The Montgomery advertiser., 1903-05-19
WALL STREET REVIEW CoNSIDERABLE LIQUIDATION IN THE MARKET. AT Expected Gold Was Ordered for Export to Europe--dard-
 ening in Call
 Loans.

NEW YORK; May I7.-There consider able liquidation in the stock market today
 tion of sentiment which has been approaching definite formation for some time. but has been deferring action in the stock market in the hope of recovery. There was no deyel- opment to cause the decline except the en- gagement of s2. 325.ooo of gold for export to Europe. This had been quite definitely ex- pected snd the amount was rather less than some of the forecasts. There was 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 with draawi of credits. The result of the considera-
 on over sunday or ,ne ,h acinS af loss orders as precautionary measure below the market than definite orders to sell. The opening of the market was, in fact: irregular and slight decline was followed by a con- siderable rally. This rally persisted after the first knowledge of the ensagemenSt S Of gold for for deposited at the sub-treasury for telegraphic transfer to New Orleans followed almost Immediately by a crumbling of prices through out the list. This evidence. violent cotton speculation is making demands upon the money market was taken in very Ill part by the stock market. It is probable that the de- . cline in prices was immediately due to pro- fessional attacks by the bears. but the .exists sncs of stop loss oeip% Ss aaI 1ne rest of considerable decline Is now seen in the increased disposition to sell merely because got lower than in last months decline on &C., count of the Northern Securities decision are ! conspicuous sufferers in the present Seiilnk. This is seen in the case of St. Paul.. New York Central and Southern Pacific. especially. When prices show resistance at the same level on relapse after one recovery it is the speculative theory that effective support has been deter mined on at that point. When the price goes lower on the second decline it is customary for professional Operators to sell 1t on the theory that the final resting place for the price is in definite. Quite number of additional stocks today broke through the previous low level for the year, made last month. and this fact had strong influence on bearish sentiment The days exports of gold and the continued nfmness of foreign exchange are demonstra- fion that the allotment of the Transvaal loan ir London is not to relieve the pressure for gold abroad was hoped. The London mar ser,od,ca sc reunirement for the payment of the monthly installments on the subscriptions to the loan The fact that large portion Of the holders of the South African railroads. which are being purchaseA by the colonies. makes a prospective pressurS upon London for remit. fance to continental points. The outgo Of gold from here is in payment of borrowings and In sn far an insurance against further pressure. But when these borrowings were made II was proposed that the outward movement of mer- chandis ewould supply exchange Tor their re payment for the use of gold. With the largo requirements ahead of the domestici money CT the outgoing gold will be readily avail able for recall to this market when It 1 is fen between i and points and st Paul
 New York Central Missouri Pacihc Rccl Island and Reading exsseded that ,nsr asninss AHnss Amalgamated Copper was stronger as the CT
 feet of the influence of the dividend rate or the Calumet and Heckla stock The marke
 cioeed easy and within a small fraction of tho
 United States Steel new sinking fund bonds were dealt in for the first time on the exchang gF and rose more than point over saturoay price on the curb without explanation Other value,, S2,o2o 900: United States ne" declined IA on the last call.