The Montgomery advertiser., 1903-05-29
WALL STREET REVIEW
ACUTE WEAKNESS DEVELOPED
 DURING DAY.
There Was Evidence of a Pressure to Sell Stocks and the Bears
 Were Aggressive.

NEW YORK. May 2e.-The stock market de- yeloped acute weakness again today This vas not surprise in view of the haltins and d.ubtful movements which greeted yesterdays attempt to put up prices. There was evidence tnls morning also of a pressure to sell stocks, which encouraged the professional bears to make a bold attack on the market Pre- stunning on the urgent necessities of sundry nr;csa nplaers or securities the bear. offered down margins and dislodging stop loss orders which had evidently been freely placed ali through the market slightly below the existing Erice level: The stream of offerings on this account gained notably in volume when prices broke through the previous low level on the sepved ,n % as they did at many points This holders of securities had indulged the hope that the previous low level would not be ex- to risk holding their stocks above that price. but had insured the pro mpt sale of their hold ings If the market should decline again below that point The large selling, which spread pretty generally through the list was as little accounted for by any news development as in prices was really the motive for a large part of the sellers and the manuevers of the |. .afs add>d materially to the fall in prices. in the last hour. when the covering by the shorts to take their profits on the day caused rsceyesss eo of iron from to points in the pTn turbance for the whole market was Amalga- mated Copper. Its decline was shared in by copper securities all over the world and a violent slump in the price of the metal in London gave color to the suspicion. which has recently found expression that the metal mar ket was under manipulation for @ rise to sist in speculation in copper securities. Rio Tintos were sold in Paris and London enormous scale. The extreme decline in Amai- Covering left it stiff sM lower on the day. It was believed that long standing pool in the stock was forced to unload When the con- centrated selling was detected the bears joined freely and attacked the stock fercely Rock Island under severe pressure all and fhn na1 h0aR rarA 4A- dent in the supposition that large accounts in the stock were in vulnerable position The heavy selling of Union Pacific and its lack of support caused bad impression. The same was true of the abandonment of St. Paul and Pennsylvania to the vcisstudes of the market. National Railroad of Mexico preferred was lowing the announcement of concessions grant ed by the Mexican Government. Rumors of a freight handlers strike in Western railroads were given a reason for some of the after noon selling Other depressing factors were denals of reported conferences looking to adjournment of the Pennsylvania way of organization of the anthracite coal concilation board, the reduction in the amount of Bessemer pig iron said to have been purchased by the United States Steel Corporation from yesterdays reports and the bad effect produced by the United States Ship building reorganization. The very strong tone ther exports of gold are likely. Gall money very easy and the banks are appa- rently gaining the interior movement to offset the export of gold. But rates for time money apprecably hrmer today. Rather favorable reports of net earnings were en- tirely ignuored. St. Paurs April statement showed about one-quarter of the increase in gross saved for the net.
 Rock Island bonds were heavily sold. The bond market otherwise was as irregular. Total bonds were all unchanged on the last call
 New York StHck List.