The Montgomery advertiser., 1905-03-01
WALL STREET REVIEW
REAcTI0NARY TBNDEHCY-s rNFLUENC.- .,aP ON EVACUATION.
Bear Party, Wen Osgsplssd for Business. Was bisciosed by Dsyss Tr.nsac-
 tons on the New York

V. e ' |.
 New York. Feb. ss.-Ths r.setionsry tsn- dency in st2cks gained force today. and was of more influence on .peculstive sentinnent
 ssn sS SSlns sss of . rise in, stocks for reasons well under stood. but there are less plausible sxpiana-
 S sS inc ss. asy of .s. a.s E The days operations dIsclosed . well or ganixed bear party in tho trading and their them were testimony to the vulnerable con iition into which the speculative situstion had fallen. The falling back of prices vas Ssopmsnts vel sa'e and 1s. y si. sriy que to tech nicaI causes. For one thing the newcomers in the market for the outside public were terday morning at the top level only to see them decline There was in consequence significant decresse in the outside demand slders to sell out holdinas .ts{-
 The failure of confirmation by official an- nouncements of any of the numerous reports recently circulated begot spirit of timidity amongst buyers. This was the more pro- nounced in prompting selling on account of s,.h the la,ss E % pfofits shown by the advances offered rather than run the risk of the faii- Ths shsRs pross had the effect of inducing the placing ot stop loss orders to a very large extent at prices below. the current level as a precau- tionary measure. In the recent feverish condition of the market, brokers have been inclined to insist on this mcclure of pre- caution on the part of customers. This condition was sufficiently notorious to in- vtte aggression by the bears. who could be sure to buy in and cover their shorts at . uncovered. ' "
 The action of the market showed very plainly that .raiding tactics were resoyted to- wide declines and sudden recoveries showing the eager haste to cover shorts on the part of bears In the pei iod of recov- cry, special stocks were pushed upwards ap- market and extending the rally.
 Amalgamated Copper. the New York pub lie utilities. the Fries and number of spe- ciaities, including the high grade indus. trials made such advances from time to time. The imminence of the hearing in the Northern Securities appeal may have been an influence in the real.zins which was in progress, as the expected decision in that case has been made the basis for such long continued movement in the various stocks affected and further results from the announcement are hardly to he expected
 The day's record clearing house balances and exchanges only slightly below the high est record, witnessed the heavy require yesterday. With this operation completed. easier money conditions to be expected but did not serve to check the speculative iiqui- dation in stock.
 The raiiyinE power of the marke. ae. gravated the tendency to throw over stocks and the pressure increased, making low prices for the day in the final dealings and decidedly weak closing. New York Central loss ran to nearly five points. and the other active speculative leaders were down 2m3 points. .'t s -, s.S S,Egf - -
 Bonds were easy. Total sales, par value. s4,720.0o0. United States bonds were ali unchanged on call v, |-'
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