the suspicion of its artificial character The movement today ought to serve as confirma- ton of the wider interest which has been taken in the market in it's late stages and reaction with the passing of holdings from strong to weak hands. There was nothing In today's dealings to show that any effort was relaxed to sustain the market and to hold prices in the face of the selling to take profits The buying of selected stocks was even more aggressive and spectacular than heretofore. and the st tocws to be pushed were heralded before the market opened from uptown hotels with the eomplacency which has distinguished the present campaign in stocks in a marked degree.
 Erie. St. Paul. Southern Railway, Atch- ison. Reading and Leather preferred were at different times churned into furious &C., tivity and long strings of transactions in blocks of 1000 to 1000 shares ran through n n afr rrt mined sellif z eot United States Steel pre- ferred was the first incident to cause un- easiness and was not checked by the good tenor of news from the trade, including an advance ih Tube and Pipe and the cheerful expressions of The Iron Age. An admissjon or new interests to the directory of the Re- pubic Iron Steel Company occurred dur Ing the day. but attracted little attention. The, runior of new ipterests in Atchison took more specific form again. but without continuation. The securing of a Mexican ioan' oy.a number of banks caused good
 The routine news of the day was wener. ally favorable to values, and money con tinued easy, IT . new director elected by the Erie board yesterday was made the centre of the flood of rumors concernino that stock with which its early advance was accomplished. Last prices were consider ably above the lowest, but the rally on snort covering at the last was not well held. and the closing was irregular
 Bonds were irregular. Total sales mar value, s6,Ss0.000. United States 3s advanced h per cent on call