The Montgomery advertiser., 1903-05-08
WALL STREET REVIEW REASONS FOR DOWNWARD
 MOVEMENT NOT APPARENT.
Theories Current Took Wide Range Over the Whole Financial Field. Professionals Have Market
 to Themselves.

NEW YORK. May 7.-Prices went down.
 wards on the Stock Exchange today without current for the decline took . wide range over the whole financial field on the part of the board room traders, who had the market to be that thees professional operators who have been buying and bidding up stocks to a mod crate @ n..; ,stent during the week find themselves reached the limits of their courage in specu- lstive commitments. The process of selling the market as that during the advance. Prices consequently recede easily and in pretty close proportion to the advance on the same volume of dealings. The factor which came in for most discussion today in seeking an explanation for the decline was the prob lem of the foreign exchanges and possible gold exports. The developments in connection with the new Transvaal loan. for which subscrip- tions were open today, were of foremost sig tion. The terms of the loan are much as ex- pected and the strength of sterling reflected the continued direction of funds towards London.
 but the maturity of foreign loans in this market makes the London pressure for money the subscriptions Is required to be raised on application. but the over subscription prom ises to be so great that 1t is estimated that on the total application would amount to something over half the total sum of the full credits in London is thuseasily understood. The pressure the exchange in favor of Lon don is likely to relax very suddenly when the subscriptions for the loan are closed. Meantime the question of sold exports is still open. Another cause to which the days de- precision is attributed was the slump in the sinking fund bonds of the United States Ship building Company. These bonds have never had more than a nominal market. but their last sale price the exchange was 80. They offered at that price today and then at successive concessions as large as per cent. explanation of this incident was offered. The activity of the bear faction was apparent in the circulation of rumors of the serious illness of conspicuous operator in stocks and also in vague assertions of coming bond issue by a Western railroad for as much as S35.- COG. 900. Neither of these rumors was sub
 stantiated. Favorable factors were wholly ig-
 nored. There was a much greater show of authority today for assertions that the sus- pended Rock Island and St. Louis and San Francisco deal was about to be consumma ted. The market closed, in fact. with general conviction that announcement was imminent. The decided liquidation in the wheat market damage to that crop by wet weather. But the grangers and Pacifics were notably affected by the late liquidation. The admitted weak ness of the foundry iron market and reports of labor disputes the Great Northern and the Southern Railway may have been some influential power in depressing the market. The retention of the Bank of England rate don market. Amalgamated was well sustained, apparently on the rise in the London prices ! of the metal. The market closed steady. but | only slightly above the lowest.
 Bonds were irregular. Total sales (par | vaiue). $i.4loooo United States 2's cou- | pon advanced per cent and the new As declined t per cent. on the last call.