The Montgomery advertiser., 1903-05-28
WALL STREET REVIEW
SPECULATIVE SENTIMENT IS
 WHOLLY CONFUSED.
Activity Confined to- Handful of Stocks and in These the Move ments are contrarywise.
 Bonds Unchanged.

NEW YORK. May 27.-The only significance n tooay's stock market movements centered m n,or.a handful ot stocks and in these prices moved contrarywise with the result that speculative sentiment was wholly confused an almost paraiyzed. The whole ma. ket was inert to tfe degree of lethargy and in very few cases was there a movement exceeding a sn all fraction. Some comfort was secured om sns evidence of support in St. Paul. Penn Tor short time after the opening in a few other stocks. But on the other hand there was obvious continuation of liquidation in Rock Island and the Pacifics and Coalers were gen. orally inclined to heaviness. A brief upward movement in Reading seemed to have no other purpose than to correct this impression to ue coaiers and it was quickly abandoned. The occasional rallies in the market which were invariably led by St. Paul were made in men tne intervals between the execution of selling orders and were not pursued with any az gressiveness The appearance of the market suggested that those who had constituted them- selves its protectors were satisfied to acquesce ia a downward movement of prices while the selling pressure lasted but sought to improve the price level by bidding up when no serious that suspicion was rife as to the condition of the market and there was no deep-grounded conviction that the liuqidation recently in evil dence had been fully completed. If there has been any extended bear account left over as the result of the prolonged decline. there was only the slightest evidence today of any nerv- ousness on the part of the bears oyer the check to the decline and the apparent cessa- ton of heavy liquidation and the demand from tHc sHortp was very l1gnt- some slignt Duy- ing for London account helped the firm un- dertone of the early market. The very fact that the demand for stocks could be to lan- guid and indifferent ,after a decline of such violence as has occurred during the last week served to deter buyers from committing them selves. whether for speculative or investment aScount. There was very little news of inn portance bearing on values and little atten- tion was paid to what there was. The rise of point in United States Steel preferred was attributed to reports of the purchase of Ioo.- 900 tons or upwards of pig iron by tn corpora tion for delivery during the late Summer months The gain was lost before the close. St.. Paul got as much as E over last night and was near the high level several times duripg the day. but 1t closed shade under last night. The weakness of Rock Island was unexplained beyond the general argument that the sum of the market prices of the securi- ties exchanged for old Rock Island stock make valuation for that stock considerably above that prevailing for other similarly situated stocks. Southern Pacific. Union Pacific and Baltimore and Ohio lost nearly point. The selling of the United States Leather stocks was connected with the reported project for bond issue by the company. The market closed weak. No gold was taken for export but this was said to be due to inadequate shipping facilities.
 Bonds were irregular. Totsi sales fpar value) S2, 2o5, 900. United States bonds were all un- changed on the last call.
 New York stock List