The Montgomery advertiser., 1903-05-20
WALL STREET REVIEW
RECOVERY IN ACCORD WITH
 EXPECTATION OF TRADERS
Professional Bear Element Restrain ed from a Further Attack on Prices-Evidences of Sup
 port Are shown.

NEW YORK, May Ie.-Today's recovery in tns stock market was in accordance with the expectation of the majority of the traders. This expectation conduced materially to the rs'covery by restraining the professional bear element from further attack prices. Yes terday's rather V,olent declines and the in crease in the volume of trading ever the recent ererage of the market gave the impression of q cuimination of the decline. There was some further decided liquidation in the market th.s morning. but the professional bear element svai1ed itself of this to cover their outstanding short contracts There was evidence Of sup port also presumably by those interested in sustaining values. especially in St. Paul and New York Central. The recent unsupported condition of these sta ldards has had domi- naEt influence on the whole speculative toce and this mornings indications that the further decline was be contested helped decide the bears to cover. The long continued decline nffers attractive profits from the shorts regal d. less c1 opinions on the further speculative cuslook The proressionais ,nererorr , geneTa 1r, contracts. going long in the market and then working for further delay. There was very little news to account for this change in the sentiment. The conditions for a doubtful la Dor outlook. prospects for gold exports and other considerations which have caused the recent depression being unchanged. The mar kef proved to be sufficiently oversold to make the turn for rise effectual But the market and ran off quite easily at the last. leaving only fractions of the days gains where they were not entirely wiped out. On the labor works of the General Electric, Republic Steel. Peoples Gas and Allis- Chalmers Works. But the rumors prevalent of settlement of the Union wPaciflc dispute had a prevailing mar ket in the market over other reports. The ru- raors with the report of the decided improve fnent In the condition of E. H. Hartman s health were made much of in the buying movement. So was the weekly crop bulletin of the Weather Bureau without much atten- tiun to the varying showing in the territories of different railroad systems. The generally encouraging reports as to the winter wheat crop in the Western States were given more attention than the continued delay in the pIanting of the corn crop and the rather un- favorable view expressed of the cotton pros pect The sudden relapse in Louisville and Nashville at the last, which more than wiped out its gain may have had to do with the cotton showing. Another rumor which got a6oat on the tide of the days advance was m alleged purpose on the part Of the Secre- tary of the Treasury to anticipate the re- dernption of the 5 per cent bonds which ma falre next year. No color of authority was obtafnable for this rumor. Sterling exchange ruled strong and the supply of bills was scarce, leading to the expectation that fur fher gold would go abroad with the nrst available shipping facilities. steriing at Paris rose a fraction but did not more than keep pace with the rise here Money nere continued easy and there were reports or neven months loans at 4h which rate has mi applied hitherto this season for longer periods than six months. T.,
 IT. a. Steel new 5s were actively traded ln and huctuated over a range or point CLOS,
 ing to a net gain of A. Dtherwise the pond
 market was irregular. Totai sales par Naiue
 s3,825. 900 u
 / II. s. bonds all unchanged on last call.