The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-05-19

New York. May 1s.-There was a very
considerable liquidation in the stock mar
ket to-day. The selling seemed induced by
a Capitalization of sentiment, which has
been approaching definite formation for
some time. but has been deferring action
IN the stock market in the hope of a recoy-
cry.
There was no development to cause the
decline, except the engagement of s., 32a-
90 OF gold for export to Europe. This had
been quite definitely extended and the
amount was rather less than some of the
forecasts. There WIGS a slight hardening in
the call-loan rate in response to the gold
movement. but 1t could not be said that
any liquidation was forced by a withdrawal
of credits.
The result Of the consideration over Sum
TO be rather the placing of stop-loss orders
as precautionary measure below the mar
ket than definite orders to sell. The open
and q slight decline was followed by q con-
saoerable rally: This rally persisted after
me ne. nrst knowledge OF the engagement Of
go had b en- deposited at the Substreasury
1or telegr.phic transfer to New Orleans was
tGMowed almost immediately by a crum-
uains Oh prices throughout the list.
COTTON MONEY.
This evidence that the violent cotton
speculaton 10 making demands upon the
money market was taken In very i'll part
~ Az " "&IR9C
It y probable that the decline in prices
was immediately due to professional at
tack! by the bears, but the existence OF
prices very vuiner adj n: The m usuai result mas Of
q considerable decline is now seen In the
, nSees aisposition to sell merely because
now got lower than in last months de-
cine on account Of the Northern Securities
n edo . ar conspicuous sufferers in the
81 Pau New York Central and Southern
Pacific, especially.
When price. show resistance at the same
the speculative theory that effective sup
port ha? been determined on at the point.
When the price goes lower on the second
orators to sell it on the theory that the
finsl resting place for the price is indefinite.
day broke through the previous low level
Tor the year. made last month. and this
ment.
GOLD EXPORTS.
Gsnued firmnes OF foreign exchange are a
demonstration that the allotment of the
Transvaal loan in London is not to relieve
the pressure for gold abroad, as was hoped,
The London market Itself is now taxing
account OF the future periodical require
m mens. f on pa Ray% s,,bacr Of the monthly m install all
fact that a large portion of the proceeds Of
the loan is payable to Continental holders
VI inc SOuln african railroads, which are
being purchased by the colonies. makes a
prospective pressure upon London for re-
mittance to Continental points.
The outgo of gold from here Is in pay
ment OF borrowings. and is 30 far an insur-
ancc against future pressure. But when
these borrowings were made. 1t was hoped
that the outward movement OF merchandise
would supply exchange for their repayment
wlthout the use OF gold. With the large re-
quirsments ahead Of the domestic money
markets. there Il an. uneasineas manifest
whether the outgoing gold will be readily
available for recall to this market when it
Nearly all the active stocks TODAY fell
between 1 ana z points. and st. Paul. New
York Central. Missouri Pacific, Rock Island
and Reading receded that. Amongst the
dormant stocks there were wider declines.
Amalgamated Copper was strong, as the eff
feet OF the increase in the dividend rate on
ket CLOSED easy and within a small fraction
OF the lowest, United States Steel new
sinking fund bonds were dealt in for the
fnrst time On the exchange. and rose more
curb. without explanation. Otherwise bonds
we're weak: Total sales. par value, 5000
ooo. United States new 4 declined Y on
the last call. "a