The Montgomery advertiser., 1901-05-21
WALL STREET REVIEW UPWARD MOVEMENT FAILS TO
 CONTINUE.
Market Seemed to Move as the Re- suit of Technical Causes and Not in Response to News
 of the Day.

NEW YORK. May 20-The late upward movement of stocks last week failed to continue today. although there was some resistance at times in the way of strength for individual stocks. There was a pro- gressfve decline in the influence Of those special movements and the day closed with the market quite active and decided ly at about the lowest of the day all around. There were one or two unfavor- abb news features during the day, but there were also some developments which had favorble interpretation. The mar ket was not very manifestly influenced by the news of the day, but seemed rather to move as the result of technical causes. Taking of profits on last weeks late rise was the principal of these causes. The market gave growing evidence of its abandonment to the claS of professional operators, some of them of large means and broad methods. yet with the pubic evidently not factor in the market and declined to respond to the temptation of price movements. The maxim of the pro- fessional is to sell stocks on show Of strength and to buy them if decline comes to interrupt the movement Of prices before it has extended far in either direction. and to bring the market constantly nearer to a state of equiii- brium. The market opened irregular and then yielded all around to the realizing. but ruled quiet strongly in response to a movement in the coalers. There was some strength also among the Southwest tTHS, bH tnt ol pun lshed reports of projected new steam ship line from Mexican port to the Orient. The obvious fact that the strug- gle for control of transportation Of fu- ture products to the Orien: lies at the root of most of the movements working out In the transcontinental railroad ter rftorias, gives any suggestion in this line an influence. The movement in the Coal CTS was apparently speculative. The strength in St. Paul was not explained by any news. but the buying was called good. The stock yielded, however. in the late weakness and closed at net loss. The weakness of Union Pacific was an effec- tive factor in upsetting the market. AL legations of further issue of convertible bonds to finance the purchases of North ern Pacific stock were the prime factors in the stocks weakness. It closed at par. points below Saturdays close, and at the lowest of the day. Other notable weak stocks were Atchison. which lost 41h, Consolidated Gas as much. Sugar 3z. Manhattan BIS, Rock Island and Metro politan Street Railway 3. Louisville 2%. number of stocks from l to g. A number of minor industrials showed notable strength, although their best prices were reduced by the weakness. Among them were the International Paper stocks. American Linseed stock. United States Rubber stocks. National Lead and the Rubber goods stocks. In American Lin- seed preferred and United States Rubber preferred the gains had reached about 5 points. There was large buying of Bur lington for cash, which was apparently connected with the fact of the proposi- ton for the Burlington deal being condi- thirds of the capital stock on or before May 20. The machinsts' strike and fears of spread of labor troubles was the depressing influence, and the advance in sterling exchange rates with the decline of sterling at Paris indicating further shipments of gold from here as we'll as the receipts of the treasury. which are unsurpassed for May discouraged the borrowing of money for speculative pur- poses.
 The bond market generally was dull and irregular with some yielding in the late trading in sympathy with stocks. Total sales (par value). g. .390000. United States bonds were unchanged on the last call