The Montgomery advertiser., 1903-06-11
WALL STREET REVIEW
CONSTANT AND VIOLENT FLUC-
 TUATIoNS OF PRICES.
Tone at the Close is Wholly Unsettled and Hesitating But With Prices Within Fraction of
 the Lowest.

NEW YORK. June Io.--Enormous liqulda- ton. heavy covering of short lines and the feverish eagerness of tine professional room traders to follow the uncertainties of the mar In prices today. The tone at the close was wholly unsettled and hesitating. but with pices generally within fraction of the low est. winch is the lowest for the curr,nt nove- ment. Some of these :rIcss on the norLtIgs slump were; Baltimore and Ohio. 7sik, Ctesa- Eeaak9 Ea. Q and Ohio. a5.; Norfolk ard Western. L241s; Atchison 63%: St. Paul. i47H: Urion Pacific. v; Southern Pacific. 46; Erie. 2sls; Illinois Central. I3oh; Southern Ra. way. 2I; Louisville and Nashville. Io5h; United States Steel, 2s%; the preferred. 7ss. and Anal. the selling orders end the violent declines in prices gaze opportunity for inviting rCflts to the uncovered bears and they bought reay fly at the declines The character of the r.ar- ket show ed technical signs of he examination of the movement both in volume and precipi- disposed to cWer their shorts. The naTket made pretty substantial recovery during the nnai per'oa m aha he s.t sooa many fn 3l Prn last nights level. The late decline certain and hesitatins and On a ri,rh ghter volume of dealings than the first bi caK. His souri Pacific was the principal sufferer vitI. decline to e9. Wabash dropped to I9A, the preferred to 4Oh, and Rock Island to SEA. The opening this morning excited snd quite demoralized under the avalan,:ie of seul- ing orders. There were smutaa soIs sa'ts of
 
 and 900 to 5000 shares ,f al ;he 3'i cipal speculative stocks. The source of tn" sell Ing was not we'll understood nor YVES uere anything in the news of the day D pr. 'N:de a motive for liquidation sIch a scale. The break in the market, however, was RfIelally expected and the generally ii5co Ia y,d sfnti- ment was due to an a@clni ltion of :inp,rs- sions much to ny sudden development. Foreigners were heavy sellers here aud the character of the inquiries cabled r. New ycrk indicated tn" suspicious state Ji mind toward the general business condition Tn this Corr try. The sensational split in 'he iiri:isa catinet caused reflected depression frrm the London markets. The disastrous flood ccndi- tions in St. Paul renewed a"prehsnsinns. or rather confirmed them, upon which ther selling earlier in the week. brt whicn last nights news had quieted into hhpe that the worst was over. The rise in the grain mar kcts gave a sharper edge to anxiety over the ops and there was fear that the Govern ment crop report to be published after the rnrket closed would have some unplsasant surprises. The investigation by tho Inter state Commerce Commission of the anthracite combination causes unessness amongst share- holders. Reports of intended retrenchments in expenditures for betterment by the Baltimore and Ohio and other railroads and tfe differ ence over rates between the tu)f lines and the Chicago Kansas City lines added to the disturbed feeling. The money mart. it save no immediate clue to the urgent and aIi,a,er tly forced liquidation, but the .ow state of the bank reserves, the paymsnt today tf g. geo. 900 Metropolitan ecurtties subscr': tons, the reported intention 10 sinp $500 600 to South America on saturday and the respect of demand for currency from Fan fiai cisco pointed tn pressure on money Jes'urcE>. J he vioence of the declines gay" rise to much vague uneasiness that financial erntai q: E. rnent would result, put diug mt inquiry failed to discover any knowlel3e of a weak spot in the financial situation. l: was the st neral belief that some snorn)us 'n nlividual s't ck- holdings being lquida.ed for account If veal thy capitalists who .)oss .h.cient me aEs to stand the losses with failrY in their obligations to others. Tine shr.rka ye ;n IIices and of the basis for credits is in !tsal: sE apt element in forcing the ss ting of securities.
 Bonds were very weak In sympathy win stocks Total sales ipar val ID. S3i 6eo, cOo. United Statcs bonds Vere oll unchangel 1n II e last call.